Payment options for customers on the go!
Your customers are important to you, and you know just how busy they are. With today’s technology and busy schedules, people are using their smartphones to complete daily tasks — every day and all day. So why not have that activity include paying for their Dealership services?
An increasing number of consumers are embracing the idea of using a mobile device to pay for goods and services. It’s faster, more convenient and often can be linked to rewards and discounts. Look at the steady and rapid increase of online shopping. Customers love to buy in the comfort of their own home or at work, and on their own time. Even the introduction of ‘tap to pay’ contactless technology is becoming more common place to allow a quick payment option.
In recent studies it was shown that 72% of mobile payment users are Millennials (Ages 18-34) or Generation Xers (ages 35-50). (Source: PEW Charitable Trust survey). Did you know that Millennials represent the fastest growing segment among vehicle buyers and will likely represent about 40% of the US new vehicle market by 2020? (source: Automotive News) That is a lot of current and up and coming customers!
The customer wants what the customer wants
There’s no denying it, customers want hassle free payment and checkout processes so they can speed up checkout and get on with their busy schedules. Dealership customers are no exception. If they can reduce checkout time or pay for services without having to make an extra trip down to your dealership, why wouldn’t they? Still need some convincing? Here are 5 no-brainer reasons why your dealership should be adopting mobile payment technology.
1. It’s convenient for your customers
Customers can pay their invoice from anywhere, and at a time that works with their busy daily schedule. They can pay ahead of time and then pick up their vehicle at the end of the day, hassle free, and avoiding that 5pm checkout rush. Or provide payment links for customers to pay for parts, extended warranties or vehicle deposits, without having to come back into your dealership. You save your customers a trip and your payments are received within minutes!
2. It’s safe and secure
Mobile payments keep both your customers AND your dealership safe! With stringent privacy laws and threats of credit card fraud, mobile payments take the human element out of the payment process. Dealership staff should never be taking credit card information over the phone. You might be surprised how often that can be the case. The process of mobile payments allows customers to feel safe knowing their card never leaves their hands, and your staff no longer need to handle private credit card information. It’s a win-win.
3. It shows you are progressive
Your customers will notice your dealership is making advancements and investments in their services. Providing customers with more payment options increases the scope of customers you want to reach. Keeping up with technology and customers’ needs is a major part of staying ahead of the competition. And staying ahead of the competition and investing in your customers is the best way to increase customer loyalty and retention.
4. It improves the overall Customer Experience
By providing an opportunity for customers to pay at any time, you provide not only a convenient solution but an enhanced payment experience — an experience that makes your customer feel important and valued. Your customers will also appreciate the control that is put back into their hands. The quick, seamless payment process will impress, and the reduced checkout times will add to the satisfaction of their dealership experience.
5. It streamlines accounting processes
With mobile payments, all transaction details and confirmations are digitally captured in one location, eliminating data entry and avoiding the end of day backlog of invoices or receipts. All transactions are recorded and batched by the system, so once again, removes the chance for any human error. Digital receipts sent to customers are also environmentally-friendly as they eliminate the need for paper receipts, so choosing mobile payment technology will help in your dealership’s green endeavours.
Time to embrace mobile payment technology
Adapting to mobile payment technology is extremely valuable for your dealership. In today’s technologically advanced times, businesses are encouraged to embrace mobile payments to provide customers more payment options. With increasingly busy schedules, customers are looking to pay as easily and as quickly as possible, with the flexibility to pay throughout the day when it works with their schedule.
Keeping up with modern technology is also key to targeting the growing and changing customer landscape. The group of Millennials and Gen Xers that make up the current 72 percent of mobile payments users “are especially compelled by the option to receive rewards, discounts, alerts, electronic receipts, and are the most likely age groups to say mobile payments are faster and easier than other payment methods.” (source: Pew Charitable Trusts survey). If you want your dealership to provide a higher level of customer service that appeals to your ever-growing customer demographic, you need to provide the services and options they are looking for.
In short, the Mobile Payment market has a bright future, as will forward-thinking dealerships looking to stay ahead of the competition and continually improving the customer experience.
VenueVision’s Mobile Cashier can help your dealership provide this higher level of customer experience and keep your customers and your dealership safe!