How to Transfer Shopify Store to a New Owner?
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In the past, owning a website to run a business was difficult for people with little knowledge of technology. If you outsource, the cost to create an online store is also very high. However, many platforms have been created to meet the needs of creating a business website. Shopify is one of the most popular platforms, especially MMO. But not everyone takes the time and effort to build Shopify stores from scratch. On the other hand, there are many online business models after achieving certain successes from Shopify, or for various reasons, they develop their plans to no longer stick with Shopify.
By understanding these issues, Shopify has launched the store transfer feature on Shopify to make the most of available stores. This helps the former owner of the store not waste the store he worked hard to build and helps those with business needs on Shopify not start from the beginning of their business.
Usually, there are two ways to transfer your Shopify account: transfer ownership of the Shopify store and selling your store to a new owner. So in today’s article, I will introduce Two ways to transfer a Shopify store to a new owner.
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Table of Contents:
- Transfer ownership of a Shopify store
- Sell your store to another owner on Shopify Exchange Marketplace
Transfer ownership of a Shopify store
After you complete all your business goals on Shopify’s store, if you do not want to waste the established store, you can transfer it to a new partner in the Partner Dashboard.
Usually, a store on Shopify has two types of account access rights: owners and employees. Because you started the store, you are the owner of the store. You can give your customers access right to the store while you can add them as employees. When your work is done, you transfer ownership to your customers in the Partner Console. Once the new proprietor starts to pay for the Shopify arrangement, you will get a collaborator account that permits you to get to the store through your Partner Control Panel.
Before you transfer ownership of a Shopify store to your partner, make sure you add them as employees and have completed an employee account. After you transfer ownership to your partner, you are still the store’s collaborator but no longer have access to financial information.
You should also add the customer’s address to the settings before you transfer ownership, especially when your customer is in another country. In some cases, moving the store to the wrong address could result in an extra tax on your Shopify store’s bill. Once you transfer the ownership of a Shopify store to another account, the transfer can not be reversed.
You can follow these steps to Transfer Shopify Store to a New Owner:
- Step 1: Log in to your Partner Control Panel and click on Store.
- Step 2: Click Transfer ownership next to the development store you want to transfer
- Step 3: On the Store Ownership dialog box, select a new owner from the list of eligible owners. If you haven’t added your customer as an employee yet, click Add employee account and create a new account for your customer before you continue. Your customer must complete the employee account setup before you can transfer store ownership to them.
- Step 4: After you are done, click Transfer store.
The store will appear on the Store page in your Partner Console in the Managed tab. The new owner gets an email with instructions for creating an account and choosing a package. Until your customer accepts the transfer, the store will be suspended. After customers start paying for Shopify, you start receiving recurring commissions.
After you have transferred a store to your customers, you can also send them a commercial handling kit. Make sure you give them full information about:
- The way they can access the store, including the URL
- Shopify package that you recommend to them
- Anything else you want to recommend or note to the new store owner
During the transfer, you can work with your customers to determine when your partnership is no longer needed and delete your account.
Sell your store to another owner on Shopify Exchange Marketplace
If you do not want to waste Shopify’s store and pass it to someone for free. So selling your store to others on the Shopify Exchange Marketplace is an ideal solution. This plan has just helped your store continue to operate, and you also have a profit for the effort you spend building this store. You can sell your Shopify store by following these steps:
Step 1: Requirements for selling store
Shopify wants to provide a fair and safe environment for anyone who wants to buy or sell a business on Exchange. To achieve this, the Shopify team has set the following requirements for those who buy and sell on Shopify:
Users must be over 18 years old.
Users who live in the following countries or regions will not be able to use Exchange. They are Afghanistan, Algeria, Azerbaijan, Angola, Burundi, Belarus, Cambodia, Central African Republic, Chad, Congo, Democratic Republic of the Congo, Cuba, Côte d’Ivoire, Egypt, Equatorial Guinea, Ethiopia, Eritrea, Guinea, Guinea-Bissau, Haiti, Honduras, Iraq, Iran, Kazakhstan, Democratic People’s Republic of Korea, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Moldova, Myanmar, Nigeria , Pakistan, Panama, Russian Federation, Somalia, South Sudan, Sudan, Suriname, Sierra Leone, Syrian Arab Republic, Uganda, Ukraine, Uzbekistan, Venezuela, Yemen, Zimbabwe, Tajikistan.
