Payment Processing for Auto Industry

How to Get a Merchant Account for your Automotive Business. Do you operate an auto transportation or repair business? Are you looking for a simple, efficient and flexible payment processing solution to automate payments? Here’s a guide to setting up a merchant account for your automotive business. The automotive industry is large-scale covering a range of businesses. They include auto transportation services, automotive retail, used car dealers, transmissions and engine suppliers, car and vehicle loan title dealers, sale of car parts and accessories, auto repair services, car lots and auction houses.

Merchant Accounts do more than Processing Payments

The one question most business owners ask is – “How will my automotive business benefit from setting up a merchant account?” To state it in simple terms, it enables credit and debit card payments. True it is, but a merchant account does much more than that. Having a merchant account for your automotive business lets your customers shop when they want and from wherever they want. They might browse and purchase items from the comfort of their living room chair or while they commute to work. Your store remains available to your customers round-the-clock. Transactions are completed and payments are settled even while you are away from your business. A merchant account puts payment processing on autopilot. Thus, by letting your credit card processor handle the financial aspects of your business, you can concentrate on the other details of business management.

Tips to Get the Best Merchant Account

The right merchant account can make the difference to your business. Check if the one you are considering incorporates the following features.

1. Multiple payment options – Think about the time you were shopping online; you liked an item and proceeded to pay. However, the payment was declined because the payment processor did not accept the card you possess. It can be frustrating for the customer. And, it’s one customer lost for your automotive transportation business. It is essential to have a seamless payment solution that offers customers flexibility with multiple payment options. Customers should be able to make payments using a form that is most suited to them. The system should be configured to accept all types of credit and debit cards. The major brands are Visa, MasterCard, Discover and American Express. The merchant account should support contactless payments, such as card not present payments completed over the telephone or via a virtual terminal online. Speaking about payment processing equipment, you should be given an option to choose between a wireless terminal, IP terminal and virtual terminal, depending on what’s best suited to your business. Mobile credit card processing, using iPhone and Android apps, comes very handy when travelling. You do not have to lug around heavy credit card processing equipment. All you need is card reader tethered to your smartphone. Check processing solutions are also beneficial to an automotive business. Merchant accounts allow one to deposit eChecks into a banking account without having to personally visit one. If you operate a brick-and-mortar business, you need to opt for a traditional POS system.

2. Response Time – We live in a fast paced world and anything that takes longer than 2 minutes to complete is a major put off. The payment processor should be quick in handling the payment procedure. Test the system performance from the customer end. Check the track record of the auto repair merchant account provider with a business regulating authority. As a merchant, you need to review how long it takes to transfer funds to your bank account. Every business needs money to fund its operations. Hence, opt for an automotive business payment processor that offers swift fund transfers.

3. PCI complaint software – This is a very important requirement. PCI compliance is your business’ security certificate. When customers make a payment online, sensitive credit card information is processed, stored and transmitted online. It is easy to steal or corrupt this data over an unsecured network. PCI compliant technology ensures data security.

4. Competitive rates – It is human nature to gravitate towards the lowest offering in terms of price. It will save some money, but might not be the best option. The price should confirm to the market rates, neither too high nor too less. It should justify the features being offered. Hidden charges are one of the dangers of working with a very low price. Automotive business merchant account providers should not charge application and set up fees. Also consider if you are required to sign long term contracts; cancelling a merchant account could ential cancellation fees.

5. Prompt customer support – A merchant account is a system and systems breakdown sometimes. While it is acceptable, a prompt technical support team can keep downtime to a minimum.

6. Processing Volume – You might also want to discuss the maximum limit on processing volume with your merchant account provider. The automotive industry is seasonal. Some months see more sales than the others. Every merchant imposes a ceiling on the processing volume. If on some occasion you exceed it, you might not be able to process any more payments. Ask the payment processor if it can handle fluctuations in volume and if the volume limit can be changed to accommodate a growing business. To conclude, choosing a well-integrated and robust payment processing system is not enough; it should be customised to suit the needs of your auto transportation or auto repair shop. Carefully review the features offered and the benefits to get the best value for your money.