Before committing to either retaining their current provider or seeking a new payments partner, car dealerships should thoroughly assess their options. Over the past five years, the landscape has evolved significantly, necessitating adaptation or exploration of new avenues.
Considerations for car dealerships when selecting a payments provider extend beyond basic functionalities. Let's delve into seven key areas that could yield numerous benefits for dealerships.
Dealer Advocacy: Does your payments partner specialize in serving dealerships? Are their processes tailored to assist every department, from sales to fixed operations? Effective management of larger transactions and batch deposits to optimize cash flow is essential. Partnering with providers well-versed in the intricacies of the dealership business, accounting practices, departmental nuances, and customer needs is crucial.
Payments Functionality: With the plethora of modern payment options available to consumers, having a comprehensive system or platform is paramount. Your system should operate seamlessly with systematic processes, offering diverse payment methods to cater to customer preferences. Limited payment options hinder efficiency and may impede timely payments, affecting the sales process.
Security: Although not the most glamorous topic, ensuring payment security is critical. Dealerships should not bear the sole responsibility for safeguarding sensitive data. Partnering with providers knowledgeable about industry protocols, best practices, and equipped with systems to prevent fraud is imperative. A robust payments system should have built-in limits and protections to maintain PCI compliance and prevent losses.
Technology: The technological aspect of payments plays a pivotal role in customizing systems to suit dealership needs. From payment acceptance in various forms to transaction management, reporting, DMS integrations, and user management, technology should enhance productivity and customer convenience. Intuitive technology streamlines processes, making the user experience smoother and more efficient.
Price: Pricing considerations are twofold, especially regarding alternate pricing methods.. While some dealerships opt for surcharging/cash discounting, it runs into issues with state and federal guidelines. It's essential to ensure transparency in pricing structures and legality with all federal, state and card brand regulations with more modern solitons such as dual pricing. For standard processing, dealerships need clear understanding of effective rates. Providers should prioritize fostering relationships with dealerships, offering clarity and avoiding hidden fees or confusing statements.
Adaptability: Flexibility and adaptability are vital in an ever-evolving industry. Dealerships should not be shackled by outdated processes due to a provider's inability to implement changes. Providers should be capable of making real-time adjustments to meet evolving needs and industry trends.
Experience: Experience in the payments industry is invaluable. Providers with years of industry knowledge can offer insights, anticipate trends, and guide dealerships effectively. Look for certified professionals with comprehensive understanding across payment processing components to ensure seamless operations and mitigate potential issues.
By considering these key factors, car dealerships can make informed decisions when selecting a payments provider, paving the way for improved efficiency and customer satisfaction. If you are looking for an experienced auto payments provider, give us a call at 888.909.0092 or visit us at signapaydirect.com.
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