A secure payment system for second-hand car sales is starting.

The Secure Payment System, implemented in cooperation with the Ministry of Trade and the Union of Turkish Notaries, will prevent consumer grievances arising from second-hand car sales. The Secure Payment System will become mandatory for everyone, including buyers, starting from September 27. Thus, it aims to eliminate disputes regarding payments between buyers and sellers in the second-hand vehicle market.

Here are 10 questions and answers about the system that are frequently asked:

QUESTION 1- WHAT IS THE SECURE PAYMENT SYSTEM?

It is a payment system developed to make second-hand vehicle transactions safer.

QUESTION 2- WHEN WILL THE SECURE PAYMENT SYSTEM BECOME MANDATORY?

Until now, the use of the system was mandatory for businesses (car dealerships) engaged in the trade of second-hand motor vehicles, but it will become mandatory for everyone starting from September 27.

QUESTION 3- HOW WILL THE PAYMENT PROCESS WORK IN THE SYSTEM?

In practice, the seller will initiate the secure payment process first, then the buyer will deposit the money into the intermediary institution with a reference number before going to the notary. After the sale is approved, the money waiting in the secure account will be instantly transferred to the seller's account.

QUESTION 4- WHAT IS THE PURPOSE OF IMPLEMENTING THE SYSTEM?

The system aims to eliminate risks such as carrying cash, counterfeit money, and non-payment of the sale price.

QUESTION 5- HOW WILL THE APPLICATION AFFECT CONSUMERS?

With this system, a secure environment is expected to be created in the second-hand vehicle market. The application will prevent consumer grievances and eliminate disputes between buyers and sellers regarding payments.

QUESTION 6- WHO WILL MONITOR THE APPLICATION?

Studies regarding the operation and monitoring of the system will be conducted by the Ministry of Trade.

QUESTION 7- WHICH BANKS ARE INCLUDED IN THE SYSTEM?

All banks that have signed a protocol with the Union of Turkish Notaries, as well as electronic money or payment institutions, will be included in the system.

QUESTION 8- WILL THERE BE ANY FEE FOR USING THE SYSTEM?

A fee of 105 lira will be deducted from the vehicle sale price transferred to the seller for each transaction by the bank. Of this fee, 52.5 lira will be transferred to the Union of Turkish Notaries as a transaction participation fee.

QUESTION 9- IF THE SALE TRANSACTION IS CANCELED, CAN THE APPLICATION MADE THROUGH THE SYSTEM BE CANCELED?

In this case, the application can be canceled, and the amount deposited by the buyer will be refunded by the relevant bank, electronic money, or payment institution.

QUESTION 10- CAN THE INFORMATION BE UPDATED AFTER THE SALE RECORD?

Once the application is created, no changes can be made to the information. To do this, the existing application must be canceled, and a new transaction must be initiated.