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Paul L, sold for $45,000
This is an overview of how to go from accepting an offer from a buyer to finalizing the sale. In order for a store to be transferred, you must follow these steps. Only once you've received payment by completing this process will we securely transfer your store.
Step 1 - The buyer sends an Offer
Once you've been notified that a buyer has sent you an offer, you'll need to head to the Inbox tab in the Exchange app to review it.
Navigate to the buyer's message to see the Offer banner with a button to "Accept Offer".
Step 2 - Accepting the offer and creating a transaction
Clicking the "Accept offer" button will take you to create a new transaction. The transaction can be made from within the Exchange app.
To start the transaction you'll need to give the following information:
Description: This field is used to describe exactly what you are going to be handing over to the buyer. This should include the Shopify account, domain names, social media accounts, inventory, and anything else that's applicable.
Inspection Period: This is a period of time given to the buyer to inspect and review the store assets. The inspection period can be anywhere from 1 to 30 days at the beginning of the transaction. At any time during the inspection period, the buyer can choose to accept the store assets and end the inspection period. Once this happens, Escrow.com will proceed to disburse your payment.
Selling Price: This is the final price for your store. The amount of the buyer's offer is automatically added to this field. The service fee will be calculated and displayed below your selling price. Learn more.
Step 3 - Create transaction and link Escrow.com account
After you've filled in the information about the sale and created the transaction, you'll be asked to link an Escrow.com account and add banking information.
Check your email inbox for an email from Exchange asking you to link your bank account to receive payment. The bank account that you link to Escrow.com is where you will receive your payment at the end of the transaction.
To learn more, read this.
Step 4 - The buyer pays
After the above steps are completed, your buyer will get an email from Escrow.com asking them to pay.
The buyer can pay using a credit card, bank transfer, or Paypal. Escrow is supported in most countries. Here a full list of supported countries.
Once Escrow.com receives the buyer's payment, you'll be notified by email.
Note: Escrow.com will be holding the payment at this point. It will be released once the following steps are complete.
Step 5 - Transferring assets to the buyer
After you've received an email stating that Escrow.com has received the buyer's payment, the next step is to transfer any assets you've agreed to give the buyer. Head back to the Exchange app to get started.
Part of this step involves creating a staff account for your buyer. We won't transfer ownership of your account until you've received payment, but your buyer will need a staff account in order to properly inspect the store and become account owner if the transaction is completed.
Ship any remaining items such as social media accounts or domains. Follow our full guide on Preparing your store for transfer if you need any help.
Step 6 - Buyer accepts the items
Once you've handed over everything that that was agreed upon, the buyer will need to log into Escrow.com and accept the goods. Typically, this is done at any point during the buyer's inspection period.
When the buyer accepts, you will get an email letting you know that the payment is on the way. It will be a bank transfer and could take up to 7 business days to appear in your account.
Step 7 - The Exchange team transfers ownership of the store
At this point, Exchange will be notified that the transaction is complete and it's time to make the buyer the new store owner.
We take care of removing your credit card and disabling your Shopify Payments account for the new owner to input their own financial information. Here's more information on how the ownership transfer process works.