ACH Payments & The Automotive Industry

People are shifting from paper checks to making more payments remotely through electronic payments more than ever before. ACH payments are much more secure than paper checks. ACH payments can't be lost in the mail; and by cutting out all intermediaries, they reduce the risk of fraud and tampering. Automotive payment processing is one such industry that benefits greatly from ACH payments.

1. ACH Network Volume Statistics, According to NACHA

  • There were 6.6Bn ACH payments made in 2Q2020, an increase of 7.9% over 2019
  • Internet-based payments increased by 16%
  • Person-to-person transfers increased an astounding 48%
  • 6M payments for Same Day ACH volume rose 37% over the previous year’s numbers
  • The average daily Same Day ACH amount increased to $100,000
  • There was a 33% increase in the average dollar amount of a Same Day ACH transaction as well

2. Benefits to Automotive Companies

VeriCheck offers one of the most secure platforms for ACH transactions. Our customized integration allows dealers and lenders to connect existing automotive financing software and management systems directly into the electronic payment delivery system. We provide valuable solutions and industry expertise to ensure reliable automotive payment processing.

3. What This Means to Our Automotive Clients

  • Automated recurring billing
  • Best ACH payment processing gateway
  • Improved customer service
  • Loan account payments through recurring automatic drafts from checking or savings accounts
  • Low-risk alternative to credit card and paper check processing
  • Real-time tracking of ACH debit return charges
  • Secure transactions
  • Streamlined payment collections

4. Types of Automotive Companies That Benefit from ACH Payment Processing

  • Automotive repair and customization shops
  • Automotive sales, service, and parts dealers
  • Banks and Credit unions
  • Buy-here, pay-here dealers
  • Dealerships

5. Impact on the Automotive Company's Bottom Line

VeriCheck’s ACH platform is designed to securely transfer funds, cut down on paper, and reduce driving requirements to ensure timely payments by:

  • Automating Billing and simplifying collections
  • Convenience for your customer and you
  • Cuts down on human data entry errors
  • Fewer trips to the bank to make deposits
  • Improving cash flow
  • Improving forecasting abilities
  • Lower processing fees compared to credit cards, debit cards, and paper checks
  • Streamlining receivables with real-time reporting
  • Improving office efficiency and functionality
  • Reducing loss due to risk or charge backs

6. All-in-One, Flexible Automotive Payment Processing

Whether you are processing payments over the phone, through your website, via fax, email, or even through point of sale, VeriCheck is an all-in-one payment processing solution for any size business. Your automotive business can manage transactions and safely and securely accept payments. We provide you a user-friendly dashboard, giving you the tools you need to manage all aspects of the payment process. Our platform eliminates frustration and saves you time, money, and resources.

  • Custom API simplifies integration to existing software to automate payments
  • Safe and secure payment processing
  • Secure customer payment information
  • Accept ACH payments and e-Checks
  • Enable web-pay or pay-by-phone
  • Customizable views for each user under a single account

VeriCheck provides an “out-of-the-box” solution to businesses and organizations of all types and an electronic payment processing platform to software developers and those who need to enable payment processing. VeriCheck offers some of the most advanced processing abilities in today’s market, and we are always developing new products for our clientele.

 

Do you want to learn how VeriCheck can provide advanced solutions for your business? Look at the various industry-specific solutions we provide, from automotive payment processing and government organizations to fitness and manufacturing. Contact us today to see how VeriCheck can help your automotive business.

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