Improving automotive after sales with alternative payments

After sales, the life and soul of the automotive industry. Without it, the industry would crash… get it? So, as a crucial part of the automotive life cycle, how can after sales streamline customer experience and improve existing operational processes while reducing costs? The answer - a new alternative payment method, Open Banking powered Pay with bank.

1 year ago • 2 min read

What is effecting after sales payment success today?

  • Time-consuming, error-ridden, manual reconciliation processes - Unaligned systems and processes stop your teams from doing their job. They have to take time to confirm payments were completed, resulting in suboptimal customer service and more often than not, manual errors which are tricky to reconcile.

  • High-cost card processing fees - Expensive card fees are eating into your hard-earned profits.

  • Slow settlement impacting cash flow - Funds paid by card can take days to land in your account, impacting real-time cash flow to your business. 

Let’s break down how Open Banking powered Pay with bank can solve each of these pain points while providing customers with a better payment experience. 

Provide customers with a quick, easy, secure way to make payments

Currently there are three preferred methods of payment for after sales; debit card, credit card and finance. But each of these payment methods add a barrier to conversion with complex account creations and manual data entry, adding unwanted friction to a customer journey.

But there’s a new way for after sales to take payments while providing customers a hassle-free experience. Open Banking powered Pay with bank.

Here’s how a Pay with bank payment journey works: 

An email or SMS will be sent to the customer through your existing DMS. Once the customer has clicked to make the payment, they’ll be presented with a list of banks. They tap their bank. Their banking app will open on their phone where they’ll log in as normal (using faceID, for example). Then they’ll see a summary of the payment amount. They confirm the payment and the funds land instantly in your account. 

For consumers this is a quick, easy payment process but it also benefits after sales.  

Here’s how Open Banking powered Pay with bank solves after sales payment pain points: 

  • Automated reconciliation processes - Empower your teams to spend time turning over after sales by removing the need to manually reconcile payments. When Open Banking powered Pay with bank is integrated directly into your DMS reconciliation is streamlined. 

  • Reduced transaction fees. Pay with bank enables merchants to bypass expensive card fees, resulting in savings of up to 80%. 

  • Higher payment conversion. Pay with bank provides a cardless payment method, so there’s no searching for card details or manual data entry. It’s quick, easy and no chance of miss-placed funds. 

  • Instant settlement of funds boosts business cash flow. With Pay with bank funds land in your account instantly, there’s no waiting for days for funds to land. Enabling businesses to get a real time view of cash flow. 

Want to add Vyne Pay with bank to your after sales process?

We’re continuously building our relationships in the automotive industry to make it easy for you to add Pay with bank to your existing DMS or website platforms. If you’re interested in learning more about adding Vyne Pay with bank to your after sales payment process, book a demo today. 

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