Selling Your Business

Kathryn Hamilton
Kathryn Hamilton
  • Updated

Overview: What are we talking about?

Are you thinking about, or are you in the process of selling your business? It's important to prepare the new owner on how to take over your Gingr app so that the transition goes as seamless as possible. Luckily, there are just a few important things to prepare for.

 

Step 1: Notify Gingr

To protect the security of your account, it's important that you let us know who will be taking over and when they will be doing so. Once you know these details, please send them to myaccount@gingrapp.com so that we can update our records. We will not give access to anyone without your written notice.

  • Who: The name and email address of the new owner.
  • When: The effective date of the sale, or the date that they take possession.

We recommend that you contact us at least 2 weeks before the effective date so that no one is rushed, and everything can get ironed out before the new owner goes live. Once you let us know, we will email you both with further instructions.

 

Step 2: Apply for a new Merchant Account

If you are using our integrated credit card processing, the new owner will need to apply for their own separate merchant account here: CardConnect Merchant Account Application. Because there are some things to consider (below), we recommend that they complete this application at least 10 business days prior to the day that they take possession.

A few things to be aware of ahead of time:

  • Merchant ID's are programmed to each individual card terminal by serial number. This means that the new owner will need to purchase a NEW terminal that is associated with their own merchant account. This will be done during the application process, and can take 5-7 days for delivery.

    Important! They cannot use your terminal. If they do, all funds processed will be deposited to your existing bank account and you will be responsible for getting those to them.

  • If your business relies heavily on cards stored on file, the new owner will need to request that those are ported over to their merchant account during the application process. They can simply email credit@gingrapp.com once the application is submitted to let them know that this needs to be completed.

 

Step 3: Grant Access

At your discretion, you will need to create a user account for the new owner and give them Admin access. You can do this whenever you feel comfortable, or on whichever date you and the new owner have agreed that this will happen.

Important! If you are using card processing, we recommend giving them access to the app at least 1 day prior to going live so that they can ensure that their terminal is configured.

 

Step 4: Update Merchant Account ID

If using our integrated credit card processing, once the business is turned over the new owner will need to update the payment processing information with their new merchant ID number. They can do this by going to Left-hand Navigation: Admin » Credit Card Processing, selecting the edit pencil icon for CardConnect under the Payment Processor section, and entering the new merchant ID. 

Important! The new owner's merchant ID must be updated here in order for payments to be deposited to the correct bank account.

 

Step 5: Update Subscription Billing Information

Once access is granted, the new owner should promptly go in and update the card that we have on file for the monthly/annual Gingr subscription. They can do this by going to Left-hand Navigation: Admin » Manage Gingr Subscription. 

Important! Your card will continue to be charged, until the new owner updates this information. If this happens, you will need coordinate with the new owner for reimbursement.

 

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