The flow of payments through a dealership is a fast-moving network. It begins with customers submitting payments through an ever-expanding variety of modern applications. From there, transactions migrate through a series of systems and institutions that must work together to carry each payment through to completion.
Multiply these motions across F&I, service, parts, sales, and you realize that this is a monumental undertaking. With so many touchpoints, efficient handling of this task can be a heavy lift for the back office. Fortunately, a more connected payment ecosystem can create efficiencies for all parties, while keeping a positive customer experience the priority.
A POS system designed for automotive
Customers have developed an expectation for fast and flexible dealership transactions, mirroring what they experience in their day-to-day purchases. A truly modern service department already has the capabilities to offer options to customers on where and how to pay. Customers can choose to pay at the counter, or they can choose to pay through digital interfaces, such as online or through Apple Pay. Utilizing a traditional POS system is acceptable, but there is a better way.
A Service POS designed specifically for automotive can connect the payment experience with the dealership’s existing DMS. It can also offer more ways to pay for the customer.
For example, an average vehicle owner confronted with a large (and urgent) car-repair bill can present a challenging circumstance. Financing and buy-now-pay-later options can give customers additional flexibility when an unexpected repair creates a larger bill.
An automotive-specific POS offers a parallel infrastructure. Customers are offered greater flexibility in how and where they pay. This helps the team behind the scenes, such as accountants and processors, get a jump start on their task with all of the information they need.
Unifying the terminal experience
Employees often have to move between different systems, terminals, credentials, and workflows to complete everyday tasks. myKaarma’s terminal operates using a user-login-style setup, creating a more unified experience rather than requiring employees to manage multiple separate system logins. This saves employees time and reduces administrative burden among the service department.
Enterprise level reconciliation and insight
Another key feature that distinguishes myKaarma in the payments space is the performance evaluation tools for payments processed through myKaarma across the enterprise.
Under each rooftop, accounting teams can receive automatically delivered daily reports and pull additional reports as needed, giving them greater visibility throughout the month instead of making reconciliation an end-of-month chore.
Over time, this frees up enterprise-level leaders to apply their focus through a larger lens. This analysis capability undoubtedly saves on the manual resources traditionally required to undertake such an effort.
Kiran Udeshi, VP of Payments, Business Development and Partnerships, myKaarma understands the potential behind these capabilities. “Reconciliation to the penny gives dealerships confidence that the numbers they’re looking at are accurate. From there, it becomes much easier to step back, look across the enterprise, and turn payment data into meaningful business insight.”
The art of surcharging
An effective surcharging program needs to fit naturally into a dealership’s payment workflow.
myKaarma leads in this practice with their ability to incorporate surcharging directly into the payment flow and automatically determine eligible transactions, helping dealerships to reduce credit card processing costs. Regulations vary state by state (and sometimes year by year), so it is important to have a trusted surcharging partner that stays current on applicable requirements.
Just as importantly, fees are accounted for upfront, giving dealership teams greater visibility and helping eliminate end-of-month surprises. This transparency extends to customers, as well. Customers can see the fee upfront and, when available, choose another accepted payment method.
Efficiency across the payment ecosystem
The best solutions are the ones that transcend departments and benefit every participant in the payments ecosystem.
Beginning with better integration, customers can be offered a smoother payment experience, and back-office users can receive cleaner transaction data. This momentum makes reconciliation easier and reporting more accurate.
Ultimately, your dealership will be able to make the sharpest operational decisions possible.
