Selling or buying a location using Crisp? Here's what you should know.
The transfer of ownership of a location using Crisp is an easy process and we'll be here to help you through it. By the end of the ownership transfer a new merchant processing account will be set up and credit card sale deposits will begin depositing into the new owner's account. All billing will be transferred to the new store owner with the exception of merchant processing fees for sales that occurred before the transfer.
What to expect and do as the previous owner (selling your business)
Please reach out to onboarding@crispnow.com to initiate your change of ownership. You can also reach out to Crisp support through your chat and they can help get you started.
Let us know that you are selling your store and if possible include the new owners in the conversation. If there is a specific date that you want the ownership transfer to become active, let us know that as well. Do keep in mind that the new owner will need to complete a few steps before we are able to complete the transfer.
Once the ownership transfer is completed, monthly subscription fees and merchant processing fees will be transferred to the new owner.
However. You are still responsible for merchant processing fees for all sales that occurred before the ownership transfer was completed.
For example, if the ownership transfer is completed at the end of day on the 10th of the month, all credit card sale merchant processing fees for the 1st - 10th would still be your responsibility. All merchant fees are processed through the same bank account where deposits were made.
Merchant processing billing happens on the 5th of the following month. So if you transfer your store May 10th, you can expect your last fees to deduct from the account on June 5th. Please keep enough funds in this account to cover the Merchant processing fees. If the charges fail we will contact you to collect this money.
If you would like an estimate of what your MP fees will be on the next billing cycle, let the onboarding team know and they can give you an estimate of how much to leave in your account.
You will still be responsible for merchant processing fees accrued before the ownership transfer. Please do not empty your bank account until your final merchant processing fees have been paid (on the 5th of the next month)
What to expect and do as a new owner (buying a business)
Congratulations on your new store!
Crisp is your technology vendor for everything from POS, gift cards, loyalty, online ordering, and more. In order to get your ownership established in our system, there are a few steps you'll need to take.
1. You'll need to contact onboarding@crispnow.com to let us know that you're taking over a business. Typically this is easier if you and the previous owner initiate this conversation together as we'll of course need to verify with them that they approve the transfer.
2. You'll need to sign a contract with Crisp for this location. The contract will be under the same terms as the previous owner.
3. You'll need to fill out a merchant processing application. During this process we'll be able to get you set up to accept credit card payments and have those funds deposited into your bank account. The application is straightforward but does require that you have your business entity setup, a bank account with the matching business entity name attached, and you will need to provide some personal information.
Once these steps are done we will be ready to transfer ownership to the new store.
Day of transfer - what to expect
When all above steps have been completed we will need somebody in-store to work with our support team to update all of your payment terminals to link to the new merchant processing account. This process can be done in about 15 minutes but can take up to an hour.
We will need to be able to begin this process by 10pm MST at the latest, and have somebody who can be available in-store for up to an hour to ensure that all settings are correct and that all payment devices can be tested. If this means that you need to close your store early or have an employee work late, please be sure to coordinate this with your team.
Employees in store will need to be able to follow a few simple steps provided by a crisp support agent. Once these steps are complete and payments have been tested the ownership transfer is complete. All credit card sales will begin being deposited to the new account and your billing will begin on the following 5th of the month.
Welcome aboard!