Buying a business from someone you've met online can be a bit scary. But, there are some steps that you can take to ensure that your transaction goes smoothly. Here's what we recommend:
Always pay the seller through Escrow.com
Exchange has partnered with Escrow.com to provide you with the safest possible trading environment. Instead of paying the seller directly, you'll first pay Escrow.com who will hold your money until the seller hands ownership of the business over to you. The seller won't be paid unless you get everything you paid for.
Other payment methods like Paypal don't offer any protection for the sale of digital goods such as a Shopify account.
Never let the seller give you the password to their Shopify account
The Exchange support team will handle handing ownership of the Shopify store to you. We'll contact you to let you know that we've received an ownership transfer request from the seller and will let you know once the account is ready for you to be made the new owner.
You should never allow a seller to transfer ownership to you themselves. Account transfers are always done by Exchange support.
Be sure to do your own due dilligence
Asking the seller questions is the best way to make sure that there are no surprises once you become the new owner of the business. Not sure what to ask? Read our recommended questions.
Even though you can trust that the sales data charts on Exchange listings are verified by Shopify, it never hurts to ask the seller to validate any claims about numbers as well.
As a buyer, you'll always have an inspection period when paying through Escrow.com. To make the most of this period, take a look at our inspection period tips.