IAA rolls out new payment option for UK buyers

IAA looked to improve services for its customers in the United Kingdom on Tuesday.

IAA — again the presenter of this year’s Auto Remarketing 40 Under 40 — announced that its UK-based business unit has expanded its payment offerings through the addition of Payit by NatWest, a fast, safe and secure mobile transaction and digital payment solution.

Using Payit, IAA said that buyers can make payments directly from their bank accounts for vehicles purchased.

Integrated with IAA’s payment system, NatWest’s Payit platform can connect seamlessly with all major U.K. banks to enable buyers to transfer funds within minutes, whether on a desktop, laptop, mobile or tablet.

IAA highlighted through a news release that the Payit platform leverages the UK’s Open Banking infrastructure to allow buyers to connect to their banks’ mobile or online banking portals securely with their existing login credentials.

Payit allows buyers to log in using their existing credentials and make payments free of charge. However, IAA suggested that users should still consult with their banks for complete information on transaction fees and limitations.

“Payit saves our buyers time and creates more flexibility by quickly and efficiently processing online transactions on a wide variety of devices, without additional processing fees,” said Steve Hankins, UK managing director for IAA.

“With payments complete in a matter of minutes, the platform expedites vehicle release, and gives buyers more time to focus on other essential aspects of their businesses,” Hankins continued in the news release. “We are pleased to extend this new secure and convenient payment option to our buyers.”