Oveo is a platform for the sale of used vehicles between professionals, created in 2023. It buys used vehicles from automotive distribution groups, often dealerships, to resell to professionals. This marketplace relies on an innovative structure to offer the best performance in the sector. To establish itself in the market by providing quality services at competitive prices, payment operations are an integral part of their strategy.
Context
Quickly integrating a payment solution to support the launch of their business and track incoming flows related to vehicle sales while reconciling them with each invoice was a prerequisite for Oveo’s financial management. The company sold 10,000 vehicles on its platform in 2023 and anticipates handling 25,000 vehicles this year, meaning an equal number of payments to receive from buyers and transmit to sellers.
Xpollens solution
Oveo must manage significant volumes of funds generated by car purchases and sales (25 million euros are processed each month). Thus, using Xpollens’ payment institution license for this intermediary activity was essential.
Given that the choice of payment method also depends on the average transaction amount or the company’s sector, the solution provided by Xpollens addresses three major payment challenges for Oveo:
• Identifying an alternative to card payments, which are not suitable for high average transaction amounts.
• Having a real-time view with tracking and notification of vehicle payments.
• Instantly paying sellers to trigger shipment.
To address these challenges, Xpollens has provided Oveo with two incoming payment methods:
Instant transfer with payment initiation for optimized customer journeys
Instant transfer, combined with payment initiation, offers Oveo’s customers a fast and smooth payment experience. This method allows the company to automatically initiate a transfer from account to account from the payment page, without the customer needing to enter the recipient’s IBAN in their banking interface.
Instant transfer with virtual IBAN to more easily categorize flows
To authenticate incoming transactions without Oveo’s customers having to enter transfer references, the virtual IBAN allows for automatic tracking and reconciliation of payments. Automating accounting reconciliation saves the finance teams time on tedious tasks.
Why did Oveo choose Xpollens?
Regardless of the transfer method chosen, the Xpollens solution offers Oveo constant visibility on their payment flows because operations are processed continuously, an advantage over traditional banks that process files at the end of the day. “The tool can automatically reconcile payments with orders in real-time. We clearly know which customers have paid and when they did it,” explains Stanislas Peycelon. “The finance team can focus on higher value-added and more interesting tasks than reconciliations.”
The main advantages of the integrated payment solution offered by Xpollens are:
A smooth and fast process: The Xpollens solution is based on a core banking system, with APIs that allow real-time payment tracking. Once the payment is made, the vehicle shipment is then automatically triggered.
Reduced management costs: Unlike card payments, there are no interchange fees with transfers.
Optimized work for finance teams: Payments are automatically reconciled with orders, allowing the finance team to save time and focus on higher value-added tasks without having to manually track operations.
