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What 3D Secure 2.0 Is and What It Can Do for Your Dealership

Posted by Justin Parker in MobileCashier | 0 comments

12.02.24

As customers rely on their mobile devices more and more, auto dealerships are increasingly moving their sales online, making secure transactions more business-critical than ever. With nearly half of Canadians reporting being targeted by fraudulent activities, and a 4.5% rise in suspected digital fraud across industries, robust digital security in payment processing has become imperative. 

This is where 3D Secure 2.0 (3DS 2.0) provides a definitive solution. This advanced authentication protocol not only beefs up security but also simplifies the buying process for customers. In the competitive world of automotive sales, trust is key, and 3DS 2.0 ensures peace of mind for both dealerships and buyers. Let’s dive into why every auto dealership should embrace 3DS 2.0 for smoother, safer transactions.

3D Secure 2.0 Explained

3D Secure was created to improve the security of the payment process, specifically for card-not-present transactions. Whether this is off-site or on a mobile device, the program was designed to provide an extra level of identity verification before authorization. 

The biggest improvement of 3DS2.0 compared to 3DS1.0 is the accessibility and user experience, especially on mobile devices. Built with the mobile user in mind, 3DS 2.0 not only improves the customer experience but also increases the security of the standard. 

According to Visa, half of all eCommerce declines are legitimate, so accuracy is important in security. 3DS 2.0 aims to make it as easy as possible for customers to make legitimate purchases while also ensuring your business is protected. 

While this is not a regulatory requirement, it is highly beneficial for any business to implement this security technology. Check out some of the main benefits below.

Main Benefits of 3DS 2.0 

While there are many benefits of enabling 3DS 2.0, here are the top advantages your dealership will see: 

  1. Prevent payment fraud and protect your revenue with decreased exposure to fraudulent transactions 
  1. 3DS shifts liability for fraudulent transactions away from your dealership to issuers or cardholders, further protecting your dealership from fraudulent transactions and chargebacks 
  1. Reduced chargebacks will save your dealership money, hassle and other issues. Merchants reportedly lose an average of $3.75 for every $1 lost to chargebacks. 
  1. Increased security checkpoints make it much harder for your payment system to get hacked 
  1. Fewer people abandon carts due to higher approval ratings, increased payment flexibility and a better experience. Businesses saw a 70% decrease in cart abandonment after implementing it 

Conclusion

With VenueVision, we make it easy for your dealership to become 3DS 2.0 secure in an instant. Are you ready to increase your security and improve your bottom line? Email the VenueVision team today to get started.

Service Now Pay Later, a No Brainer in 2023

Posted by venueadmin in Industry News, MobileCashier | 0 comments

11.01.23

After much spending on the Holidays, paying for car repairs is something most consumers would rather avoid in January. Not to mention the economy makes it so most consumers would rather pay in installments on big ticket items if given the opportunity. In this article we will explain why it is crucial to offer your customers payment options for automotive services and repairs.

The BNPL Advantage

Offering Buy Now Pay Later (BNPL) options to customers comes with a major advantage to businesses, and the numbers are compelling. Below are some key statics to consider:

The Economy and Customer Expectations

Paying in installments is a rapidly growing trend in all e-commerce businesses and the automotive industry is not any different. In 2023 customers are expected to be much more cautious about their spending. They will prefer to take their vehicles for services or repairs at dealerships and shops that offer their customers the option to service now and pay in installments. Let’s face it, it’s much easier on their wallets and customer loyalty is significantly impacted by their satisfaction with their experience, including their payment experience.

Everyone Wins with Service Now Pay Later

Paying in installments for vehicle repairs liberates your customers from having to make tough decisions like choosing between making a large lump sum payment or driving an unsafe vehicle. When customers can service their vehicles right away and pay in installments, they are more likely to approve the additional services recommended in your estimates. This will minimize your denied services and increase your bottom line and customer satisfaction scores significantly.

First, it can help you attract new customers. The reality is some customers remain hesitant to take their car to a dealership for service or repairs because they fear “higher costs.” Giving your customers the option to pay in instalments for services performed on their vehicles means empowering those customers to afford the services they need while watching your Average Repair Order values soar.

Second, it can help to increase customer satisfaction and loyalty. When customers are aware that they can pay for their car repairs over time by servicing at your shop, they are more likely to return to the dealership for future services. This can help create a loyal customer base that will continue to frequent your dealership for all their automotive needs.

Third, it can increase the average Repair Order Values. When customers can pay for their car repairs over time, they are more likely to approve additional repairs and services that they might have skipped, boosting profits.

