When a business changes ownership, the new owner needs their own merchant account. It's a new application, not an update to the existing account, because the new owners have to complete their own identity and business checks.
1. Complete the Ownership Change Form
You'll be asked for:
Contact name, email and phone number for the new owner
The new legal business name
The new DBA (Doing Business As) name
2. We'll contact the new owner
Once the form is submitted, we'll reach out to the contact you listed to start the new application. We'll also go over equipment: whether your existing terminals can be moved to the new account, or new ones need to be sent.
3. Things to know
Keep processing on the current account until the new account is approved and ready. Ask your support team before you stop.
Payouts on the existing account continue to go to the bank account on file for that account.
Refunds and chargebacks on payments processed under the old account stay with the old account.
Questions? Contact your support team. That's the team that set up your account or the one you normally contact for help.