The COVID-19 outbreak has rapidly reshaped the World. While the economy is sinking, e-commerce is booming and flourishing.
Amazon.com Inc share price has seen a 40% growth since March (overall, e-commerce has seen a 78% sales growth in May) and Jeff Bezos, its founder and CEO, is rumored to become the first-ever trillionaire within 10 years.
At the same time, third-party Amazon seller sales have been growing at a rate of 50+ percent a year and now account for almost 60% of total Amazon sales.
It is easy to see why so many sellers want to join that train too. But what happens if, for whatever reason, you want to quit and sell your Amazon business account?
Is it even allowed? How would you go about it?
We would like to address the seven most common fears people may have while thinking to quit e-Commerce and sell their Amazon accounts.
Read the article carefully to learn how you can sell your business store smoothly while maximizing profits.
1. Is It Really Possible or Legal to Sell Amazon Account?
In short: yes and yes. According to Amazon policy:
'Seller accounts generally are not transferable'. (Amazon)
But that’s only “generally”. In practice, any Amazon account can be legally transferred to a new owner with a completely new legal entity, business address, bank account, credit card, phone number, etc.
The full transfer takes around 5-7 days once done professionally. Such a deal is absolutely legal, and you can sign a sales and purchase agreement with the buyer to be fully protected.
The only requirement for transferring an account is that the store must not be in dormancy i.e. haven’t sold for a long time and got inactive.
In that case, you, as a current store owner, must do the re-verification. Amazon will want you to upload a valid personal ID and a recently issued bank account or credit card statement. The whole process is basically a two-click process and it takes 1-2 days to get your store reverified and reactivated.
Note: This is Amazon support staff that can see your sensitive data only so you can be absolutely patient about it. No third-party will ever assess them.
After you have uploaded and reverified your account, you can proceed with selling it. The new owner will remove all of your details and add their own business credentials according to the common practice guidelines.
2. Who Would Actually Need My Amazon Store? Russian Mafia?
Let's be honest. Not everyone is passionate about e-commerce.
Being an Amazon seller, you have to be involved in many things like market analysis, producing or buying a product that stands out, dealing with complaints, suspensions, product authenticity, and intellectual property issues, negative feedbacks, refunds, and many more.
Some people want to avoid that headache and look to sell their assets and quitting the online marketplace entirely. Let professional sellers do their job.
The guys who need your account are just average US companies that aim to expand their market presence by purchasing an e-commerce store or a working e-commerce business. There are no gangsters.
Selling your Amazon account is a great opportunity for you to quickly quit your venture and get paid for that. Even a fresh-made Amazon seller account is worth a couple of hundred dollars.
All you need is to find a trusted all-in-one service that would help you sell your store with ease.
3. What is the Amazon Account Transfer Process? How Does It Work?
Again, according to the official amazon policy, amazon seller accounts GENERALLY are not transferable. That's generally. But in fact, those are absolutely transferable. And there are two options:
a) You sell your amazon store or business along with the company it is registered to. This is often the most difficult way to sell since besides evaluating your store in general, the buyer must evaluate the company and assess its financial information, such as debts or tax information.
Additionally, should the company own property, transport, or products, this must be included into the contract as well. Therefore, for a safe and sound deal, you must hire a lawyer which is additional expenses for you.
b) The easiest way to go: you just sell your Amazon or Walmart seller account separately from the business it is registered to (if the account registered under your personal details, this is also OK).
The transfer process generally looks like that:
1. You agree on the price (and sign a contract if needed).
2. The buyer sends you the money (bank transfer or Paypal).
3. You provide the access to the store (email, password), as well as help them pass the two-factor authentification – 2FA).
Note: Some sellers create separate email accounts specifically for Amazon so they can transfer the email access over to the buyer as well.
This is a very good and preferable practice since, though rarely, Amazon may revert the login email to the original one causing problems for the new owner to access the account.).
Important: if you cannot remove your bank account number from the Amazon account, you have to provide the new owner with its full number since, in order to verify the new deposit method that you want to add, Amazon kindly asks to provide the old one.
4. The buyer changes business entity information (tax id), bank account number (deposit method), credit card (charge method), business address, phone number, email address, etc.
That process usually takes around 3 weeks (forming LLC, opening a new bank account, getting a fresh credit card).
Note: If waiting for a couple of weeks feels uncomfortable to you and/or you are afraid to leave your personal details, you can remove or edit some sensitive data, such as the credit card used as an Amazon charge method with the one that you don’t plan to use or, for example, expires soon.
Worth saying that the new owner does not have the access to the credit card details stored in the e-commerce platform (except the last 4 digits and expiration date) so they cannot compromise your card and secretly pay with it.
This is Amazon only that may charge the card should the new owner fail to remove it (however, you may easily cancel the transaction in most cases).
Also, the buyer will not be able to see either your social security number or your company's EIN.
Pro tip: Deal with the reliable service only to avoid unwanted concerns like that.
