Internet technology has brought great change in the classic car industry creating an exciting global market place. Gone are the days of needing a matchmaker such as a dealer or broker. Buyers and sellers as individuals have access to vintage vehicles from all over the country and abroad. Sellers can now market themselves and buyers can find an extensive inventory. Rare and vintage cars from around the world are available right now on our laptops via online classifieds. As exciting as these new developments are, this global marketplace generates new problems and concerns; namely, fraud. Private sellers stand to make more on the sale price however now stand alone to handle all risk involved in the transaction. Private buyers risk financial fraud and misrepresentation. Other concerns include the burden of producing a purchase agreement, safe and secure transfer of funds, and the buyers’ risk of vehicle misrepresentation. One company created specifically to meet the needs of the modern classic car market is PaySAFEescrow.com
PaySAFE® was founded with a vision to change how business was transacted and level the playing field for both sides of a financial exchange. By leveraging technology and traditional banking solutions, PaySAFE provides trust to both buyer and seller.
- As a Buyer, confidence that you will get exactly what you ordered before the seller receives your money.
- As a Seller, eliminate the financial risk of scams and fraud. Escrow funds are cleared through the US Banking system. The seller has no risk of payment fraud, NSF checks or charge backs.
In the spirit of the DIY model, PaySAFE provides customers with tools and resources to safely close a deal online. It’s ultimately an online closing table providing buyers and sellers a location to create, negotiate and close trades with financial protection. With PaySAFE you create and close transactions safely and securely by:
- Creating a Purchase agreement
- Uploading photos and supporting documents
- Tracking communication
- Utilizing Escrow service for Financial Security
- Buyers: Funds are only released once you have received your vehicle as agreed
- Sellers: Eliminate financial fraud and scams while securing the buyer’s funds upfront
PaySAFE customers utilize the service under similar circumstances. Recently, Joe from Washington decided to part with his prize 2009 GT 500 Mustang. Instead of going to a dealer and haggling on the price he decided to list it online. Within days, Rick from Texas showed interest and they exchanged additional photos via email. Joe felt the deal seemed easy and was about to give Rick his personal banking information so that Rick could wire him the money. Rick on the other hand, had never purchased a car sight unseen and was now being asked to wire an unknown party, 8 states away, $45,000 and hope the same car he viewed in the pictures was the same car that showed up at his home in 10 days. Rick was about to let the deal go and keep searching locally when his car collecting neighbor suggested that they use PaySAFE as a neutral third party to hold the purchase price until the shipping company verifies the car’s existence. Joe also agreed to use PaySAFE because he knew that Rick’s money was being held in escrow and would be released once the car was picked up. Additionally, Joe would never need to give his personal banking information to Rick.
This transaction example plays out everyday at PaySAFE. Private buyers and sellers are looking for protection while selling long distance via the internet. PaySAFE eliminates all possibility of fraud because a transaction would never be activated if the buyer doesn’t fund it, and the seller would never agreed to escrow if they didn’t have the vehicle to present. PaySAFE’s President, Matt Medlock describes their service as “keeping honest people honest”