FAQ - Bank Changes, Ownership Changes -Sold or Closed Business

Does the merchant need to complete a bank change? 

SAMPLE EMAIL FORMAT:

[Hi,

The merchant, {INSERT COMPANY NAME HERE} would like to update their bank account information.

Please send me a link through the merchant.io application system so they can submit a bank verification letter or voided check securely through the application portal.

Thanks!

{Sender}]

Did the merchant recently sell their business? If the business's Federal Employment Identification Number (FEIN) has changed, we will need the merchant to complete a new application.

THE LEGAL NAME AND FEDERAL TAX IDENTIFICATION NUMBER CHANGED The merchant will need to complete a new application. 

Did the merchant only change ownership of the business?

• If the TIN (Federal Tax Identification Number) & legal name remains the same, we will need a copy of the purchase/seller proof (buyer's agreement)
• Secretary of State paperwork showing change of members/officers
• The new owner's information: name, home address, SSN, and date of birth
• New contact name and number (if applicable)
• Voided check or bank verification letter to update bank information (if applicable)

THE LEGAL NAME AND FEDERAL TAX IDENTIFICATION NUMBER REMAINS THE SAME-

Please send an email to Payment Services with the following information:

SAMPLE EMAIL FORMAT:

[Hi,

The company {INSERT LEGAL NAME OF COMPANY HERE} has recently had a change in ownership. The new owner’s name is {INSERT NEW OWNER NAME HERE} as of {INSERT DATE OF OWNERSHIP CHANGE}.

Attached are the following documents to update the application:

1. Purchase/seller proof
2. Secretary of State paperwork proving change
3. The new contact person name and email address is:

Thanks!

{Sender}]

*Please note a link will be sent to the email on file for the merchant to securely upload the voided check or bank verification letter, new owner’s home address, social security number and date of birth to the application portal following receipt of this request. 

*Please note the same Merchant Identifier will be used for payment processing. Additionally, we are unable to change the email username originally used to register.

Did the merchant want to Cancel Services? Each Co-Brand should enter an email directly into our Zendesk ticketing system.

[Hi,

The merchant, {INSERT COMPANY NAME HERE} would like to cancel services.

Please cancel the merchant identifier: {INSERT MERCHANT IDENTIFIER HERE}.

Thanks!

{Co-Brand Name & Credentials}]