At any time during your buyer's inspection period, they can choose to reject the store assets and end the transaction. If this happens, it is the buyer's responsibility to return the store assets to you.
The first thing you should do after being notified that the buyer has rejected the transaction is delete their staff account. To do this, follow these steps:
- Go to Settings > Account in Shopify
- Select the buyer's staff account from the 'Accounts and permissions' section
- Scroll to the bottom on the page and click 'Delete staff account'
Escrow.com will continue to hold the payment until you confirm that the buyer has returned the rest of the assets. Once you've confirmed, the payment will be returned to the buyer.
At this point, you are free to start anew with other potential buyers.
What happens if the buyer does not return the assets?
While both Exchange and Escrow.com will work to help you avoid this situation, there is a process in place that will ensure that you either end up with the assets or the payment. The buyer must agree to promptly return the assets. If everything has not been returned after 14 days, the payment will not be returned to the buyer.
While these situations are uncommon, this process allows for further protection for sellers.
What can you do to avoid rejected transactions?
In most cases, buyers reject the assets during a transaction because the items were not as described. More often than not, this can easily be avoided by following these few tips:
- Always give your buyer access to sales reports and site analytics.
- Fulfill all open orders before transferring the store to your buyer.
- If you've incurred chargebacks, be sure to respond to the chargeback before transferring the store to your buyer.
- Let the buyer know that you are responsible for any orders made before the transfer of ownership.
- Be upfront in your listing. Online transactions can make anyone feel uneasy, being upfront an honest during the sale process helps avoid issues during the critical stages of your transaction.
As part of our service for using Exchange's payment process, you'll get hands-on support from our seller advocates. Contact Exchange at any point during this process, we'll be happy to help.