iVendi has introduced a new payments solution aimed at removing multiple points of friction faced by dealers when taking payments from customers.
The product, called iVendi Pay, is embedded into dealers’ existing digital workflows and is designed to make it easier to take payments for vehicles while reducing administration and improving visibility across the sales process.
The new addition follows on from the company launching new integrations last year that allow dealers to generate motor finance quotes within their existing customer relationship management (CRM) systems.
iVendi has launched new integrations that allow dealers to generate motor finance quotes within their existing customer relationship management (CRM) systems.
According to iVendi, the solution automatically links payments to individual deals, helping speed up vehicle handovers and reduce errors caused by manual reconciliation.
It also provides dealers with greater flexibility to take payments for add-ons, upgrades and finance packages.
James Tew, chief executive of iVendi, said payments remain one of the most problematic areas of the automotive retail journey.
He said: “When it comes to creating a seamless sales journey, payments remain one of the last areas of difficulty.
“Because buyers today expect convenience, transparency and speed, these points of friction could cost sales.
“Today, payments in automotive retail are often slow, manual and disconnected from dealer systems.
“Staff spend a lot of time on tasks such as chasing deposits, matching payments to vehicles and fixing administrative errors.”
Integration into Transact platform
Tew said iVendi Pay has been designed to address these challenges by integrating payments directly into the company’s Transact platform.
Tew said the launch reflects a broader strategy to build a more comprehensive digital retail platform for automotive dealers.
He added: “We have been developing our product range so that iVendi is very much becoming the Shopify of automotive retail, with highly effective technology covering every step of the customer journey.
“The arrival of iVendi Pay is an important step in completing this all-encompassing vision.
“It delivers very real improvements in an area that has long been painful for both dealers and their customers and we’re expecting interest to be high.”