Do not use the Exchange Marketplace to promote products or services
Exchange Marketplace does not support the auction format. Sellers will set the prices they want and follow their prices not to confuse buyers and create negative experiences.
Do not provide your email address, phone number, or another form of contact information. Buyers and sellers can only contact each other via Exchange.
Exchange reserves the right to change store ownership for users.
Exchange does not support searching for business partnerships. A business must be sold entirely to be listed on the Exchange.
All lists must be unique and not a copy of an existing Exchange list.
Online stores for sale on Exchange must be unique.
Businesses listed on the Exchange will not receive a commission.
Users must follow the requirements in the Know your customers section to confirm their identities.
Do not make payment transactions outside the Exchange payment flow. If a transaction is completed outside Marketplace’s Exchange.com, Shopify can not assist users with any issues related to that transaction.
Remember that if you do not meet one of the above requirements and instructions, you can possibly be permanently banned from using the Exchange Market. So make sure you can meet all of the above before selling your store through the Shopify Exchange Marketplace.
Step 2: List your store on Exchange Marketplace
After you install the Exchange Marketplace application, fill out your business information before you publish. There are some tips that will help you create a great list. Here are the basic steps to creating a complete Exchange list:
Secure your contact information. Buyers can’t view your email address, but their responses will be forwarded anonymously to this email. If you want to update this email address, contact
[email protected]for assistance.
Choose a specific industry for your business. This allows buyers to search for your store easily.
Fill in a full description of your commerce. Utilize this to supply potential buyers with vital data such as marketing strategies, target markets, your business history, and why you decided to sell your business.
Check all the attached assets.
The pricing is displayed before the listing review is approved. Price can be set at any time.
Check out the options for what is included in your store.
Attach links to your social media accounts.
Update screenshots of your online store.
Exchange will display all verified traffic and sales data on your listing.
When you are ready, click the Publish button.
You will know any necessary changes before publishing. Once your listing is accepted, it will be displayed live on Exchange. You can then wait for messages from potential buyers.
If you use a custom domain name for your account owner’s email address and you are selling that domain, you should change your email address to a personal address before creating the list. Otherwise, you are on the verge of losing access to your email account during the sale.
Besides, the option to create a separate listing is available to businesses that have earned at least $100 in verified sales revenue. Exchange offers the option of creating separate listings for sellers interested in selling their stores. But for those who want to keep information like store names, social media accounts, screenshots, or private URLs, potential buyers can text a private mail to find out more about the business directly from you.
Step 3: Transfer your store to a new owner
After you have updated all the details and have contacted the person who wants to buy your store, it’s time for you to transfer it to the new owner. The store transfer will be divided into 2 main parts:
1. Grant the buyer staff permissions
Before the buyer becomes the new owner of the store, they will need staff permission. All you need to authorize a buyer is the buyer’s full name and email address. This information will be disclosed to you at the property transfer stage. Do not provide your email address, phone number, or another form of contact information. If you use any other email address, the process will not work in the Exchange Marketplace.
After the invitation is sent, the buyer will need to check their email for an account activation link. They will be responsible for creating a password when they activate their account. By default, employees will have full control, meaning they will have access to everything except your payment information and payment transactions. If you worry about privacy issues, you can ask the buyer to sign a non-disclosure agreement.
When the Deposit transaction is completed, the Shopify Account team will turn your buyer into a new store owner. However, you should remember never to share store owner login information as this may result in a permanent ban on the use of the Exchange Marketplace, as stated in the requirements of Exchange users.