Choosing the Right Technology

When choosing a BNPL provider, it’s important to look for a technology provider that caters to and understands the automotive industry. Here are the key characteristics to look for when choosing your provider:

  • Tailored for Service. Embedded in the customer journey from booking through follow up
  • Time. Applications approved within seconds, giving customers plenty of time to consider adding to their Repair Order before arriving at your shop
  • Estimate Approvals. Flexible payment options drive higher customer approvals
  • Customer Privacy. Applications and approvals from the comfort and privacy of the customer’s own device Increase Revenue & Retention Higher average repair values & a major reason to return Kind to Customers Considerate of Customers circumstances and needs

By partnering with the world’s largest third-party financing company, VenueVision has created the first Service Now Pay Later technology stack made to meet the specific needs of automotive dealers and their customers. VenueVision’s technology revolutionizes the traditional automotive service experience by immediately providing customers with greater purchasing power early in their service process. Providing customers with the option to pay in installments for their vehicle service is a game changer for dealerships, and its risk free.

In Summary

In conclusion, offering Service Now Pay Later options to dealerships can provide a much-needed lifeline for many motorists, especially those who are struggling to make ends meet. It will attract new customers, build customer loyalty, and increase repair order values and revenue for service departments.



The future of the dealership

Posted by venueadmin in autoTEXT, MobileCashier | 0 comments

23.05.22

Dealerships need to embrace mobile technology to stay ahead of the competition

There’s no denying that technology and mobile applications are running the world, and more importantly, the way businesses and their customers interact.

Consumers have grown to expect and rely on the instantaneous results and convenience of digital technology. Things have been drastically changing in the last decade in areas such as retail, the food industry, real estate and business. Now it’s time for the automotive world to catch up.

Stay ahead of the competition

In order to stay ahead of the competition, dealerships today need to fully embrace new innovations and adapt older processes to include these technologies. One of the most harmful phrases in business is “We’ve always done it this way.” Today’s rapidly changing business world is not the place for resistance. It’s not productive to keep using old processes that have always worked ‘just fine’.

“One of the most harmful phrases in business is “We’ve always done it this way.” It’s not productive to keep using old prcesses that have always worked ‘just fine’.”

Dealerships need to graduate from some of the more antiquated processes that hold them back from improvement and modernization. How do you know if your dealership is stuck in the past? If your dealership still has dry erase boards with sales pricing or names for upcoming sales appointments; out of date posters and print material in service; if your staff are leaving voicemails or sending emails waiting for approval (to name a few), then you are guilty as charged.  

Modernize with mobile technology

Modernizing your processes is the first step to building a better dealership. And building a better dealership means building a better customer experience. Embracing digital technology and mobile solutions will get your dealership to that level. Here are some common areas of frustration and delay at a dealership that can greatly be improved with new technology:

PRE CHECK-IN. What are you doing to engage your customers before they even come in for service? Are you providing frictionless appointment confirmation and reminders that allow them to confirm or reschedule an appointment? With over 90% of text messages being read, and in under 90 seconds, sending your reminders by text is the most beneficial way for both you and your customer.

THE CHECK IN. You only have one chance to make a first impression. Welcome and inform your customers as soon as they enter your dealership with branded Appointment screens identifying their appointment time and assigned Advisor. Educate and help upsell your current specials with appropriate videos and promotional marketing on digital screens.

COMMUNICATION. Keep your customers in the loop throughout their service with text alerts for progress of their vehicle or unforeseen repair issues. Give customers a quick and direct line of communication to their Advisor with text messaging to address any questions or concerns they may have.

TRANSPARENCY. Provide full visibility to your service customers with detailed videos and images sent directly to their mobile device. Add further value with itemized digital estimates allowing customers to review all recommended work and choose which items they want to move ahead with. This provides a level of confidence over traditional phone calls telling them what needs to be done and asking for a verbal approval.

SALES OPPORTUNITIES. Your sales team can receive details about customers regarding possible trade in or appraisal opportunities. Digital screens can display Pre-owned vehicle inventory to catch the attention of customers in the dealership.

TRANSPORTATION. Imagine knowing at all times where your Shuttle or loaner vehicles are. With the right technology you can provide scheduling and management of your transportation vehicles and loaner fleets to keep all staff informed and organized. Keep customers in the loop about their transportation requests with text confirmations and links to track shuttle location and arrival details.

THE CHECK OUT. Decrease wait times and frustration at pick up by providing a mobile payment option. Allow customers to pay quickly, securely and conveniently ahead of time, and from any location. Give customers the ability to safely provide deposits or payments for parts, vehicles or warranties without having to come down to the dealership or give out credit information.

BEFORE OR AFTER HOURS. Not every customer is able to work within your hours. You can provide Mobile Check-in options to allow customers to comfortably confirm appointments and provide extra details or concerns the night before their appointment. Provide options to collect after hours pay    

Many new technologies to choose from

It’s easy to see that there is a whole new world of technologies available. Technology that can help increase productivity and customer service. Technology that can elevate your customer experience, and in turn increase CSI scores and ROI. Dealerships who embrace these digital and mobile technologies can improve in two major areas. First, it will make all of your dealership processes run more efficiently and profitably. Second, it will drastically improve the customer experience and let your customers know that your dealership is forward thinking.  

