Airwallex, the global payments and financial platform, is partnering with online car-changing marketplace Carwow to enable the firm to process payments for enterprise dealer groups who purchase cars from thousands of private sellers through its daily online auctions every week.
Through the integration of the Scale Native API from Airwallex, Carwow will also remove major operational hurdles for its dealer partners. 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.
With this partnership, Carwow plans to streamline the car-changing experience it offers and address challenges associated with off-platform payments. Dealers connected to the service can track the status of their payments, while sellers are notified via email when payments go through – bringing greater transparency, security, and speed to the car buying and selling process.
“We know that friction and lack of transparency with payments can erode confidence and create frustration,” explained Kai Wu, chief revenue officer at Airwallex. “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.”
Overcoming operational challenges
Dealers will also benefit from same-day payment settlements, which Airwallex says will boost 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.
Sally Foote, chief commercial officer at Carwow, also discussed the partnership: “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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