Find answers to the most common questions about how Skoot keeps your car sale or purchase secure, simple, and stress-free.
A: When you buy or sell a car using Skoot the funds are held in a secure, dedicated account within our platform with FSCS deposit protection up to £120,000. Payment is only released when both parties confirm the transaction by signing the contract. As a seller there’s no need to share sensitive bank information decreasing the risk of fraud.
A: We use bank-grade ID verification which requires uploading a picture of government issued ID to confirm both buyer and seller identities before any funds or contracts are exchanged. This adds an extra layer of trust and transparency to every transaction.
A: This is exactly what Skoot eliminates! Funds must be pre-loaded into a secure Skoot wallet before the contract can be signed ensuring the money is ready and available before you meet. This avoids delays from transfer issues or fraud checks and can help you overcome daily banking limits ensuring a smooth and timely payment process.
A: No, that’s the whole point of Skoot, you are free from the uncertainty of bank transfers! Once the contract is signed by both parties you can hand over the keys and register the sale safe in the knowledge that Skoot has your money safe in a dedicated FSCS deposit protected account. You will receive your money by the next working day at the latest.
A: Yes! Skoot provides a legally binding sales contract based on the information provided by each party for each of them to sign. Once agreed and signed, the sales contract and receipt are instantly available for download providing clear proof of the transaction.
A: The Skoot fee is £36.99 for both buyer and seller and is only payable if the sales contract is signed by both parties. If there is no transaction there is no fee. The fee covers the cost of identity verification, Skoot wallet management and transaction documentation. There is nothing to pay upfront before you commit to a transaction and no hidden or surprise charges.
A: Skoot provides a sales and purchase agreement that, once signed, is legally binding for both the buyer and seller. If there is a dispute the parties can use this contract as the basis for their dispute resolution. Skoot is not a party to a transaction and any disputes are between the seller and buyer to resolve. Skoot cannot reverse or refund funds once the sales contract has been signed.
A: Yes. At any point up to the moment the contract is signed either party can cancel the transaction. Any funds held in the Skoot wallet will be automatically refunded to the buyer’s account typically within 1-2 business days.
A: At the moment Skoot is only for UK car purchases and for users that are UK resident. We are working on expanding our services for international purchases and users so please email us at info@skootpay.co.uk to register your interest and we will keep you updated on our progress.