Dealerships often encounter significant challenges when it comes to credit card payment processing. In the automotive industry, transactions can vary greatly in size, from minor sales to major purchases, which can lead to issues with processing fees. Some providers charge higher percentages for larger transactions, impacting the dealership’s profitability or forcing them to pass on the costs to customers in a highly competitive market.
Understanding Dealers’ Payment Processing Challenges
Efficiency and reliability in payment processing are crucial for dealerships. Delays or technical glitches can disrupt operations and affect customer satisfaction. If payment terminals and point-of-sale (POS) systems aren’t tailored to the specific needs of dealerships, it can result in costly disruptions and potential lost business opportunities.
Five Common Pain Points in Dealership Payment Processing
Let’s delve into five common pain points dealerships face with their payment processing services:
- High Processing Fees: Many merchant services providers charge dealerships high processing fees for credit card transactions, particularly on larger sales.
- Lengthy Settlement Times: Delayed settlement times can lead to cash flow challenges as providers may take days or even a week to deposit funds from credit card transactions.
- Equipment and Technology Issues: Reliable payment terminals and POS systems are essential for smooth transactions. Frequent malfunctions can disrupt business operations and negatively impact the customer experience.
- Lack of Industry-Specific Features: Some providers don’t offer features tailored to dealerships’ needs, such as invoice management, flexible payment options, or integration with existing management software.
- Inadequate Customer Support: Prompt and efficient customer support is vital for resolving payment-related issues quickly. Frustration arises when providers lack responsive support or fail to address concerns promptly.
These challenges highlight the importance of choosing a provider that offers competitive rates, dependable technology, and industry-specific features to address the unique requirements of independent and franchise dealerships.
Meet Peri by Solera: Revolutionizing Payment Processing
Introducing Peri by Solera — a game-changer for dealerships. Peri is designed to help dealerships save money on every credit or debit card transaction and directly tackles these common pain points. This innovative service allows businesses to quickly adopt or upgrade their payment options with lower fees, enhancing their competitiveness in today’s market.
With Peri, dealership owners gain access to reliable customer support, ensuring that any technical issues related to accepting payments online are swiftly resolved. This means no delays in getting paid by customers, providing peace of mind to dealership owners.
Discover how Peri can revolutionize your dealership’s payment processing experience and boost your competitiveness in the industry.