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Are you giving customers payment options?

Article Highlights:

  • Are you providing your customers options to pay?
  • Three ways you should be making your customers' lives easier.

More than ever,  dealerships must focus on customer retention. Many dealerships are making changes in their processes to increase it. Maybe you’ve added a free car wash after service or loaner cars for extended service customers. But one process that’s often overlooked is the payment process when the customer’s car is ready. It’s a simple process and it’s the same everywhere. Right?

Wrong. Every process can be better and the payment process is no exception. When was the last time you waited in line at the grocery? Did you enjoy it? I doubt it because it’s a waste of time. If your payment process involves your customers waiting in line to pick up their cars, you’re wasting their time. So how can you improve the process and the customer experience? Give your customers payment options.

Here are three:

  • Online. This is the most significant payment opportunity many dealerships ignore. Think about how you pay your bills. Do you go to water department and hand over cash? Do you write a check, address an envelope, and then realize you’re out of stamps? Like me, you probably pay most bills online. In fact, over eight billion bills were paid online in 2016, according to an ACI Worldwide survey, and only 8% of millennials even use checks. By 2020, 40% of your customers will be millennials.
  • Near-Field Communication (NFC). This sounds complicated, but isn’t. If you’ve used Apple Pay, Google Pay, or Samsung Pay, you’ve used NFC payments. They work by using a smartphone and putting it near a payment terminal. This is an increasingly popular payment method because it’s so fast. Starting next year, people in New York City will be able to wave their phones at turnstiles in the subway or fareboxes on buses to pay for transportation.
  • Credit card. The question here isn’t whether or not you accept credit cards, you most assuredly do. The question is: are you making the process quick and secure? Do you have multiple terminals? Are your advisors accepting payments? How do you keep customer payment information secure? With different security threats popping up every week, it can be a challenge to make sure you are keeping your customer’s information as safe as possible while still creating a positive experience.

So what could expanding options mean for your dealership? In my follow-up article, we’ll discuss in more detail how using a solution that provides these options will improve your customer experience, payment security, and efficiency.

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Product Planning, Reynolds and Reynolds

Tim is a Product Planning manager at Reynolds and Reynolds for the ERA-IGNITE platform, Business Office applications, Document Archiving solutions, Networking solutions, and ReyPAY®.

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