How do you handle credit card side when site is sold

Please Advise

[JoeHouse]

Question

When a website is sold how is the credit card gateway handled?

Does the new buyer have to set up his/her own gateway/merchant account? Or is all the information except banking information changed over to new buyers?

Seeing that he/she is the new owner will they have problems with the amount of ticket price they will be able to sell per sale?

For example because I have been in business a while my limit is over 2,000.00 per sale, because he is new will they reduce this limit?

Please advise.

Thanks in advance for your participation.

[Corey Bryant]

You need to inform the CC processor. You will more than likely need to stop your agreement with them since you are the person who more than likely signed the merchant application & is personally responsible. You do not want to be personally responsible for his site & (if any) problems. He will need to apply for a merchant account now.

As far as the limit being reduced, not necessarily. It depends on where you are, where he is, what is his financial stability, etc.

-Corey