In order to ensure that you get paid correctly and on time, it’s crucial to set up your payment details with our payments partner for the disbursement of funds.
Payment details usually refer to the information about where money should be sent – typically a bank account – for the Seller to receive the funds as proceeds of the sale. It can also refer to making sure that the Buyer has their payment method ready. On Flippa, the focus is on payout details for the Seller given our Buyers are sending funds to a third-party trust account, and typically not directly to a person.
Here’s how to set up payment details whether you’re using FlippaPay or Escrow.com, and some tips on how to avoid delays or fees.
Seller payment details for FlippaPay
If you’re a Seller and the Buyer is using FlippaPay, Flippa (through our partner Trolley) will collect your payout information as part of the process. After the Buyer’s funds are secured in the trust account, Flippa will start Seller onboarding for payment. You will receive an email from Flippa or Trolley (the payment platform) prompting you to provide your payout account details.
This email may include a link that directs you to a secure form or portal (Trolley’s system) where you fill in your details. You’ll need to provide things like your bank’s name, your account number/IBAN, routing number or SWIFT code (for international wire transfers), and the account holder's full legal name as in your account and physical address as in the account.
Please make sure that the name on the payment account matches the name you have verified with your identity on Flippa. If you are receiving funds to a business or company account, we will need you to ensure that’s been communicated and that your company name has been added as well. Any mismatch could cause a flag for compliance and delays to your payout while that discrepancy is resolved.
Choose payout currency and method
Trolley (Flippa’s partner) supports paying out in over 100 local currencies. Typically, it will default to your local currency based on your country. For example; if you’re in the UK, you would normally receive Sterling, in Australia, Australian Dollars, etc. You often have the choice to be paid in a different currency if you want – for instance, if you’re in Europe but prefer to receive US Dollars in a USD-denominated account. Please be advised that if you opt to receive funds in a different currency, currency exchange rates will apply and currency fluctuations are at your risk. If you’re not sure, it’s usually safest to receive funds in the currency of the country you reside in to avoid further fees to convert payment from your provider.
Besides standard bank transfers, FlippaPay (through Trolley) can also send to alternative payout methods like Payoneer, Revolut, or Wise in some cases. If you prefer to receive via one of those platforms (perhaps for faster local transfers or lower fees in your country), that option may be available in the form. Payoneer, for example, may require you to provide your Payoneer account email or ID. (Please note that Escrow.com generally cannot send funds to non-bank providers).
Review the completed form
Please double-check account numbers and bank routing numbers or SWIFT codes. A small error or mistype can mean a failed transfer with funds returned to us, or even money sent to the wrong account. If your bank has specific instructions (like requiring an intermediary bank for international transfers), please include that info or notify our team.
Once you submit your payout details, Flippa/Trolley will typically review and verify them such as ensuring the bank branch exists, etc. After that, your profile is setup for payout. Trolley should save your payout details so that you don’t have to re-enter these same details shouuld you do future transactions. Of course, details can always be updated if you want to change where you receive funds.
Seller payment details for Escrow.com
If the transaction is through Escrow.com, you’ll provide your bank information directly to Escrow.com for the payout in their interface. Log in to Escrow.com and navigate to Settings or My Profile > Bank Account (or during the transaction, Escrow might prompt you to Add bank details for payout before closing).
Enter your bank wire details (account number, routing number or SWIFT code, etc.) for the account where you want the money to be received and ensure the beneficiary name on Escrow.com matches your name or company name on the bank.
Escrow.com will payout in the same currency as they received from the Buyer ("the transaction currency"). For example, if the Buyer paid US Dollars (USD) into escrow (the default), funds will be sent to you in USD. Your local bank or provider would then convert to your local currency at their preferred exchange rate (which we do not know about or control). Given our separation from that process, we are unable to refund or pay the difference between a third-party exchange rate used and another published exchange rate such as on Google, XE, etc. Escrow.com does not convert currencies in payment to a Seller, and they will not currently send funds to non-bank methods like PayPal, Revolut, or Wise.
After the Buyer accepts that they are happy with what they have received and releases funds to the Seller, Escrow.com will send funds to the details you provided.
Buyer payment details
Buyers typically don’t have to setup a payout method, since they are paying into escrow, however, as a Buyer you should still ensure your payment details are provided and ready in case a refund from escrow is necessary when a transaction does not successfully complete as expected. Larger amounts to be sent or received may require additional notification to your local bank to expedite the process.
If paying via Escrow.com with a credit card or PayPal for a transaction under 5,000, please make sure those accounts are in good standing and have the capacity for the charge.
Flippa itself doesn’t store Buyer credit card info which can be used by Escrow.com or Trolley for purchases on Flippa, so Buyers need to follow the funding instructions when they are a Buyer and those details are requested.
Fees and other considerations
International wire transfer fee for Sellers
If you are a Seller receiving funds to a bank outside the United States, please note that there may be a small flat fee (usually ~$20.00 USD) debited to cover the cost to send the international transfer by our provider or an intermediary bank.
Tax information
Flippa might ask you to fill out a tax form (like a W-8BEN for non-US or W-9 for US persons) if required by law for certain payouts. This is more common in brokerage deals or large transfers, but keep an eye out. It’s to comply with tax reporting requirements. Not every transaction triggers this, but if asked, it’s important to provide it to avoid withholding your payment.
Updating payment details
If you need to update your payout details after submitting, do so as soon as possible. If the payout has already been initiated, it’s likely too late to change for that transaction. For FlippaPay, you might need to contact our team to change details if the window passed between when payment was requested but before it has been processed and sent.
Multiple payouts
If you have multiple 'milestone' payments as part of your deal, the details you set initially will be used for all subsequent payouts in that deal. If, say, between milestones you changed your bank, you will need to let us know so we can get your records with our provider updated before the next disbursement.
Security
Be careful when providing payment information, and only enter your bank details in the official secure forms (either on Flippa’s integrated form or on Escrow.com). Don’t send your bank details via email or otherwise in plaintext as it is not secure. Our process is designed so you don't have to email sensitive information.
If another Flippa user asks for your bank details, you should decline outside of specific advice from our team. As a Buyer, you never need to give the Seller your payment information for our integrated providers as the Buyer sends money to escrow, and not to the Seller directly.
Watch out for phishing. If you get an email asking for information and you’re not sure if it’s legitimate, please reach out to our team. For FlippaPay, the email to input details might come from a flippa.com or trolley.com domain. If you are concerned or in doubt, please reach out to our Payments team to confirm.
By setting up your payment details promptly and accurately, you ensure a smooth payout once the transaction is completed. Sellers should do this as soon as they’re prompted – you don’t want to delay your own payment. Buyers should encourage sellers to do it as well (“Please make sure to fill in your bank info so there’s no delay in you receiving funds once I release”). It’s one of those housekeeping tasks that’s easy to overlook in the excitement of a deal, but extremely important for closing the loop.
In order to get paid via Flippa
- For FlippaPay, wait for the payout info request email, follow the link, provide your bank or payout details (with correct info and preferred currency)
- For Escrow.com, enter your bank details in your Escrow.com account (same currency as transaction).
Once that’s done, you can relax knowing that when the Buyer releases the funds, the money will find its way to your account without any further action needed on your part.
Happy selling (and buying)!
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