2. Receiving payments through Exchange
After the buyer has made an offer that fits your requirements, you need to accept it and proceed to create the transaction in the Exchange Marketplace application. Basically, the process of receiving payments through Exchange will take place as follows:
- Step 1: The buyer sends an offer
First, buyers send you a message expressing their interest in buying your store. If buyers are willing to pursue your store purchase, they will send you an offer.
The offer price must be at least 80% of your list price. You will then receive a notification that the buyer has sent you an offer from the Inbox tab in the Exchange app. Click on a buyer’s message to see the Offers banner with a button to accept the offer.
- Step 2: Accept offer and create a transaction
Click the “Accept offer” button to approve the offer you want. You will be directed to create a new transaction from the Exchange application. To start trading, you need to provide the following information:
Description: This field describes exactly what you are handing over to the buyer including a Shopify account, domain name, social media accounts, inventory and anything else applicable.
Time for checking: This is the time for buyers to check and review the business’s assets. Testing time can be from 3 to 30 days. The buyer may choose to accept the property of the business and end the inspection period at any time during the inspection period. Deposit.com will then disburse your payment. The Shopify Account team will transfer the ownership of your Shopify account to the buyer within 3 business days.
Price: This is the final price for your business. Service fees are calculated and displayed below your selling price. You can refer to the listing of your business for sale on Exchange for more information about Shopify’s service fees.
- Step 3: Link your Exchange account to Escrow.com
After you enter your transaction details and create a transaction, you will receive an email asking you to link your Deposit.com account and add your bank information. When signing up for a margin account, you need to use the same email address with the link sent to you. If you register with a different email address, your transaction will not be associated with the Exchange application. If you already have a Deposit.com account linked to the store owner’s email address, then you can click the Sign in button instead.
After you have successfully created your account, you will have to choose your payment method. This is how you receive payments from your buyers after the transactions.
There are three options for you to receive payments: ACH electronic checks, domestic transfers, or international transfers. If you are not in the United States, you can only receive payments via international wire transfer. All transactions, including those outside the United States, are subject to a $10 disbursement fee.
When you add your bank account details, Deposit.com will notify your buyers that they can now send payments. As soon as the Escrow guarantees payment from the buyer, Exchange will send you an email with instructions on how to proceed.
- Step 4: The buyer pays
After completing the above steps, your buyer will receive an email from Deposit.com asking them to pay. Buyers can pay by credit card, bank transfer or Paypal. When Deposit.com receives and guarantees payment from the buyer, you will be notified via email.
Step 5: Transfer assets to the buyer
After you receive the email notifying that Deposit.com has received payment from the buyer, the next step is transfering the property you have agreed to sell to the buyer.
You first need to grant staff permission to your buyers. The employee account must be created using the email address associated with the buyer profile and Deposit.com account. Buyers may not request to create an employee account with any other email address.
The buyer will need the staff permission to check the Shopify account properly. The buyer cannot become the Shopify account’s shop owner before they accept all of the Margin milestones. When the Margin milestones are accepted, the Margin is notified to disburse buyer’s money for you and the Shopify Account team turns buyers into new store owners within 3 working days.
In addition to the Shopify owner account, you may also need to transfer any remaining assets (such as social media accounts and domain names) and update app account information.
- Step 6: Buyer accepts the assets
After the buyer has received all the agreed properties and performed their inspection time, the buyer should mark all the properties as accepted.
After the buyer accepts, you will receive an email letting you know that your payment is being made. Payments from Deposit.com are made by wire transfer and may take up to 5 business days.
- Step 7: The Shopify Accounts team transfers ownership of the business
At that time, Exchange is informed that the transaction has been completed and the buyer changes from employee to shop owner. Transferring of ownership will take place within three business days.
The Shopify Account team deletes your credit card and disables your Shopify Payments account for the new owner to enter their own financial information. You will be notified via email after the transfer is complete.
Above are the main two ways for you to transfer your online store on the Shopify platform. To use this feature correctly requires more tinkering because Shopify provides many features to support around. Hopefully, the article has brought useful information for those looking to make the transfer of the Shopify store or want to learn more about Shopify’s exciting features.