Investing in your customers and improving their experiences with your dealership will ultimately benefit customer retention and loyalty across all your dealership departments. And that is a very good reason to embrace the digital and mobile future!



The Pandemic: One year later

Posted by Nicole Diemert in autoTEXT, Industry News, MobileCashier | 0 comments

12.03.21

How it started and where we are today


Yesterday marked the official one year anniversary of when the World Health Organization declared the coronavirus a Pandemic. At this time last year, businesses around the world were shutting down or moving to work remotely if they could. Businesses deemed as ‘essential services’ were allowed to — and in some cases required to — remain open to provide those necessary services to the public.

But where did the automotive dealership fall? There certainly were a few weeks of confusion and uncertainty. Provinces made official statements within days of the pandemic declaration to clarify what were essential businesses. (Here are some articles on individual province circumstances: Ontario Dealerships Deemed Essential, Quebec Dealerships Pivot to Online Sales, BC Automotive Association pushing for Essential Service Declaration.) Soon enough, it was announced that car dealership Service Departments were considered essential.

Good and bad news

Being considered an essential service meant you could keep your doors open for business, and keep your staff working, which was great news. BUT, in order to do so, many safety protocols had to be put in place to be compliant, and that could be a bit of bad news. Some of these changes were fairly extensive, and in some cases, needed to be implemented almost overnight.

Dealers had to install acrylic or plastic barriers between customers and staff members. Every inch of work space, including customer’s vehicles had to be routinely and properly sanitized and protected. Work spaces had to allow for 6 feet of space between each person and a limited amount of customers and staff could be in the building at the same time to ensure minimal contact and interaction. On top of that, all staff were equipped with face masks and shields, gloves, hand sanitizer and sanitizing spray. Yet somehow, dealerships still needed to provide a level of service to their customers that they had grown to expect. That was a tall order.

Communication

One of the first things dealerships needed to do was communicate to their customers. First and foremost, dealerships had to let their customers know they were ‘open for business’. Then came the new Covid Protocols. Most dealerships had an updated process for booking appointments, revised vehicle drop offs and pick ups and payment methods — and it was important to get this information out to customers. A lot of dealerships turned to their texting systems to reach their customers. Confirming or rebooking cancelled appointments, sending appointment reminders with details about where to park or drop off keys. All crucial information to making sure everyone remained safe and ensuring their essential service could still be done.

Contactless Options

One of the biggest factors that dealers were confronted with from the beginning and throughout this last year, was the need to provide as many contactless services and options as possible. From remote text communication, to safe and simple key drop off points. From secure online payment options to a seamless, physically distant vehicle pick up — the most important element was the ability to provide this with the least amount of contact as possible. Thus keeping both customers and staff safe.

Patience

Even with all the technology at their hands and revised work protocols, patience was definitely required on all sides. Dealerships were adding and adjusting their work processes throughout the waves of the pandemic and provincial mandates changed (more than once!) It was a moving target at times. It took months before some dealerships could run with full staff. This was especially true in the Sales department, which were mostly working remotely. Vehicle purchases were being made solely online. Unlike the Service departments that had moderate changes to their processes, the pandemic completely changed how the car buying process worked.

A Year In

On the whole, dealerships across the country seem to have adapted to this difficult, challenging situation. They have modified and adjusted to their new Covid protocols; with masks, sanitizing and physical distancing almost becoming second nature. Having to run such a tight, guarded ship can actually result in a dealership becoming more streamlined and productive. Increasing communication allowed staff to really provide the next level of customer service.

Now, a year in to the pandemic, with vaccinations rolling out and cases dropping, there is a light at the end of the tunnel. Business is starting to come back to normal levels. So, what will this mean for the dealership Service Department in the future? Sure, the acrylic dividers may eventually come down. Customers and staff will hopefully be able to walk around in the dealership mask-less. But what about all the other contactless services that were brought into place? Will dealerships revert back to traditional ways of conducting business and providing service?

If history tells us anything, once society has been introduced to new technology and updated processes, they generally don’t like to go back. Going forward, customers will most likely continue to prefer contactless and streamlined options such as receiving text updates to keep them informed, quick and easy drop off procedures, and providing them the option to pay online. Services such as appointment confirmations, mobile check-ins, booking transportation and payment for services — all done from your personal device — will soon become the standard, instead of a luxury — or in this case, a Pandemic necessity.


5 Reasons your dealership should be using mobile payments

Posted by venueadmin in MobileCashier | 0 comments

15.05.19

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!



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