I Sold My Business Using Escrow.com. This Is Everything That Happened. (Hint: It’s Secure But Slow.)

I’m grateful that the universe has brought you to my little corner of the world. After selling my startup It Really Works Vitamins in 2022, I’ve found joy in sharing daily blog posts about the lessons I’ve learned along the way and all the new things I’m still picking up. Today, I’ll share with you my experience using Escrow.com during the sale of my online business, which was a positive one. Additionally, I’ll also discuss how to avoid falling prey to scammers who may attempt to create fake escrow services.

I’ve shared my hassle-free experience of using Escrow.com to sell my store here 👇🏽

In today’s blog post I’ll cover the following key points:

1. The importance of using a secure platform like Escrow.com
2. The process of signing up and verifying identities
3. Understanding the role of an Escrow client manager
4. The steps involved in transferring assets and funds
5. The buyer’s inspection period and finalising the transaction

Once you’ve built a successful online business, it’s very likely that its sale would go through a platform like Escrow.com. This service is designed to ensure the security and reliability of transactions for both buyers and sellers.

However, it’s important to be aware that scammers may attempt to create fake escrow services. Sellers are advised to always be on the lookout and take necessary precautions to avoid falling prey to scams. To protect yourself, always verify the legitimacy of the escrow service by checking their website URL, reading reviews, and contacting their customer support to confirm their authenticity. Additionally, never share sensitive information over email or unsecured channels.

Escrow.com is a trusted platform that focuses on security, making it an ideal choice for safely buying and selling valuable items or businesses. When using Escrow.com, both the buyer and seller need to sign up and verify their identities using a driver’s license or passport. If you’re registering as a company, you’ll need to provide the appropriate documentation.

You’ll also be assigned an Escrow client manager, who will be your primary point of contact at Escrow.com. Keep in mind that Escrow is based in the US (PST time zone), so their response times may vary depending on your location.

Once Escrow.com verifies the identities of both parties, they’ll request a contract. They’ll review the terms, and if everything appears legitimate, the buyer will be asked to deposit the sale amount into an escrow account. The seller will need to provide their bank details to receive payment.

Transferring money internationally may take a few business days. After Escrow.com confirms receipt of the funds, the seller will begin transferring assets (such as a website, domain, or inventory) to the buyer. Once all assets are transferred, the buyer has a 14-day inspection period to ensure everything is in good order.

If the buyer is satisfied with their purchase, they’ll confirm receipt of the assets. Escrow.com will then transfer the sale proceeds to the seller’s bank account, which could take a couple of days depending on the bank and location. Escrow.com does charge a small fee for their services.

Overall, my experience with Escrow.com was positive. The emphasis is on safety and security, ensuring a smooth and reliable transaction for both parties. If you’re considering making any large purchases or sales, Escrow.com is certainly worth considering, and always stay vigilant against potential scams.

I’m here everyday with a new post and I’m looking forward to seeing you again tomorrow!

See you soon!xx