Cancelling a transaction

You can cancel your transaction within your Exchange Marketplace app before the buyer has agreed to the terms and before they have submitted their payment. In the Exchange Marketplace app, you will be able to see the Cancel transaction button at the steps titled Add bank account and Buyer pays.

After the buyer has agreed to the terms and has submitted payment, only Escrow Support can facilitate the cancellation. You will need to email shopify@escrow.com to initiate the cancellation.

Buyer rejects the transaction

At any time during your buyer's inspection period, they can choose to reject the business's assets and end the transaction. If this happens, then it is the buyer's responsibility to return the assets to you.

If you are agreeing to cancel the transaction, then you will want to remove the buyer as a staff member. To do this, follow these steps:

  1. Select the buyer's staff link from the permissions section.
  2. Click Remove staff or Delete staff.

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 you can start to look for another buyer.

Buyer has not returned assets

Although 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 you do not agree to the buyer’s rejection, the negotiation period will be entered. If the dispute cannot be settled during the negotiation period, the arbitration period will be entered.

Additionally, if a buyer returns assets and completed milestones to you looking to cancel a transaction but have already violated the terms of your inspection period agreement (IE: made changes to your online store or posted on your social media accounts), you can refuse said cancelation.

Although these situations are uncommon, this process allows for further protection for people selling their businesses.

What can you do to avoid rejected transactions?

In most cases, potential buyers reject the assets during a transaction because the items were not as described. More often than not, you can avoid this by following these few tips:

  • Always give your buyer access to sales reports and site analytics. 
  • Fulfill all open orders before transferring the business.
  • If you've incurred chargebacks, then be sure to respond to the chargeback before transferring the business.
  • Let the buyer know that you are responsible for any orders made before the transfer of ownership.
  • Be honest in your listing. Online transactions can make anyone feel uneasy, but being transparent during the sale process helps avoid issues during the critical stages of your transaction.

When you use Exchange's payment process, you also get guidance from Exchange Support Specialists.

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