5. Once all details removed, you are done. Bye, Amazon!
4. Can I Create Another Amazon Account After Selling Mine?
Despite all your personal or business details have been removed, you cannot make a new Amazon store.
The thing is, Amazon does not remove all data records that have ever been used within the platform. Any IPs, devices, names, addresses, bank accounts, credit cards that have ever been recorded there, still remain in the archives and databases.
Should you decide to make a new account and use, for example, the same bank account or card, you risk losing both the fresh-made account and cause problems to the buyer who has become the new owner for your old store (suspension for being related to another account).
Therefore, just let it go. Consider selling your Amazon or Walmart account if you quit the e-commerce business completely.
Note: the above mentioned is not the case when you want to register a new store for your family member. But be smart too.
Do not use the same device/IP address/physical address (better make a new store from your office), same card, or bank account. Also, you can set up a new company for your family member and make a store under a business name. The same rules are applicable there.
5. How Can I Avoid Rip Off?
Most people have never sold any accounts in life.
Therefore, this may cause much anxiety and unrest. This is normal. Breathe deeply.
We have good news for you: an Amazon account seller is generally better protected and positioned compared to a buyer.
However, you should consider the following to make sure the transaction goes smoothly for both parties:
1. If you have received an offer by email, do not click any links.
Also (this is quite off-topic but still), some scammers send personalized newsletters imitating Amazon support with the click-to-action links within the email.
Those links lead to malware sites imitating the Amazon web interface and asking you to enter your login, password, and 2FA OTP code. Never login to your account by clicking the link in the email.
When you do, always check the URL address bar for where are you located. You should see an amazon.com address only.
2. Be attentive with screen-sharing apps such as Zoom or Teamviewer. Generally, those apps are 100% secure for you and a great way to learn more about your potential buyer as well as share the details related to the store.
However, some people are quite frustrated to demonstrate their desktop to nobody knows who. If this is the case for you, and you are not 100% confident you are able to control everything that’s going on your desktop properly, don’t use those apps.
Better consider sending the screenshots or a screen-casting video (CloudApp is a nice app to use).
3. In general, buyers tend to transfer funds upfront after you have demonstrated the account and agreed on the price.
However, you should send the access only after the funds have been verified by the bank if you have chosen the wire transfer. Also, you can use Paypal.
Though very fast, however, Paypal is a less secure payment option. Make sure that the funds you receive are not “on hold”, and you can safely withdraw them to your bank account.
Once the buyer is not comfortable to send money upfront, you can both consider using an escrow service (such as escrow.com).
4. Make sure that you or your counterpart change the tax id and credit card details stored within the account. Some people are also worried that the buyer will fail to change the deposit method. Don’t be.
Without a new deposit method, all funds will go straight to your bank account. Nobody is interested to make you richer in such a way.
6. What Will Happen to My Buyer Account? I’ve Spent $100 on My Prime Subscription
It's a very important issue. Amazon does not make a difference to whether you try to login to Amazon Seller Central (link) or your buyer dashboard.
This also applies to other Amazon services such as Associates Central, KDP, or Merch by Amazon.
There is only one login since you have one global account. Therefore, if you sell your seller account, you agree to give your buyer account away as well.
So what should you do?
1. Cancel all your buyer orders and Prime subscription.
2. Don’t try to deactivate your buyer account. Otherwise, you will lose access to the Seller Central as well.
3. You can easily create a new buyer account with a new email. The scary things we’ve told you about getting both accounts suspended is applied to only SELLER ACCOUNTS. You can have many buyer accounts but only one seller account.
7. What if Amazon Sues Me or FBI Come After Me?
This is one of the biggest fears when it comes to selling Amazon account. People are afraid of being prosecuted after somebody has bought their store and started selling.
‘What if they break the law and Amazon comes after me?’
Let’s bust that silly myth
First, it’s difficult to ‘break the law’ when selling on Amazon. The big brother is watching the sellers for whether they comply with all the policies and the Code of Conduct they have accepted during the registration. Should something go wrong, Amazon alerts the seller and puts the account on hold. Or even suspends.
Of course, there were some rare cases in the past where Amazon had filed lawsuits against its vendors. Vendors, not sellers. Amazon vendors are the guys who supply products directly to Amazon. Big guys.
A seller is a generally small fish. And there only one weapon Amazon uses against them: the suspension, which means locking both the account and the funds in it.
Therefore, there is no risk for you as a previous account owner. You got your money for your account sale and said goodbye to Amazon.
You have nothing to do with the future selling activities performed within the account. And this is the new account owner receiving Amazon payments who takes all the risk and responsibility.
These are the biggest fears you may have after you have decided to sell your Amazon store.
Got another fear or confusion? Ask your question in the comment, and we will be happy to address those ones.
If you want to get the best price and great emotions when selling your account, there is a pro tip for you:
1. Get enough time.
2. Send as many proposals to as many companies and individuals as possible.
3. Pick the best offer and conditions and proceed.