Below, we will look at some payment methods that can help improve the payment completion rates for auto dealership customers.

Mobile Payment Apps and How They Benefit Auto Dealerships

Mobile payment apps are very popular these days and for good reason. Mobile payment apps allow customers to make fast and secure payments from their smartphones.

Also, mobile payment apps are great for branding and allow for businesses like auto dealerships to communicate more effectively with their customers.

Of course, mobile payment apps offer payments to be made conveniently and can save dealerships time and money by reducing the need for customers to call in and make payments.

Mobile-First Payment Systems

Mobile-first payment systems are payment platforms that are like mobile payment apps but don’t need to be downloaded to a user’s smartphone. These payment systems will perform well on any platform, including tablets, laptops, and desktops. But they are specifically designed to work very well on smartphones. Many mobile-first payment systems can also be branded with colors and logos that reflect a specific dealership.

Recurring Payments Improve On-time Payments

Mobile payment apps and mobile-first payment platforms designed to make payments easy and convenient for consumers will oftentimes incorporate recurring payment functionality into their payment technology.

With recurring payments, or “automated payments” as they are often called, customers can specify dates to have their car payments automatically drafted from their accounts. This can help improve on-time payments and payment completion rates for auto dealerships. Again, making the payment experience much easier and more efficient for both customers and merchants.

For Buy Here Pay Here (BHPH) car dealerships, recurring payments can simplify the payment process by allowing customers to set up automated payment schedules.

IVR Payments and Your Car Buyers

Pew Research states that 85% of Americans own a smartphone and that 97% of Americans own a cell phone of some kind. This, of course, means most Americans have access to a phone. So, even if a car buyer doesn’t have the latest iPhone, with an Interactive Voice Response (IVR) payment system, they can still make hassle-free, convenient IVR payments very easily.

Additionally, merchants can offset payment processing costs with IVR payments by charging a convenience fee for customers who pay using IVR.

Multilingual Payment Systems for Auto Dealerships

Auto dealers might also want to consider utilizing a multilingual payment platform. According to Forbes, 13% of the U.S. population speaks Spanish as a first language. So, auto dealerships might benefit from offering a payment system that supports Spanish depending on the market they serve.

Recap: Payment Systems for Auto Dealerships

A dealership payment system with a customer-centric design can have numerous benefits for auto dealers. With payment platforms that offer an optimal user experience, are easy to navigate, fast, and secure, dealerships can experience more on-time payments from their customers. Additionally, the right payment system can reduce calls made into customer service.

If your auto dealership is interested in learning more about payment technologies like mobile payment apps, IVR payments, or payment APIs, fill out the short form below to get more information.

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IVR Payments

This one is easy, IVR payments. IVR allows customers to make payments over the phone. And it’s a whole lot better than the phone payments made over the phone when a live bill collector is on the other end.

With IVR payment systems, customers can simply call and make payments at their convenience by following a series of voice prompts. It’s painless. Also, merchants can charge convenience fees with IVR payments to help offset payment processing costs.

IVR payment systems have many use cases but are often used by municipalities and for utility payments.

Mobile Payment Options

Everyone has a smartphone these days it seems. Mobile payment options, whether through a mobile payment app or a mobile-friendly website can also be very convenient for end-users.

Research shows that user experience and attributes such as payment flow, navigation, speed, terminology, and security can all be important factors in determining the success of a mobile payment system. With that said, if a company utilizes a well-designed, user-first, mobile payment platform, consumers can enjoy the convenience of making payments on their smartphones.

Recurring Payments

Recurring payments, or automated payments, is a fairly well-known payment method. This type of payment option allows a consumer to specify a date and time for a payment to automatically be charged to their account.

Automatic payments can be set up monthly or bi-weekly. Payments can be made with credit cards, debit cards, ACH, and HSA.

Recurring payments are great any time a regular “recurring” payment needs to be made. For example, collections agencies, auto dealerships, gyms, chiropractic offices, and other similar business models can all benefit from automated payment functionality.

