Are merchant accounts transferable? - GoFuckYourself.com

baddog · 12-09-2004, 01:10 PM

If I want to buy a paysite that has its own merchant account, will the seller be able to transfer the merchant account to me?

Anyone know for sure?

woodman · 12-09-2004, 01:14 PM

no. merchant accounts are underwritten for specific corporations and/or individuals.

Jace · 12-09-2004, 01:15 PM

we tried that with 2checkout -> netbilling....and it was a no go...you have to sign up for a new one with the new company

baddog · 12-09-2004, 01:18 PM

Quote:

Originally posted by woodman
no. merchant accounts are underwritten for specific corporations and/or individuals.

That is what I thought, but if the account was underwritten for a specific website (even if not incorporated) wouldn't it go with the new owner?

Or am I going to have to apply on my own?

Lacoste · 12-09-2004, 01:22 PM

Example: If I have a merchant account and sell the site to you, you can apply for your own merchant (even with the same processor I use) and use the data I would give you to process the rebills yourself.

woodman · 12-09-2004, 01:22 PM

Quote:

Originally posted by baddog
That is what I thought, but if the account was underwritten for a specific website (even if not incorporated) wouldn't it go with the new owner?

Or am I going to have to apply on my own?

Accounts are underwritten with both in mind. The corporation and/or individual applying, and the products or services they are selling. If you try and process under the original merchant account for the website you purchased that is called factoring. Not something you want to be involved with.

Bottom line is you need to apply on your own.

baddog · 12-09-2004, 01:24 PM

Quote:

Originally posted by Lacoste
Example: If I have a merchant account and sell the site to you, you can apply for your own merchant (even with the same processor I use) and use the data I would give you to process the rebills yourself.

As long as the same processor qualified me for the merchant account?

candyflip · 12-09-2004, 01:25 PM

Why not ask the merchant solution company you rep?

Mogulman · 12-09-2004, 01:26 PM

Quote:

Originally posted by baddog
If I want to buy a paysite that has its own merchant account, will the seller be able to transfer the merchant account to me?

Anyone know for sure?

negative, ghost rider. You'll have to get your own.

Lacoste · 12-09-2004, 01:26 PM

Quote:

Originally posted by baddog
As long as the same processor qualified me for the merchant account?

Even if you applied to a different one and got approved. The problem could reside in the fact that the descriptor would change but that can be resolved with an e-mail to each member letting them know about the change.

Lacoste · 12-09-2004, 01:27 PM

Where the heck is Mitch Farber when you need him?

xclusive · 12-09-2004, 01:27 PM

I think that if you buy the corperation you should be able to keep it under that name but otherwise you should sign up with the current company and work with them to transfer all the info over to a new account for you...

ContentHire · 12-09-2004, 01:29 PM

This is N O T possible

baddog · 12-09-2004, 01:30 PM

Quote:

Originally posted by candyflip
Why not ask the merchant solution company you rep?

They do third party processing, not merchant accounts

Brown Bear · 12-09-2004, 01:33 PM

So if Google buys Amazon.com, it wouldn't be able to transfer the current Amazon.com merchant account?

aceman · 12-09-2004, 01:35 PM

Quote:

Originally posted by baddog
They do third party processing, not merchant accounts

but you're quick to spam threads concerning merchant accounts

Lacoste · 12-09-2004, 01:35 PM

Quote:

Originally posted by Brown Bear
So if Google buys Amazon.com, it wouldn't be able to transfer the current Amazon.com merchant account?

If that was the case is would be IMPOSSIBLE to sell a paysite. Every paysite is then worth the domain name value and that's it.

MonsterCock · 12-09-2004, 01:36 PM

Quote:

Originally posted by Mogulman
negative, ghost rider. You'll have to get your own.

Baddog is ghostrider!

baddog · 12-09-2004, 02:48 PM

Quote:

Originally posted by aceman
but you're quick to spam threads concerning merchant accounts

oh? care to point one out?

baddog · 12-09-2004, 02:51 PM

Quote:

Originally posted by MonsterCock
Baddog is ghostrider!

slight resemblance on a good night

MattO · 12-09-2004, 03:01 PM

Generally the merchant account is just like a bank account and can be transferred as part of the sale of a business. This presumes that the website is indeed a full fledged business and not just a website.

It will usually require complete re-documentation and appliction as it is a change of guarantors of said merchant account.

You need a lawyer to draw up the appropriate agreement for the transfer.

12-09-2004, 01:10 PM	#1
baddog So Fucking Banned Industry Role: Join Date: Apr 2001 Location: the beach, SoCal Posts: 107,089	Are merchant accounts transferable? If I want to buy a paysite that has its own merchant account, will the seller be able to transfer the merchant account to me? Anyone know for sure?

12-09-2004, 01:22 PM	#5
Lacoste Confirmed User Join Date: Oct 2003 Posts: 161	Example: If I have a merchant account and sell the site to you, you can apply for your own merchant (even with the same processor I use) and use the data I would give you to process the rebills yourself. __________________ Lacoste

12-09-2004, 01:25 PM	#8
candyflip Carpe Visio Industry Role: Join Date: Jul 2002 Location: New York Posts: 43,064	Why not ask the merchant solution company you rep? __________________ Spend you some brain. Email Me

12-09-2004, 01:27 PM	#11
Lacoste Confirmed User Join Date: Oct 2003 Posts: 161	Where the heck is Mitch Farber when you need him? __________________ Lacoste

12-09-2004, 01:27 PM	#12
xclusive Too lazy to set a custom title Join Date: Apr 2004 Location: Buffalo, NY Posts: 35,218	I think that if you buy the corperation you should be able to keep it under that name but otherwise you should sign up with the current company and work with them to transfer all the info over to a new account for you... __________________ I support MediumPimpin.com / Shemp's Outlawtgp.com /

12-09-2004, 01:14 PM	#2
woodman Confirmed User Join Date: Jan 2003 Posts: 433	no. merchant accounts are underwritten for specific corporations and/or individuals.

12-09-2004, 01:15 PM	#3
Jace FBOP Class Of 2013 Industry Role: Join Date: Jan 2004 Location: bumfuck, ky Posts: 35,562	we tried that with 2checkout -> netbilling....and it was a no go...you have to sign up for a new one with the new company

12-09-2004, 01:29 PM	#13
ContentHire Registered User Join Date: Jul 2003 Posts: 98	This is N O T possible

12-09-2004, 01:33 PM	#15
Brown Bear Confirmed User Join Date: May 2002 Posts: 4,982	So if Google buys Amazon.com, it wouldn't be able to transfer the current Amazon.com merchant account? __________________ Surrender all your independent thinking and Click Here for re-programming.

12-09-2004, 03:01 PM	#21
MattO The O is for Oohhh Join Date: Feb 2003 Location: AUSTIN TEJAS Posts: 10,861	Generally the merchant account is just like a bank account and can be transferred as part of the sale of a business. This presumes that the website is indeed a full fledged business and not just a website. It will usually require complete re-documentation and appliction as it is a change of guarantors of said merchant account. You need a lawyer to draw up the appropriate agreement for the transfer.