Carsales partners with Monoova to launch industry-leading payments solution
Carsales, Australia’s #1 digital auto marketplace, has partnered with payments platform Monoova to launch a ground-breaking solution that makes buying and selling a vehicle online safer, simpler, and more efficient. Supported by Monoova, this new solution ensures funds are released only when both buyers and sellers are satisfied. By removing the stress and uncertainties typically associated with bank transfers, cheques, and cash exchanges, paying through carsales streamlines the process and transforms the private buying and selling experience.
Paying through carsales allows buyers to initiate an offer to a seller through the platform. Once an offer is accepted, the buyer deposits funds into a secure virtual account, where the money is held until both parties are ready to finalise the transaction. For added security, carsales also verifies an identity document of both the buyer and seller. When the parties are ready to exchange the assets, the buyer releases the funds, which are transferred to the seller’s nominated bank account with no additional fees. Sellers can confidently hand over the keys, knowing the funds have reached their account.
An Industry-Leading Solution
Research from carsales revealed that two thirds of respondents preferred using bank transfers when buying a car privately, however most encountered issues that led them to contact their banks for assistance. Furthermore, across 761 reported incidents, Australians lost almost $1.1 million to second-hand vehicle scams in the first seven months of 2023 alone. With buyers and sellers expressing growing distrust in the process and concerns about potential fraud, the demand for more secure and straightforward payment options has never been greater.
Paul Barlow, Managing Director at carsales, said, “Through this collaboration with Monoova, we’re giving Australians the first secure way to buy and sell private second-hand vehicles online. Paying through carsales offers a simpler and smarter transaction experience with the goal to make the payment of vehicles safer by giving our customers greater transparency and peace of mind by helping to ensure their funds are secure by carsales and their transactions are legitimate.”
Monoova Co-Founder and CEO Christian Westerlind Wigstrom added, “By combining our virtual account technology with real-time payments, we’re giving carsales’ users more control over their transactions. This breeds trust. Our collaboration sets a new standard in the digital marketplace for cars.”
Since the October launch, feedback from customers has been overwhelmingly positive. South Australian car seller Debbie shared, “Paying through carsales made the selling experience safe. It’s brilliant that the buyer can release the funds to me, and I receive it straight away. By paying through carsales, you know it’s safe, legitimate, and you’ll get your money.”
Transforming the Car Buying Experience
The Reserve Bank of Australia has announced regulatory changes that will result in the depreciation of the traditional payment systems known as BECS by 2030. However, consumers are already demanding faster and more secure ways to transact. Early adopters like carsales are paving the way with customer-centric experiences.
Key features of carsales’ payment solution include:
- Verified IDs to increase protection for both buyers and sellers, providing greater peace of mind about who they’re dealing with.
- A guided, step-by-step transaction process to help keep both parties informed and more confident throughout the sale.
- Secured funds where buyers can release funds immediately, and sellers typically receive payments within seconds, offering reassurance that the deal is finalised quickly.
