Transfer Ownership of an Account

TABLE OF CONTENTS:

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.

To initiate the account transfer process, please fill out the form using the link below:

        Transfer of Ownership Form

Current Account Owner Checklist

  • Complete the Transfer of Ownership Form
    • Within one business day of receiving your completed form, a Customer Success Representative will use the information you provide to initiate the transfer process.  You can expect them to reach out to you, and to the New Owner/Buyer.
    • We will provide the new owner with their own New Owner/Buyer’s Checklist.
    • It is important to note 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.
  • Pay any outstanding invoices. Unpaid invoices can be found in Settings > Billing
  • You will need to provide written authorization of the transfer of the account using the below template. Please update the necessary sections before sending to your Customer Success Representative.

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

Hello,

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) Delete all user accounts associated with former employees and prior owners.

4) 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.

Sincerely,

[Account Owner - Enter Name]


New Account Owner Checklist

  • Schedule a meeting with your Customer Success Representative on the date of transfer to complete the following necessary administrative tasks involved in transferring the account:
    • Update our billing records
    • Update the payment method on file
    • Discuss pricing and billing
    • Review Business Information Settings
    • Reminder to scrub the account for mention of previous owners and their contact information
    • Switch Payment Processor/Gateway
    • Discuss OTAs/Channel Manager
    • Address Any Questions
  • 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.
    • ThinkReservations is not a processor or gateway. Your connected gateway or processor stores all credit card data, validates cards, batches out, charges/credits/refunds cards.
  • Decide if you would like to connect to OTAs via the ThinkReservations Channel Manager. For more information about the Channel Manager, visit our Support Center: Channel Manager Overview
    • If you elect to connect via the Channel Manager, we recommend you discuss assuming ownership of the current OTA accounts with the Sellers as well. If you assume ownership, we do not need to make any changes to the Channel Manager. You should ask the Sellers to reach out to their respective OTA accounts to initiate the transfer of ownership process with them as well.
    • If you elect not to assume ownership and create your own accounts, we will have to disconnect and reconnect to your new accounts. This may cause you to lose access to reservations that were booked through the Seller's OTA accounts. 
  • Watch the following training videos prior to your date of transfer and make a note of any questions that you may have: ThinkReservations Training Videos Watching the training video series ensures that you and your staff have a grasp on how how to perform the basics and how ThinkReservations works and does things differently than other systems you might have used.


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!

S
Sean is the author of this solution article.

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