The costs to process card payments is one of the biggest overheads for bodyshops. We all know that Visa and Mastercard charge the earth for processing card payments and for many bodyshops, these payments aren’t always secure or PCI compliant.
Many bodyshop businesses take payment over the telephone, which leads to a huge risk of chargebacks, and what’s more, businesses are charged more for the privilege of processing in this way. But what’s the cheaper alternative and how can payments still be made, when the customer isn’t always present?
Purchase Direct’s Open Banking solution is revolutionising the way bodyshops take their payments. Our fully automated facility enables businesses to take payment via bank transfer, ensuring customers can pay as quickly and as easily as a debit or credit card payment. There is no need to input bank details, as the payment is automatically populated with where the funds need to go.
The typical transaction cost via our service is 50% of an equivalent debit card payment. Payments are received instantly, increasing cashflow and as every payment is made via bank transfer, the risk of chargebacks and false claims are eliminated. The detailed reporting suite cuts the time required to reconcile payments each day, saving even further. Refunds can be issued instantly, ensuring that the payment is only ever returned back to the originating account, making it fully AML compliant.
Here’s what Karen Morris, Bodyshop Manager at Fix Auto Basingstoke has to say about how our solution has changed the way they process their payments:
“Within the Bodyshop industry we are continuously chasing payment from multiple parties and with the reconciliation of our accounts, it’s a full-time job! The Purchase Direct Open Banking system allows our customers to pay directly from their bank account in seconds, with a built-in solution that complements our existing payment portfolio. The system lowers transaction costs, eliminates chargebacks, is fully PCI compliant and we receive instant notification when a payment reaches our bank account.
“The Purchase Direct Open Banking solution is a leap forward from a technical and security standpoint, whilst a simpler and safer way for customers to pay us. It has dramatically improved the amount of time it takes for our Accounts Department to reconcile payments that have come in, adds a level of confidence and professionalism for our business and provides confidence that the payments have actually been received.”
To find out why so many businesses are taking up our Open Banking service and to take advantage of our free, no obligation demonstration, contact us on 01707 299 100 or email openbanking@purchase-direct.co.uk.