Business Types That May Benefit from Offering Automated Payments

• Collection agencies
• Auto dealerships
• Rent-to-own (RTO) businesses
• Gyms
• Chiropractic offices

Pay by Text

Pay-by-text is another convenient payment option that allows businesses to accept payments via text. Also, pay-by-text allows businesses and organizations to send out payment reminders, alerts, and receipts via text.

Pay-by-text is also secure and uses a secure SMS payment gateway. This means that businesses can send bill reminders through text prompts to customers who are opted in to receive messages.

Recap: Convenient Payment Options for Clients and Customers

Offering convenient payment options can have a tremendous impact on the bottom line for organizations in some cases. For example, if customers can make their payments with ease through a payment app or IVR, this can often mean less calls into call centers and fewer missed payments.

If you are interested in learning more about how PaymentVision can help your organization with convenient payment options, fill out the simple for below. You’ll receive information by email and can also schedule a short call with one of our reps to discuss IVR payment systems, pay-by-text, mobile payment applications, and recurring payment functionality.

The post 4 Convenient Payment Options for Businesses to Offer appeared first on Electronic Payment Systems, Integrated Payment Solutions.

Let’s take a look below.

Payment System for Small Businesses: Start with User Experience

Although the list in this blog isn’t exactly in order of importance, it’s fitting that user experience is at the top of the list. That’s because the design of an efficient payment platform, one that end-users will embrace, should begin with a focus on the end-user and the user experience.

Ultimately, the development of an optimal payment system should involve users and merchants. There should be input from both end-users and merchants. This is how you discover what both parties want and need. And sometimes, through testing, you will discover what both parties thought they wanted or needed wasn’t exactly the case.

PaymentVision’s surveys and studies with end-users and merchants have shown that speed and security are top concerns along with ease-of-use.

In short, the end-users like a fast, secure, and simplified payment experience. The end-user appreciates being able to quickly achieve a task – simplified payment flows and intuitively designed navigation.

Crucial Payment System Features that Impact User Experience

• Platform messaging – The messaging in a payment platform can significantly impact user experience. Using language and terminology that resonates with the end-user is vital.
• Prefilled customer data fields – Prefilling customer data fields is a feature that can reduce the effort needed for a consumer to complete a task.
• Navigation – Simplified navigation has been shown to help end-users find what they are looking for and complete desired tasks faster.
• Mobile-first design – More and more consumers are researching, browsing, and completing financial transactions on their smartphones. OuterBox states that 79% of smartphone users have made a purchase online with their mobile devices in the past 6 months.
• ADA compliance – Designing a payment platform that is ADA compliant is not only the right thing to do but not doing so can lead to legal issues.
• Multilingual support – Payment platforms that offer multilingual functionality have the capability of reaching new customers and serving niche markets.
• Recurring payment functionality – Also known as “automated payments,” recurring payment functionality can increase on-time payments and make payment plans effortless for consumers.
• Payment flow – Simplified payment flows can increase payment completion rates.
• Speed and Security – Studies have shown that both speed and security are major concerns for both merchants and consumers when using a payment platform.

Selecting a Payment System for Small Business that is Secure

As mentioned above, security was a major concern for both merchants and end-users in our surveys. And this makes sense when you consider today’s issues with hacking, ransomware, and phishing emails.

That’s why we suggest that payment systems used by small businesses incorporate features such as two-factor authentication (2FA) or PCI-DSS Level 1 certification and hosted tokenization. Merchants and consumers both need to know that financial data and transactions are secure.

Recurring Payment Functionality

Automated payments, or recurring payment functionality, is something that can be so useful in a small business payment system.

Recurring payments can lead to more on-time payments. And automated payments work great as they allow customers to define a payment amount and payment date for making a payment with a credit card, debit card, ACH, or HSA payment account.

