Setting up your Wallet
Verification (KYC): the business checks you complete to open a Wallet.
Extra checks (EDD): additional documents some businesses are asked for during verification.
Beneficial owner (UBO): a person who ultimately owns or controls the business.
PEP (Politically Exposed Person): someone in a prominent public role, who needs extra checks.
Authorised person (PPTA): someone who isn't a director but is authorised to act for the business, for example to set up the Wallet.
Using your Wallet
2FA / one-time code: a code from your authenticator app that confirms payments and other sensitive actions.
Routine check: a request for information about a payment or your account.
Predefined withdrawal account: the only bank account your Wallet balance can be withdrawn to.
Requires Attention: the Wallet tab for payments that need action, such as refunds or retries.
Paying for a car
Positive equity: the outstanding finance is less than the price. The finance company is paid first, and the seller gets the rest.
Negative equity: the outstanding finance is more than the price. The seller pays the difference into your Wallet through a secure link.
Finance settlement: paying off the seller's outstanding finance as part of your payment.
Need further assistance?
If you have questions or need help, the Carwow Wallet team is available via your preferred channel:
Webform: Submit a support request
Phone: 020 4586 4000 (Select Option 3)
Email: wallet@carwow.co.uk