Last week, boats.com announced the launch of boats.com Secure Payments powered by FundsFlo. The platform, developed in partnership with FundsFlo specifically for the marine industry, was created to offer buyers and private sellers a seamless and secure online solution for processing large transactions.
The industry-first technology brings transparency to transactions by letting private sellers know that the buyer is verified and funds are secure before transferring their boat to new ownership. It is only after the buyer accepts the boat after its delivery with no issues that the seller receives payment.
“Private seller transactions can be complex and stressful. boats.com launched the platform to target some of these pain points and eliminate the anxiety of transferring significant sums of money,” said Kimberly Deal, brand manager at Dominion Marine Media, which owns boats.com. “For sellers, funds are secured prior to shipping the boat. For buyers, they have the ability to inspect the goods before payment is delivered to the seller. It provides security and increases confidence in transactions for both parties.”
The platform comes at no cost to the buyer, while the seller is charged 1 percent of the final sale price of the boat. Both buyers and sellers must be registered for boats.com Secure Payments.
"We are proud to be the first to bring this online transaction technology to the marine industry, as we believe it has the potential to change the e-commerce landscape and overall purchasing process within the recreational marine industry. By connecting private sellers with serious, verified buyers and eliminating the need for them to share personal financial information, we are able to provide confidence, security and peace of mind when they buy or sell a boat using boats.com Secure Payments," said Katie Jackson, boats.com brand manager.
“It is hard to trust a person that you have never met before,” added Deal. “By bringing transparency to the online transaction, buyers can be confident that the seller will not default on the sale. Fraud and identity checks are completed for all registered parties. Bank information is verified and encrypted for an extra level of security. Customers can rest assured that both parties are fully committed to following through with the sale.”
The announcement comes in conjunction with the relaunch of boats.com’s improved private seller marketplace and continues the company’s commitment to developing and applying technology to create a better customer experience.