Consumers today have an insatiable appetite for speed, security and transparency, especially when it comes to finances. ACH (Automated Clearing House) payments are the most streamlined and secure form of payment capabilities today. Data shows that more than 24 billion ACH electronic payments are passed through millions of financial portals every day, totaling more than $41 trillion in transactions a year.
ACH payment capabilities for companies in the automotive industry limit risk, improve customer service, and maximize quality customer acquisition. It allows a service provider to collect payments or a lender to collect loan account payments by securely deducting them directly from the customers’ checking or savings accounts and enables seamless and secure recurring billing. It is a faster and more efficient alternative to traditional credit card or paper check processing.
Who Does VeriCheck Assist in the Automotive Industry?
VeriCheck’s custom integration allows lenders, dealers and more to connect the electronic payment delivery system directly into existing automotive financing software and management systems. VeriCheck uses proven efficiency and industry expertise to provide valuable solutions for payment processing in the automotive industry. We work with the following entities:
- Credit union and bank auto lenders
- Buy-here, pay-here dealers
- Dealerships (sales, service and parts)
- Automobile repair and customization shops
How Does VeriCheck Benefit Automotive Companies?
VeriCheck’s ACH and eCheck payment processing is designed to seamlessly and securely transfer funds to keep the most important piece of business moving. ACH allows businesses in the automotive industry to cut down on the use of paper and drive efficiencies to ensure that payments are made on time.
Benefits for the automotive industry include:
- Simplified collections, cash flow and forecasting abilities
- Streamlined receivables
- Improved office efficiency and functionality
- Reduced loss due to risk or chargebacks
- Less paperwork
- Improved customer service
Automated billing direct from bank accounts allows staff member time to be redirected away from processing and handling finances to focusing on growing services and offerings.
What Services Does VeriCheck Offer?
With a ACH payment processing solution, you can simply debit your customer’s bank account for any outstanding balances. The ACH option will help you save time without chasing people for uncollected receivables.
- Custom API for simple integration to existing software
- Payment assurance
- Set up customers on automatic payment plans by using the recurring billing feature
- Store customer and payment information in a secure and compliant web database
- Ability to accept ACH payments and eChecks
- Enable customers to pay on the website or by phone
- Set up customized access control to allow customized views for each user under a single account
Contact us today for a live demo of how VeriCheck can help your business.