Efficient payment systems for auto dealerships can mean more on-time payments and less frustration for both customers and dealers. They can also mean that dealers save money by reducing time and resources associated with trying to recoup missed payments from customers who pay late or not at all.
Below, we will look at some payment methods that can help improve the payment completion rates for auto dealership customers.
Mobile Payment Apps and How They Benefit Auto Dealerships
Mobile payment apps are very popular these days and for good reason. Mobile payment apps allow customers to make fast and secure payments from their smartphones.
Also, mobile payment apps are great for branding and allow for businesses like auto dealerships to communicate more effectively with their customers.
Of course, mobile payment apps offer payments to be made conveniently and can save dealerships time and money by reducing the need for customers to call in and make payments.
Mobile-First Payment Systems
Mobile-first payment systems are payment platforms that are like mobile payment apps but don’t need to be downloaded to a user’s smartphone. These payment systems will perform well on any platform, including tablets, laptops, and desktops. But they are specifically designed to work very well on smartphones. Many mobile-first payment systems can also be branded with colors and logos that reflect a specific dealership.
Recurring Payments Improve On-time Payments
Mobile payment apps and mobile-first payment platforms designed to make payments easy and convenient for consumers will oftentimes incorporate recurring payment functionality into their payment technology.
With recurring payments, or “automated payments” as they are often called, customers can specify dates to have their car payments automatically drafted from their accounts. This can help improve on-time payments and payment completion rates for auto dealerships. Again, making the payment experience much easier and more efficient for both customers and merchants.
For Buy Here Pay Here (BHPH) car dealerships, recurring payments can simplify the payment process by allowing customers to set up automated payment schedules.
IVR Payments and Your Car Buyers
Pew Research states that 85% of Americans own a smartphone and that 97% of Americans own a cell phone of some kind. This, of course, means most Americans have access to a phone. So, even if a car buyer doesn’t have the latest iPhone, with an Interactive Voice Response (IVR) payment system, they can still make hassle-free, convenient IVR payments very easily.
Additionally, merchants can offset payment processing costs with IVR payments by charging a convenience fee for customers who pay using IVR.
Multilingual Payment Systems for Auto Dealerships
Auto dealers might also want to consider utilizing a multilingual payment platform. According to Forbes, 13% of the U.S. population speaks Spanish as a first language. So, auto dealerships might benefit from offering a payment system that supports Spanish depending on the market they serve.
Recap: Payment Systems for Auto Dealerships
A dealership payment system with a customer-centric design can have numerous benefits for auto dealers. With payment platforms that offer an optimal user experience, are easy to navigate, fast, and secure, dealerships can experience more on-time payments from their customers. Additionally, the right payment system can reduce calls made into customer service.
If your auto dealership is interested in learning more about payment technologies like mobile payment apps, IVR payments, or payment APIs, fill out the short form below to get more information.