Merchant Accounts for Automotive Industry Ways To Pump The Revenue

In the last few years, both the lifespan and automobile ownership have increased considerably and have resulted in fueling the automobile industry and also the aftermarket. This industry includes different kinds of businesses like an auto repair shop, used car dealerships, parts manufactures, towing services, etc. The lifespan of the vehicles have been increased and it has resulted in the demand for maintenance and repair services spurring the growth of aftermarket.

As high ticket averages are involved, often the automotive merchants fall victim of stolen card carriers and many other fraudulent attempts.

Auto Transportation Business

A merchant account is one type of bank account which lets the businesses to accept the payments by credit cards or debit cards. It is an agreement that is entered between the merchant bank, payment processor and retailer for settlement of card transactions. The application process for obtaining the merchant account is quite simple. The criteria’s that is looked upon by the merchant bankers in order to approve the application are:

• How long the business has been in operation

• Type of business- High Risk vs Low-risk business

• History of the business- defaults, bankruptcies, etc

• Whether the applicant is holding any other accounts

• Flexible to agree to Visa, Mastercard, Discover, Amex, gift cards, etc

The merchant accounts will help you in conducting smooth transactions and also help in integrating payment solution that is profit-supporting, versatile and secure taking into consideration the complexities of this industry.

Benefits of merchant account

In today’s world, payment using the cards in-store and online site is very much important as most of the customers expect card transactions, especially if it involves higher amount as in the case of the automotive industry. Hence merchant accounts make it possible for the customers to pay money for products and services using the cards.

Another important benefit of the merchant account is its ability to accept all payments even if it is of different currencies. It ensures that the business will be able to reach customers who live across the border as it enables them to transact using their local currency.

It also helps in better money management. Using merchant accounts ensures that your business will be able to stay organized and manage the cash flow much easier. You will have an account of every transaction conducted every month and it makes it quite easy for you to deal with taxes and also to keep a check on the profits. In addition to this, the businesses can make use of the online interface to track the payment activity.

Hence if you are interested to reach many more customers, do open up a merchant account for your business.

Engines & Transmissions, Salvage, Auto Repair Facility, Automobile Center

Thriving businesses are going to be highly competitive. Hence partnering with the automotive businesses are going to be profitable because of its long-term feasibility and their accomplishments. In accumulation to offering varied pioneering goods and facilities, we provide cutthroat deal tariffs, internal skilled client service group along with transparency in all transactions.

The newly found business offers the lowest rates as compared to our counterparts and also provides the customers with excellent financial services by our friendly team. There are no application fees and you can open up an account without any complexities. The services offered by the startups are:

• Business to Business enhanced data processing

• Mobile processing options in order to accept the payments at the showroom, home of the customer during the delivery time, etc.

• Extended warranty features

• Next-day funding

Reasons for approval denied

There are many payment service providers and banks that deny the approval for a merchant account on the basis of the risk level of the merchant. You need to find out the exact reasons for the denial and work on the business model and make changes so that you will get future approvals. Below mentioned are the key elements that are required to get approval.

• Strong marketing plan- You should have a strong marketing plan in place as the banks and payment service provider wisher to know your future marketing plans.

• Pricing- You are required to give reasons for your pricing. Use your realistic, best judgment.

• Sales predictions- You need to show how much money you expect to earn in the initial 3 years.

• Contact information- The telephone number, email ids, and all the contact information must be displayed on your website.

• Secure- Clients will strongly recommend that all the transactions have to be secured and you should ensure that you provide utmost safety in all the transactions.

Offshore options

An offshore merchant account is also known as an offshore or international merchant account. It is an option available for processing the payments. It is usually available to merchants which has a history of chargeback, bad credit and are operating in a high-risk business environment. The offshore options are ideal for the merchants who cannot get the approval for traditional processing as they could take advantage of the liberal standards in the overseas market.

Hence the high-risk merchant often considers the offshore options as they get quicker approval for the merchant accounts. In addition to this, offshore accounts are good for mainstream E-Commerce which focuses on attracting the businesses across the border.

If you are looking for offshore options, you need to approach a reputable organization like us as we specialize in this high-risk industry. We can offer you an offshore account easily and quickly.