Wire transfers are secure and final. Their high transaction limits are great for private-party car transactions. But you will have to share sensitive information and do the deal on a banker’s schedule.
We’ll discuss the pros and cons of wire transfers. Then, we’ll introduce you to a better way to finish a private-party car transaction.
Wire transfers move money electronically between bank accounts. Here’s how the process works:
Banks typically settle these transfers among themselves at the end of the business day. While secure, wire transfers have drawbacks. They’re limited to banking hours, require sharing sensitive information, and involve fees on both ends.
Note: If the buyer inaccurately conveys the seller’s account information, the money could get wired to the wrong bank or account. Depending on who’s at fault, recovering a bad wire can be lengthy or impossible.
Before DealNow, wire transfers were one of the most effective ways to move a large amount of money between strangers.
They are relatively secure, not too slow (in many cases the seller can get their money the same day that the buyer wires it), and not nearly as inconvenient as other payment methods.
To initiate a wire transfer, the buyer needs the seller’s personal information—a lot of it. The exact information varies by bank but commonly includes the seller’s:
Many sellers don’t want to give this information to someone they’ve just met. A truly bad actor might use the seller’s information to attempt identity theft. Buyers also find it uncomfortable to ask a stranger for their bank details.
DealNow enables instant transfer of funds with zero personal information revealed.
Wire transfers have a couple of time constraints:
With DealNow, you don’t need to collect any information from your counterparty. And our tech doesn’t take time off. Finish a deal any day, any time.
Fifty years ago, finishing an electronic transaction in one or two days was considered quick. But with the advent of mobile payment apps, people expect faster exchanges.
DealNow transfers funds between buyer and seller accounts instantly. We make it quick and easy to onboard and offboard funds to your regular bank; and while your funds are in your DealNow account, they’re FDIC insured.
Wire transfers require coordination between the buyer, seller, the buyer’s bank, and the seller’s bank. At any step of the way, human error can mess things up.
When you invite your counterparty to your DealNow dealroom, you eliminate middlemen and human error. Funds will move from the buyer’s account to the seller’s, instantly, every time.
In a high-dollar car transaction, both parties want to finish the deal, but neither wants to get taken advantage of. The buyer is hesitant to pay without assurance they will get the car, and the seller is not about to part with the car until they get paid.
A bill of sale creates a basis of security by which the buyer feels comfortable paying for the car before the title transfer. It is a legally binding document, signed and countersigned by both parties. Should either party try any funny business, the counterparty has a document that would prevail in a court of law.
It’s simple to print off two copies of the official bill of sale for the state in which the transaction occurs. For states that don’t have an official bill of sale, a generic template is still legally binding. Before money or car title exchange hands, the buyer and seller can fill out both copies, sign, and countersign.
There are two edge-case vulnerabilities with printed bills of sale:
A digital bill of sale overcomes these vulnerabilities. DealNow has both parties fill out a digital bill of sale before payment or title transfer—then stores the signed and countersigned document in the cloud. After the deal, access your digital bill of sale anytime from your DealNow dashboard.
DealNow is faster, more secure, and more convenient than a wire transfer. We solve the trust problem with our digital bill of sale. But here are a few more reasons why we’re the best choice for private-party car transactions:
Are you ready to experience pure convenience and security in your next car transaction?
DealNow is the safest method of payment. Unlike traditional payment methods such as cashier’s checks, credit cards, or physical cash, DealNow does instantaneous, verified transfers of any amount directly between the seller and the buyer.
DealNow’s platform secures transactions by:
Wire transfers are generally safe. But when dealing with unknown parties, some vulnerabilities exist:
Money can get lost in a wire transfer, although it’s relatively rare. This can happen due to:
Lost transfers can be traced and recovered, but this process can be time-consuming and sometimes costly.
The best way to avoid scams is to use DealNow. Its identity verification, title checks, and secure platform reduce the risk of scams compared to traditional payment methods.
DealNow is the easiest way to close your own vehicle deal, anytime. It’s the safe and simple way to avoid fraud, sign documents, and instantly transact, all in one app.
