Airwallex has announced its partnership with Carwow, an online car-changing marketplace. Following the integration of Airwallex’s Scale Native API, Carwow can now process payments for those enterprise dealer groups who purchase cars from thousands of private sellers through its daily online auctions every week.
As well as ensuring private sellers receive immediate payment for their old car, the integration will also benefit Carwow’s dealer partners by removing major operational hurdles. Dealers in the Carwow network will agree to terms and conditions before being allocated an Airwallex Account, which will provide GBP account details for dealers to securely store funds and easily transfer payments to purchase cars.
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Dealers will benefit from same-day payment settlements, improving overall cash flow and efficiency
This includes handling payments to multiple beneficiaries during the car sale, such as the seller and finance house, plus the management of any instances of negative equity balance.
With this partnership, Carwow will streamline the car-changing experience and address challenges associated with off-platform payments. Dealers connected to the service can track the status of their payments, while sellers will be notified via email when payments are sent, bringing greater transparency, security, and speed to the car buying and selling process.
Kai Wu, Chief Revenue Officer from Airwallex said: “We know that friction and lack of transparency with payments can erode confidence and create frustration. Our embedded finance solutions will help resolve these challenges, with Carwow’s dealer partners and private sellers now benefiting from greater protection and a seamless payment experience – all within Carwow’s trusted platform. Not only will our partnership unlock benefits for all involved in the car buying and selling process, it will empower Carwow to dramatically enhance its services for its dealer partners.”
Sally Foote, Chief Commercial Officer at Carwow added: “We understand that for many of our large dealer partners, despite best intentions, there are many operational hurdles that limit their ability to arrange same-day payment when purchasing cars. The integration with Airwallex will be a game-changer as it will enable our dealer partners to quickly, easily and securely process payments when buying cars from private sellers, thus ensuring an even more trusted and convenient way for consumers to sell their cars through Carwow. Our partnership with Airwallex will no doubt improve the all-around experience of our partners and customers.”
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