Advertisement feature from Vyne
Are you tired of watching profits slip away due to high card transaction fees? Or perhaps you’re frustrated by those out-of-hours calls from your sales team, asking if a customer’s payment has arrived. As finance professionals in dealerships, you’re familiar with the constant juggle of ensuring seamless transactions, maximising profits, and keeping operations running smoothly. But what if there was a way to ease that burden, save time, and retain more profit for your dealership?
The solution is here: open banking-powered account-to-account payments. Not only do they eliminate many of the pain points traditional payment methods bring, but they also help your dealership cut down transaction fees that drain your bottom line.
Stop losing profit to high card fees
If you’re using traditional card payments, you’re already familiar with the high cost of card fees. On average for the automotive industry, card transactions come with fees of around 0.4%. While this might seem minor, on larger ticket items like a £20,000 car purchase, it quickly adds up. You’re looking at £80 disappearing from each sale.
Why does this happen? Card acquirers, fraud gateways, and other intermediaries take their slice of every transaction. When margins are tight, this is money you can’t afford to lose.
With open banking payments, those days of being at the mercy of these fees are over. This alternative payments enable your dealership to process payments with significantly lower transaction fees—up to 80% lower. That means for the same £20,000 car sale, your fee could drop to just a fraction of what you’d usually pay. Those savings can quickly add up across multiple transactions and locations, boosting your dealership’s profit margins without lifting a finger.
Payments in seconds, even on weekends
Cost saving isn’t the only benefit to finance teams. Imagine never having to answer a call from your sales team on the weekend or during annual leave to confirm if a customer’s payment has come through. Open banking enables instant, secure, and verified transfers directly from your customer’s bank account to your dealership’s business account. No need to wait for the funds to clear, and no manual checking required. The payment process is streamlined and immediate—so you and your sales staff can rest easy knowing the money is where it should be.
Seamless integration with your Dealership Management System
At Vyne, we’ve developed an open banking solution tailored for automotive dealerships. We understand that efficiency and simplicity are key, which is why we’ve built direct integrations with Pinewood and Keyloop Dealer Management Systems. This means you can get up and running with open banking payments quickly, while optimising your operations.
Hundreds of dealerships across the UK are already reaping the benefits of open banking, enjoying smoother payments, fewer headaches, and most importantly, more profit.
Drive your dealership forward with Vyne
Now is the time to embrace the future of payments. By adding open banking-powered payments to your dealership, you can protect profit, simplify processes, and gain peace of mind—both during working hours and your weekends.
Contact Vyne today to discover how our solution can transform the way you process payments and help you achieve new levels of profitability.
Learn more on Vyne’s website: payvyne.com
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