Is your dealership still using outdated payment processing solutions? If so, it might be costing you more than you think. The adage "if it ain't broke, don't fix it" doesn't apply here. Modernizing your payment acceptance system can substantially benefit your dealership, far outweighing the costs of staying with an old system.
Why Modern Payment Solutions Matter
You might think that upgrading to a modern payment system is unnecessary, too technical, or too expensive. However, the opposite is true. Contemporary payment processing solutions offer numerous advantages, including consumer conveniences, enhanced security, cost savings, and improved visibility of your receivables.
Key Features of Modern Payment Systems
Here are some critical features of modern payment systems that can transform your dealership's operations:
Contactless Payments (NFC) and Mobile Wallets
Near Field Communication (NFC) technology allows for contactless payments, enabling customers to pay by simply tapping their card or using a mobile wallet on their smartphone or smartwatch. This method is not only faster but also more secure, reducing the risk of card theft or fraud. The COVID-19 pandemic has heightened the importance of minimizing physical contact, making contactless payments even more relevant.
Hosted Payment Links and Pages
Hosted payment links and pages simplify the payment process for your customers. These can be integrated into your website or sent directly to customers via email or text. For instance, SignaPay Direct allows you to send a specific payment link that can be populated manually or through a mobile wallet. This system can also include copies of repair orders (ROs) and parts tickets with the payment link, ensuring a seamless and secure transaction process.
Address Verification Service (AVS)
Address Verification Service (AVS) is essential for card-not-present transactions. AVS verifies the billing address provided by the customer with the address on file with the card issuer. This helps prevent fraudulent transactions and reduces the risk of chargebacks, which can be costly for your dealership. SIgnaPay Direct's system ensures that if the billing information doesn’t match, the transaction is declined, enhancing your security.
Transitioning to Dual Pricing
With inflation impacting businesses across the nation, many dealerships are adopting dual-price processing solutions. This approach, akin to surcharge or cash discount processing, provides two distinct prices at checkout: one for card payments and a slightly lower one for cash. The higher card price covers the dealership's processing fees, ensuring they retain 100% of their transaction profits. Unlike cash discounting or surcharging, Dual Pricing is legal in all 50 states and vetted with all major card providers.This strategy is helping dealerships save thousands of dollars each month in fees.
Tokenization and Account Updater
Tokenization replaces sensitive card information with a secure token, which can be stored and used for future transactions. SignaPay Direct is system includes a secure vault (SAFE) for storing these tokens, ensuring secure processing for repeat customers, B2B transactions, and recurring payments. The Account Updater feature ensures that stored tokens are always valid, keeping your customer information up-to-date without needing direct customer contact.
Custom Solutions for Your Dealership
SignaPay Direct offers customizable solutions tailored to your dealership's needs, providing the latest technology and risk protection to maximize benefits and savings. By upgrading to a modern payment acceptance system, your dealership can enjoy enhanced security, reduced costs, and improved customer satisfaction.
Conclusion
Even if you're not an expert in payment processing, SignaPay Direct is here to help. Upgrading your payment acceptance system is not just about keeping up with technology; it’s about enhancing your dealership's efficiency, security, and profitability. Don’t let outdated payment solutions cost you more than necessary—embrace modern payment systems for a better business future. Contact us today for more information at info@signapaydirect.com or call 888.909.0092.
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