In this blog, we will discuss buy here pay here software. Specifically, we will look at the benefits of using a high-end payment platform – a platform that can not only make payments easier for your Buy Here Pay Here (BHPH) customers, but for your dealership as well.
What is Buy Here Pay Here?
If you found this article, you are probably very familiar with buy here pay here. The BHPH model goes back to the early seventies.
Buy here pay here is where car dealerships sell and finance the cars on their lots. BHPH is often used to help people with a lower credit rating purchase an automobile. BHPH loans usually come with higher-than-average interest rates.
Now, let us look at how your dealership can make the payment experience more adequate and desirable for both your car buyers and your organization when using the right payment software.
Make Payments More Convenient with the Right Buy Here Pay Here Software
When selecting buy here pay here software – a payment platform to support a BHPH dealership, there are several features and functionalities that should be considered.
A payment platform that is secure, accessible on any device, and offers multiple payment options can increase payment completion rates. However, many other factors can greatly improve the payment experience for car buyers.
Let us take a closer look.
What an Optimal Payment Platform Can Offer BHPH Car Dealerships and Buyers
1. Mobile-First Design
By 2023, the mobile wallet industry is projected to be worth 3.5 trillion dollars. Also, there are currently 57 million mobile banking users in the U.S.
So, with mobile trends as they are and with increasing consumer mobile-payment usage, a mobile-first payment platform should be a priority when determining the right payment software for your dealership.
Offering buy here pay here customers a mobile-first payment platform is not only convenient, but it also allows car buyers without access to computers to better manage their payments.
2. Car Payment Flexibility
A payment platform that is optimized, streamlined, and developed with the end-user in mind will offer flexible payment options. In turn, flexible payment options will enable car buyers to make their car payments through several different payment options.
Buy Here Pay Here Payment Options Should Include:
- Debit cards
- Credit cards
- Prepaid cards and Gift cards
3. Payment Scheduling with Recurring Payments
Often, buy here pay here customers have had issues with making payments in the past. The reasons for this can vary with different consumers. Some may have experienced job loss, divorce, medical hardships, or simply not paid on previous purchases.
With a buy here pay here payment platform that offers an uncomplicated and automated payment option, some customers may be more likely to make their car payments on time.
Recurring payment functionality, also known as automatic payments, provides users with the ability to set up regular automatic payments with ease.
For purchases where car buyers have agreed to make bi-weekly payments, an advanced payment software will also allow for bi-weekly automated car payments.
4. Support of Spanish-Speaking Customers
Not all payment platforms are multilingual, but a platform that supports multiple languages can be very beneficial. This is especially true if your dealership works with Hispanic customers or is looking to connect with the Hispanic market.
5. ADA Compliance
In just the past few years, ADA compliance has become a major focus for businesses operating in the digital space. Any payment platform technology on the market should incorporate ADA-compliant features into its design for users with disabilities. Additionally, not doing so can in some cases lead to legal action.
6. Increased Payment Completion Rates
Payment platforms that are difficult to navigate can be a major turn-off for customers looking to pay their bills. And in many cases, payment platforms that are burdensome and do not satisfy the customer can lead to an increase in phone calls to the customer service department. This can be a strain on resources and waste time and money. Payment software that offers a pleasant user experience should drive higher payment completion rates. More on this in a minute.
7. Buy Here Pay Here Software and Data Management
PaymentVision’s PayWeb360 is a great payment solution for helping customers pay securely and with ease. But our services do not just end with efficient payments.
PaymentVision technologies are developed and powered with robust functionality. Our payment systems also connect seamlessly to the backend and manage all consumer data, regardless of payment channel.
This means that a customer can make a payment through IVR, PV Mobile, or any other channel, and data consistency will still be updated and maintained.
Like PayWeb360, PVMobile offers users the ability to completely manage their car payments through one single mobile payment app. It is another great payment software solution for customers who don’t have access to computers.
Recovery Options for When BHPH Here Customers Don’t Pay
Selling cars to consumers in the buy here pay here market comes with a higher risk of loss than standard dealerships.
Sometimes, dealerships must consider asset recovery when car buyers do not make their payments.
Today, a technology from PassTime can make the management of non-paying customers more workable.
PassTime offers services that can track automobiles with GPS devices and disable cars from starting when there is nonpayment, among other technologies.
PassTime is one more very effective tool for BHPH dealerships.
Buy Here Pay Here Software: A Recap
An efficient buy here pay here payment software will allow customers to make payments easier and faster through multiple payment channels.
Paymentvision’s PayWeb360 has been proven to increase payment completion rates by 300% with payment completions occurring in under 60 seconds.
However, PayWeb360’s functionality goes far beyond just facilitating fast payments.
PayWeb360 is designed with the end-user in mind and will work on any device. And it’s a payment software that offers multiple payment options, recurring payment functionality, is ADA compliant, and supports Spanish out-of-the-box.
A robust custom car dealership payment solution can often lighten the load on call centers and effectively save organizations time and money.
Learn more about PayWeb360 and how it can be branded for your dealership and seamlessly integrated with your current system.