Payment transactions at car dealerships run the gamut. The next customer through the door could bring a cashier’s check, a credit card, a mobile wallet, or documentation for dealer financing. A car dealer point of sale (POS) system and modern payment solution is the smart strategy to take care of business.
Here are eight reasons car dealers need industry-specific point of sale system and feature-rich payment solution:
Merchandise, service, and complementary product charges can range from less than $100 to more than $100,000: Car dealer point of sale systems manage all revenue streams and integrate with accounting and finance systems.
Document management challenges: Auto dealers need to maintain numerous types of documentation, including requirements for finance companies, state vehicle registration, and auto insurers funding repairs. A car dealer point of sale system will facilitate document management, integrating with other essential business systems, and ensure data security and privacy.
Valuable, varied inventory: Consumers want instant answers when it comes to vehicle or part availability. Software used to manage car dealerships offer detailed inventory data, updating it in real time.
Customer relationship management challenges: CRM software that manages or automates follow-ups with current customers and in-person and online leads can have a significant impact on sales. The CRM system integrated with a car dealer point of sale system gives businesses the ability to communicate with customers via email, text, chatbot, or other methods and instantly see the information they need on aa customizable dashboard.
Demand for online engagement: Consumers want the convenience of engaging with businesses on multiple channels. Car dealer point of sale systems need to give businesses the option to schedule appointments with sales reps or make automatic payments online.
Payments anywhere: A single, stationary point of sale terminal may not be the most customer-friendly plan in an expansive auto dealership. Mobile point of sale enables reps, technicians, and associates to accept payments, access information, and schedule appointments without sending customers to wait in line for service.
Reporting and analytics: It is a challenge to manage the activities in multiple departments using paper reports. Car dealer point of sale includes reporting features that give managers the visibility they need into specific revenue streams and the business as a whole to keep a close watch on performance, revenue, and profits.
Flexibility to use their preferred payments processor: Auto dealerships are among the merchant categories with the highest average tickets, but it doesn’t mean each transaction also represents a high percentage of profit. High processing rates can eat into thin margins and overall viability. It’s essential that a car dealer point of sale system enables choosing a payment processor with competitive rates and fees. A payments company that works with all payment processors is a smart choice for auto dealer systems.
Auto dealers also want payment technology that gives their customers the convenience to use their preferred payment methods reliably and securely, whether credit or debit card, mobile wallets, or contactless payments. Integrated omnichannel payments share data automatically with accounting, streamlining operations and ensuring accuracy, regardless of how and where payments are made.
ISVs developing car dealer point of sale software need a reliable partner that can help them add value to their solutions with integrated payments.
