Hi @April_homestyle. The transfer of funds for liabilities for items such as gift cards is something that must be negotiated during the purchase process of a business. If “old owner” still has $1,000 in outstanding in gift card liabilities then “new owner’s” legal/financial advisors would note this and be sure that it was included in the final settlement of monies owed to “new owner.” This is because Square is not actually holding the money for outstanding gift cards. That money is almost always being held, if at all, in some bank account owned by “old owner.”
Also, Square does not transfer any information from one account to another. There is the ability to transfer ownership of a Square account from one person to another. Here is the Square Help Document on that process. This would simply change the owner records on the existing Square account which would mean that, as the new owner, you would have gift card information like balances remaining, and such. But if you don’t do a transfer and you want to honor existing outstanding gift cards, you’ll have to have “old owner” give you the pertinent information so you can handle those manually. This is pretty standard procedure in all business purchases and hopefully your financial/legal advisors in the purchase process already have the funds and other procedures in process. That is the only way that you will “get paid.”
Regards,
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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