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Automotive Industry Credit Card Processing

Payment Processing Solutions Ideal for Auto Transportation Services, Engine & Transmissions, Auto Dealers, Car Parts, Automobile Industry. The automotive industry is known for its cut-throat competition and earning a profit is harder than it appears to be. This often compels car dealers and auto repair agencies to look for ways to increase earnings and improve customer experience without any additional expenses against their budget. One way to achieve this is to provide diverse payment processing solutions offering flexibility in payment to customers. We’ve discussed common payment processing solutions ideal for auto transportation services. We’ve also dropped in a few tips on selecting car dealer merchant services.

1. Countertop Terminals:

Auto dealers, used car dealers and auto repair stores usually operate from a physical location. A countertop terminal can be used to complete in-person credit and debit card transactions. It is a static handset and can be used to accept payments at a fixed location like a retail store. It is connected over a telephone line. Chip and Pin technology ensure a secure checkout experience to customers. Modern countertop terminals are also designed to accept contactless payments.

2. Virtual Terminals:

A virtual terminal dispenses with the need for a physical terminal. All payments are processed using a web interface. Payments made using a virtual terminal are classed as card-not-present transactions as it does not need a physical card to process a transaction. The customer provides the necessary credit or debit card details via a mail order form, over the telephone or online chat. To use this payment solution, an auto dealer needs a strong internet connection, a computer or a smartphone (to access the software application) and a virtual terminal. You can get a virtual terminal from a high-risk merchant account provider by registering for an account with them. Once you log in o your account, you have to key in the customer’s credit or debit card details and submit the same for authentication before a payment is credited to your account. A virtual terminal is very convenient to customers as they can make payments without having to personally visit a store.

3. Mobile Payments

This is the latest revolution in payment technology and one that’s catching up really fast. Payments are completed digitally using a smartphone or tablet. There are several iPhone and Droid Apps that convert the mobile device into a wireless point of sale terminal. The merchant needs a card reader to process debit and credit cards which is plugged into the smartphone or tablet. Where NFC or near field technology is used, a contactless payments can be initiated by simply bringing the card reader and the mobile device close to each other. The greatest advantage of mobile terminals is you can accept credit and debit card payments on-the-go. It is best for auto dealers and auto repair professionals who offer door-to-door services. They can collect payments wherever they are. In terms of security, they offer end-to-end encryption thus keeping customer data safe.

4. Wireless Terminals:

Wireless terminals are like countertop terminals in their functionality, only they are portable. One can swipe, dip or tap a card into the credit card terminal. The wireless terminal does not have to be connected to a telephone line or an internet connection. Like mobile payments, a wireless terminal allows merchants to accept cards where their customers are.

5. ACH and eCheck Processing:

Standing in long queues is what customers detest most, whether it is as a checkout counter or at a bank. Payment processors offering ACH merchant accounts enable merchants to process electronic checks. An eCheck is nothing but an electronic variant of a paper check. Payments are transferred over an Automated Clearing House Network electronically. This saves customers and merchants a trip to the bank.

Choosing Car Dealer Merchant Services

Only the right merchant account provider understands how important it is to a business to offer flexibility in payment options. Hence, choosing the right one is crucial. Look for the following features: They should offer customizable account plans and not a one-size-fits-all. Each year billions of dollars are lost in credit card fraud. Security in the form of PCI compliance, EVM and tokenization should be a top concern. The payment processor should accept major credit and debit card brands such as Visa, MasterCard, Discover and Amex. Look for fair, all-inclusive pricing plans in automotive payment processing. There should be no application fees. As high-risk merchants you want merchant services that are equipped to combat chargebacks and prevent fraud. You can also benefit from features such as next day funding and minimum cash reserves.

A reliable and experienced customer staff is a prerequisite for a high risk auto transportation services merchant account. The high risk automotive industry demands a combination of in-person and card not present payment solutions if a business needs to stay on the top. Work with a reputable merchant account provider specializing in high risk industries to ensure you have a chance to get there.