Do You Take Over-the-Phone Payments
at Your Dealership?
Let’s set the stage for a typical day at your dealership.
Your customers drop off their cars at your bustling service department and head out to lunch while repairs are made. A technician notices an issue and calls the customer for permission to move forward with the repair. An over-the-phone payment is made to authorize the transaction before the work is done and the customer comes by later that afternoon to pick up the car.
Card-not-present transactions, such as over-the-phone and online payments, are riskier than those conducted in person. Due to this greater risk of fraud, card-not-present rates are higher. Additionally, failing to obtain the right data during payment could increase your rates further still.
If you take $50,000 in over-the-phone payments each month, you could be paying $275 more in credit card processing fees than necessary. Learn what you need to know to fight fraud at your dealership and lower your rates.