Recurring payments work especially well for collections organizations, dental practices, chiropractic offices, rent-to-own (RTO) businesses, and other business types that collect payments monthly or bi-weekly.

Also, it’s worth mentioning that allowing customers to make payments through automated payments can reduce the strain on call centers and ultimately save companies money.

ADA Compliance and Payment Systems for Small Business

Businesses should also utilize ADA-compliant payment systems. Not only is it the ethical thing to do, but not doing so can be costly. Companies such as Winn-Dixie, Carnival Cruise Lines, and HR Block have all faced legal issues because of ADA compliance matters.

Multilingual Support

Although this feature isn’t always a part of every payment platform for business, it’s very much a nice one to have. And it would make sense as 43 million people, or 13% of the U.S. population, speak Spanish as a first language.

PaymentVision’s PayWeb360 comes ready to serve Hispanic customers right out of the box and will also support other languages as well.

Payment Systems for Small Businesses: A Recap

When selecting a payment system for your small business, it’s important to thoroughly understand what your current customers and potential customers need based on studies, research, and surveys.

Ultimately, an optimal payment platform for small businesses will incorporate numerous features that make the payment experience easier for the end-user. This will often lead to more payments made on time.

Features such as prefill-data fields, recurring payment functionality, mobile-first design, and messaging can all be key in reducing end-user friction points.

If you want to know more about how PaymentVision can help your business significantly improve the payment experience for its customers, fill out the form below to request more information. We’d love to schedule a time to talk.

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As we’ll show you in this article, ultimately, payment automation can help your organization save money.

What is Payment Automation?

Payment automation, also known as automated payments or recurring payments, allows customers to make payments automatically. Recurring payment functionality can be built into payment platforms for convenience.

And with the payment automation feature, customers can set the date that they would like for automatic payments to be made via ACH, credit card, debit card and HSA. This makes payments painless for both the consumer and the organization being paid.

Payment automation works well for collections organizations, automotive dealerships, RTO businesses, and other organizations that receive regular payments.

Organization Types that Can Benefit from Payment Automation

• Collections
• Automotive dealerships
• Rent-to-Own businesses
• Gyms
• Law firms
• Dental practices
• Chiropractic offices

Call Center Overload

When customers get frustrated with making payments online or through a mobile payment app, they’ll often call the customer service center or worse, not make a payment at all. Knowing this can help business owners understand the importance of offering an efficient payment platform.

By using a payment platform that offers customers an optimal payment experience and payment automation, organizations can experience less calls into their call centers.

In short, a great user experience can lead to savings in the amount of call center reps needed, and the amount of time and money it takes to recoup unpaid funds that are due.

Automatic Payments: Easy Payments on Time

Payment platforms that incorporate recurring payment functionality into their design allow customers to make payments fast, easy, and automatically.

The end-user can set the day and time for their payments to automatically be made by ACH, credit card, debit card, and HSA. This means more on-time payments for businesses and organizations.

Payweb360 and Recurring Payments

PaymentVision’s new mobile-first payment platform, PayWeb360, gives businesses the functionality necessary to offer their consumers automatic payments.

The new PayWeb360 is ADA compliant, comes ready to serve the Spanish community out of the box, and studies show that PayWeb360 can increase payment completion rates by over 300%.

Furthermore, PayWeb360 is designed based on input from both merchants and consumers. It’s easy to use, secure, and fast.

Automatic Payments: A Recap

Payment automation, also known as recurring payments, is a very valuable feature of payment platforms. It’s a feature that allows consumers to set payments to be automatically drafted on specified dates and can ultimately reduce the number of phone calls that go into a customer call center.

In the end, payment automation can save money by reducing the load on call centers and the time and effort required to recoup unpaid funds.

Interested in saving money with a better payment platform? Request information using the form below, and we can set up a time to chat about your payment needs.

We also offer IVR payment solutions, payment APIs, walk-in payment solutions, and mobile payment apps.

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