If you've sent an offer to a seller and it's been accepted, you can expect to receive an email from Escrow.com containing instructions on how to get started with the payment. Escrow.com is Exchange's payment partner used to offer you the highest level of protection throughout your transaction. Escrow.com takes the bulk of the worry out of buying a business online and helps ensure that you get everything you're paying for.
If you're new to using Escrow.com, here is an outline of what you can expect from the process.
1. Your offer is accepted and the transaction begins.
As soon as your offer is accepted, the seller will be prompted to create an Escrow.com transaction. The seller is responsible for creating the terms of the transaction and finalizing what's going to be included in the sale.
Once the transaction is created, you can expect to receive an email from Escrow.com asking you to agree to the transaction terms. The email should look like this:
Important: Do not agree to pay the seller through any other method. The only way for Exchange to offer buyer protection and make you the account owner of the store is to pay through Escrow.com.
2. Agree to terms and send payment.
Once you've received the email from Escrow.com, click "Review terms" to see what the seller has created as the final terms of the sale. Everything that the seller is agreeing to hand over to you should be included in these terms.
If everything looks good, agree to the terms to proceed to the payment stage. You can pay with the following methods:
- Credit card
- Wire transfer
After you've made the payment, Escrow.com will verify and secure your funds in a trust account. This provides an extra layer of security by making sure that the funds are held until the seller transfers assets to you.
Note: Credit card and Paypal payments take up to 2 business days to secure. Wire transfers can take up to 10 business days. The seller will not begin transferring assets until the funds have been secured.
3. The seller transfers the assets to you.
The seller will be notified to begin transferring assets to you as soon as your payment has been secured by Escrow.com. You can expect an email from Escrow.com once the seller confirms that they've handed everything over to you.
Everything but ownership of the Shopify account should be transferred to you at this point. You won't be made account owner of the store itself until after you've confirmed that everything has been received. However, the seller must create a staff account for you.
It's your responsibility to accept the staff account invite. You'll receive an email containing the following from the seller:
If you do not get this email, please let the seller know before you confirm that everything has been received.
Important: Do not confirm that you've received the assets until you have access to the store through the staff account the seller creates for you.
4. Perform your inspection period.
Every Escrow.com transaction involves an inspection period, which is a period of time given to you as the buyer to make sure that everything is as described by the seller. The inspection period can be anywhere from 1-30 days depending on what was agreed to in the terms of the transaction.
Not sure what to look for during your inspection period? Take a look at this guide on how to perform an inspection period.
It's most important to check the following:
- You can access all the accounts you've agreed to purchase from the seller
- You confirm that the sales reported by the seller are valid
- Everything matches what was described by the seller
5. Accept the assets in Escrow.com.
Once you've received everything from the seller and feel happy with the purchase, you need to accept to finalize the sale.
To do this, log into escrow.com and go to your Transactions tab, then click on the open transaction to accept.
As soon as you accept, Escrow.com will begin issuing the payment to the seller. You can expect to be made the new account owner of the store within 3 business days.
We'll be reaching out to you to confirm and let you know that it's time to log in as the new owner of your store.