Auto dealerships don’t have it easy when it comes to payment processing solutions. From securing a provider that’s willing to work with high-risk businesses to ensuring monthly statements aren’t a confusing mess with hidden fees, auto dealerships are often out of luck for a fair solution.
What a car salesman makes is often much lower than one might initially think. It’s not hard to see why dealerships are hesitant to implement more modern payment processing solutions when the costs of running a dealership can all but cannibalize profits made.
If car dealerships want to maximize their profits, they’ll need to adapt to an almost cashless society that prefers plastic over cash. Modernizing your dealership with the right payment processing solutions is essential to generating more sales. We’re here to help you choose the ideal solutions for your business!
Make a High-Risk Merchant Account a Priority
Start from the ground up in your search for ideal payment processing solutions by securing a provider that’s willing to work for high-risk merchants. That’s easier said than done you might say, but landing the right provider isn’t necessarily as difficult as it seems if you know the right questions to ask.
A solid high-risk merchant account should have a monthly statement that’s easy to scan for fees and rates. The right high-risk provider is one that also tailors your merchant account to fit your business model and environment.
Once you have a high-risk merchant account that’s able to handle your unique needs, you’ll have a reliable base to build on.
Countertop Terminals Offer Multiple Payment Processing Solutions
Your payment processing methods are, in most cases, determined by the type of environment your business operates in. For car dealerships, you will most likely deal with face-to-face card-present transactions.
For this situation, consider countertop terminals. These terminals may be fixed to one area of your dealership. This makes them easier to monitor and gives your customers a more secure way to process their payments.
E-Commerce with Integrated Online Payment Processing
This last solution might seem counterintuitive for a traditional brick-and-mortar business like a car dealership, but hear us out. There’s a growing precedent for e-commerce as a method to streamline the car sales process, even if you might not close the deal online.
E-commerce sites with an integrated payment processing solution for down payments on a car make the initial shopping process for customers much more convenient. Most consumers today prefer to do their own research and comparisons online between car models.
Since smartphones and tablets allow them to conduct this research from anywhere, having e-commerce as a partial payment processing option increases the number of potential sales you could receive in a month or even in a week!
