Transferring Business - Is This Possible Or Do We Start Over?

jessicaadams — Tue, 28 Sep 2021 15:07:08 GMT

Hi! The company I work for is currently in the process of taking over the business of another company (not the business itself, it will have a new tax ID). They currently use Square to process their non-check transactions (which are not frequent)--is there a way to transfer everything they already have set up through Square to us, or do we need to start a new Square account for the new business? Thank you!

Re: Transferring Business - Is This Possible Or Do We Start Over?

Frida — Wed, 29 Sep 2021 20:00:07 GMT

Hello @jessicaadams,

We see its your first post in the Seller Community, welcome! 🤗

With regards to your question(s), the best advise I can give is to create an entirely new Square account once the company you work for has taken over the business.

I am also going to reference and include this helpful guide on account set up, and a checklist of things to do once you begin this process.

Because each Square account is tied to the account holder’s SSN and the SSN can’t be updated on any account, account ownership cannot be changed or transferred from one individual to another.

If the original account holder is no longer associated with the business or organization, a new Square account should be created by the new business owner or the person who will administer the new account. When a new account is created, the same EIN and bank account can be used if needed.

Once you set up your new account, you can transfer over your item library and customer directory to the account. It is recommended to export and save copies of the transactions report as well, though it can not be imported to the new account.

I hope this is helpful info, and I look forward to reading your response.

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Transferring Business - Is This Possible Or Do We Start Over?

Re: Transferring Business - Is This Possible Or Do We Start Over?