Financial startup Whillet has announced a collaboration with global payments giant Visa that is designed to introduce a next-level payment platform for the U.S. used car market.
As part of the collaboration, Whillet is set to launch Carment, a solution which will make used car sales secure and flexible, ensuring sellers receive funds swiftly after a transaction through an eligible card.
Carment is set to utilise Visa Direct’s real-time payments capabilities to streamline payment procedures in the used car market, providing solutions that integrate seamlessly into car dealerships’ existing Dealer Management Systems (DMS). With round-the-clock payment support and real-time fund transfer capabilities, the platform is poised to bring substantial value to the automotive sector.
Dmitry Panov, Founder of Whillet Inc. said, “Carment Instant Payment Platform, enabled by Visa Direct, aims to provide a seamless and efficient payment experience in the annual used car market with 35.7 million sales. Its defining feature is the real-time fund transfer capability.
“The solution will offer car dealerships the ability to move money between accounts in real time and reduce time-related costs. Such immediacy addresses the evolving demands of today’s market where consumers seek rapid results, and time is critical, often with the payment transaction gap stretching by 2-5 business days,” he continued.
Yanilsa Gonzalez-Ore, SVP and North America Head of Visa Direct, said, “Today’s sellers and consumers now demand faster, more reliable payments in nearly all aspects of life and car sales should be no different. Through this collaboration with Whillet, we’re excited to help change the money movement game in the car dealership space and disburse funds quickly and securely with Visa Direct.”
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