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A NEW service is set to make car buying safer in the face of rising levels of fraud.

While police forces across the country have reported a rise in fraud offences, including incidents of counterfeit cash and forged bankers drafts, CarPay.co.uk is Britain’s first secure vehicle money transfer service offering peace of mind to both parties involved in any deal.

Registered with Her Majesty’s Revenue and Customs (HMRC), CarPay.co.uk guarantees a safe and secure method of transferring payments between buyer and seller.

Buyers will no longer have to risk carrying pockets full of cash or paying by cheque and waiting for funds to clear before they get their dream car. Equally, sellers won't have to face the possibility of accepting a fake bankers’ draft, funny money or a dud cheque before handing over the keys to their vehicle.

Out of 52 UK police forces 32 recently revealed figures for fraud crimes committed in 2007 and of those 22 confirmed there had been an increase in offences.

CarPay.co.uk has been praised by police and car crime experts as a safe way of ensuring both sides of a transaction are protected from attempted payment fraud.

When a deal is agreed the buyer calls CarPay.co.uk to release their money and the seller is notified that their funds have been irrevocably released and are being transferred to their account.

Both buyer and seller have to register and confirm the sale with CarPay.co.uk. Their unique security system ensures that only the buyer can release their payment and that only CarPay.co.uk can notify the seller that payment has been made.
As the service is totally secure the vehicle and its keys can be handed over at exactly the same time as the money is released. The funds are guaranteed to be sent to the seller’s bank account the next working day.

The service is aimed at people buying and selling cars worth £5,000 plus but can be used in any transaction. Costs are based on the value of the car and start from just £35 per person (£70 per transaction).

"The whole idea behind CarPay is to provide buyers and sellers with a completely secure way to do business," said Darren Gross, Commercial Director of CarPay.co.uk

"They both have to register information and prove their identity, which we check, to give both sides peace of mind.

"When they agree a deal, the buyer inspects the vehicle and then calls us and tells us to release payment to the seller.

"We then contact the seller by text or phone call and tell them that the agreed amount has been released and will be transferred to their bank account by the following working day.

"It's a completely secure system, very simple to use and it gives everybody peace of mind to be able to buy and sell with confidence.

"The seller doesn't have to worry about the validity of a cheque or bankers draft and the buyer can get the vehicle without having to wait for funds to clear in the seller’s account.

“Next to buying a house a car is probably the largest high value purchase most people make,” said Darren.

"Sadly, incidences of fraud are rising and car buyers and sellers are right to be suspicious about exchanging often very large amounts of money and valuable machinery with complete strangers.

"It's such an easy area in which to commit fraud that both buyers and sellers need to take every precaution to protect themselves. CarPay.co.uk is the only safe way.”
ends

Notes to Editors:

CarPay.co.uk is Britain’s first secure payment transfer services for used car buyers and sellers. CarPay.co.uk is fully regulated and registered with Her Majesty's Custom and Revenue service as a Money Transmitter.
For further information please visit www.CarPay.co.uk or contact Peppercorn PR on 0845 217 8757.

This press release was distributed by ResponseSource Press Release Wire on behalf of Peppercorn PR in the following categories: Motoring, for more information visit https://pressreleasewire.responsesource.com/about.