PayProtect FAQ

What is PayProtect?

PayProtect offers buyers and sellers a safe and secure way to transact online with the peace of mind that money is being held securely during the process. As a buyer, you can lock in the car of your dreams conveniently and without the hassle of bank cheques or dealing in cash. As a seller, you can have confidence that the buyer is genuinely interested in your car. New to carsales and available to all members, PayProtect makes payments safe and easy. 

How does PayProtect work?

BUYER

  1. MAKE PAYMENT – Get started with PayProtect by completing the payment form to place funds in the holding account. Note: Service fees are only charged for successful transactions.
  2. PAYMENT IS HELD – Your payment will be held securely in a holding account while the seller is notified and our safety checks are completed.
  3. PAYMENT CONFIRMED – You’ll be sent a request to release the payment. Note: Buyers should inspect the car and undertake checks (such as finance) before releasing funds.
  4. TRANSACTION COMPLETE – Once you’ve released the payment, the amount (minus service fees) will be transferred to the seller.

 

SELLER

  1. INITIATE PAYMENT- Get started with PayProtect by completing the payment request form. The buyer will be sent a notification to complete the payment form to place funds in the holding account.
  2. PAYMENT IS HELD – The buyer’s payment will be held securely in the holding account while our safety checks are completed.
  3. PAYMENT CONFIRMED – The buyer will be sent a confirmation request to release the payment. Note: The buyer may choose to inspect the car and undertake the relevant checks before confirming the request. You should ensure any finance is cleared before finalising any transaction.
  4. TRANSACTION COMPLETE – Once both the buyer and seller have confirmed the payment, the amount will be transferred to you (minus service fees).

 

Which payment methods does PayProtect accept for sellers paying funds into the holding account?

The current payment methods accepted for sellers paying funds into the holding account are Direct Debit from an Australian bank account and BPay.

 

Are there any fees involved for using PayProtect?

Direct Debit

Service fees are only charged to successful transactions.

If the buyer releases funds from the holding account, the buyer will be charged 0.80% (of the value being debited) direct debit processing fee.

Upon release of funds, sellers will be charged a 0.70% (of the value being debited) processing fee (capped at $990, this includes a $20 service fee), which will be deducted from the funds held in the holding account.

 

BPay

Upon release of funds, sellers will be charged a 0.70% (of the value being debited) processing fee (capped at $990, this includes a $20 service fee), which will be deducted from the funds held in the holding account.

There are no service fees for buyers.

 

As a seller using PayProtect, how will I be paid for the sale of my vehicle?

Sellers will be asked to submit their Australian bank account details – this is the account your payment will be transferred to once released by the seller. 

 

How long will it take to receive my payment once I have updated my bank details?

Once your bank details have been updated, notify PayProtect on support@payprotect.com . Your payment will be present the next day and should clear your account between 1 to 4 business days depending on your bank’s processing speed.

 

As a seller using PayProtect, how long will it take for me to get my funds after the buyer releases them from the holding account?

Payments will be initiated immediately, the funds should be transferred from the PayProtect holding account to the seller’s account between one (1) and four (4) business days after the buyer has released funds. 

 

Where are payments held?

The PayProtect holding account is an Australian bank account managed by our trusted payment services provider. All payments via Direct Debit are secured and encrypted.

 

Will you share my bank details with the person I’m transacting with?

No. All customer bank details are secured and encrypted.

 

As a buyer, how can I get a refund?

While funds are still in the PayProtect holding account, buyers can request a refund from the seller.  If you request a refund and the seller has not accepted your request, and you consider that you are entitled to a refund of those monies, you should contact our customer service team on 13 72 53. 

 

The Buyer has taken possession of the goods. How can I get paid as a seller?

Once the funds are in the PayProtect holding account, sellers will need to request a release of payment via the seller’s Membership account which will be sent to the Buyer. If the Buyer does not respond, you can send a reminder.  If this does not result in the buyer releasing payment, please contact our customer service team.

 

I would like to place a deposit on a car. Can I do this through PayProtect?

PayProtect cannot be used for deposits at this stage but keep an eye out for updates on when this feature is released.

 

I am a seller who has sold my car to a buyer via PayProtect.  Why haven’t I received my payment from the holding account yet?

If paid to your bank account, it's possible that your bank details were entered incorrectly. Please check your email for any correspondence from us. If you haven’t received anything, please contact us for assistance.

 

As a buyer, when should I be releasing the funds to the seller?

We strongly recommend that as a buyer you do not release funds to the seller until you have had a chance to inspect the vehicle, are happy with its condition and are definite that you’d like to proceed with the purchase. For more information on safety tips for buyers, click here.

We recommend undertaking a CarFacts Car History Report to ensure that you have reviewed if there is any finance owing on the vehicle and ensure that the seller has arrangements with its financier to provide clear title of the vehicle to you. 

 

As a seller, when should I be handing over my keys to the buyer?

The benefit of PayProtect is that you can be comfortable giving the buyer possession of the car as soon as the funds are in the holding account. The funds cannot be returned to the Buyer without your consent.

 

Why hasn’t my payment into the holding account gone through?

Your payment may not have been processed due to insufficient funds or the payment exceeding your existing debit limit. We recommend contacting your financial institution for information.

 

Can a buyer pay over a period of time?

Currently PayProtect does not support milestone transactions.

 

Why may I need to provide PayProtect my ID?

We require doing these checks to remain in compliance with financial and government regulations.

All information and photos supplied are secured and encrypted and are only used for the purpose of verifying your identity.

Specifically, the reason we request a photo of you holding your identification (instead of requesting a scanned copy) is to ensure that the person providing the identification matches the person in the photograph. This is to prevent someone unlawfully obtaining a copy of your identification and using it without your knowledge.

 

 

 

 

 

 

 

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