TABLE OF CONTENTS:
- Current Account Owner Checklist
- New Account Owner Checklist
ThinkReservations accounts have at least one owner who serves as the primary contact and has all permissions. When a property is sold, the current account owner doesn't automatically change. Please follow the below process to transfer ownership of the account. Following this process ensures a smooth transition for both the old account owner and the new account owner. For a smooth transition, it's important that you start this process as soon as possible, ideally 2-3 weeks before the transfer date.
Current Account Owner Checklist
- Provide us with the new owner’s contact information so we can update our records.
- In addition, we can provide them with their own New Owner/Buyer’s Checklist.
- Understand that the new account owners will need their own payment processor. The process of getting approved for a new payment processor can take days or weeks, so it's important they get started on this right away.
- Create a new user in ThinkReservations for the New Owner(s) with full permissions to the ThinkReservations account.
- This must be done by the date of transfer, and cannot be done by ThinkReservations. We recommend users use a personal email address for security reasons.
- Print or Export any reports that you may need in the future for tax reporting, etc.
- If you need access to the account or reports after the transfer date, you will need to ask the new account owner if you don't still have access yourself.
- If you are connected to OTAs via the Channel Manager, discuss with the new owners whether they would like to continue using OTAs and Channel Manager.
- If so, we suggest reaching out to your OTA accounts to initiate the transfer of ownership process for those as well.
- If the date of account transfer needs to change or is otherwise delayed, it is your responsibility to inform ThinkReservations before the date so as not to prematurely lose access to your account.
- In most situations, ThinkReservations will need to speak with the current account owner by phone to verbally verify the transfer request's validity.
- Send an email to firstname.lastname@example.org to provide written authorization of the transfer of the account using the below template. Please update the necessary sections before sending.
Authorization Letter Template
Property Name: ENTER PROPERTY NAME
Account Owner: ENTER YOUR NAME
New Owner: ENTER NEW OWNER’S NAME(S)
New Owner Contact Information: ENTER EMAIL AND PHONE
Requested Date of Account Transfer: DATE OF TRANSFER/SALE/CLOSING
I, [Account Owner - Enter Name], am writing to authorize the transfer of my account to [New Owner - Enter Name] on [Enter Date of Account Transfer]. As part of the transfer, I authorize ThinkReservations to:
1) Transfer ownership of the account to the new owner.
2) Switch over the credit card processing connection.
3) Update billing information with the new account owner's payment method.
I understand that on the date indicated above, my account will be transferred to the new account owner specified above and I may lose access to the account unless arrangements are made directly with the new account owner.
[Account Owner - Enter Name]
New Account Owner Checklist
- Decide which payment processor or gateway you would like to use to process payments within ThinkReservations. You must use a processor with which ThinkReservations has a current connection. To view more information about those payment processors, visit our Support Center: Setting Up Your Payment Processor
- Please choose a processor and create an account with them right away. This can take days to weeks depending on your processor. If your processor is not ready by the date of transfer you will either not be able to take online reservations and payments. Alternatively, you will need to make an arrangement with the previous account owners for any funds collected and use their processor account until you can replace it.
- Understand that switching the processor account will result in all retained credit cards being lost. You could either reach out to future guests to obtain the credit card info again or simply wait until the guests arrive for their stay.
Getting Help from ThinkReservations
As new account owners, you will likely be needing to take advantage of our support resources and staff. ThinkReservations offers self-help here in this support center in the form of videos, written articles, and webinars. We also offer Chat support here. If you would like to reach support by phone, call (877) 736-4195 x2 8am to 7pm EST Monday- Friday. Submit a ticket here from the support center for any feedback, questions, or issues. Our team is happy to help you!