Many auto dealership groups still find themselves relying on checks and credit cards to settle accounts. But this reliance on traditional payment methods is neither as quick nor as safe as the modern payment solutions now available. In this episode of Forces in Fintech, we find out about the solution helping dealerships to modernize their B2B payments and reconcile their accounts, regardless of payment type. We speak with Cody Bradford, account executive at REPAY, to find out how this solution is making payments within the auto industry swifter and safer, and we get his prediction for the future potential of digital B2B payments within the sector.
Show Notes
Our cars are advancing at an exponential rate, making our journeys faster and safer than ever before. However, for the auto dealership industry, the same can't be said for its payments infrastructure. Many dealership groups still find themselves relying on checks and credit cards to settle accounts, and an even smaller fraction take advantage of ACH payments. But this reliance on traditional payment methods, unlike the cars being sold, is neither quick nor as safe as the modern solutions now available.
In this episode of Forces in Fintech, we find out about the solution helping dealerships to modernize their B2B payments and reconcile their accounts, regardless of payment type. We speak with Cody Bradford, account executive at REPAY, to find out how this solution is making payments within the auto industry swifter and safer, and he discusses the future potential of digital B2B payments within the sector. We'll also find out about the importance of ACH and digitization in the wake of the pandemic, and we’ll discuss what dealerships need and want from their payment solutions.
We'll also ask:
(
0:41) - How did Cody go from restaurateur to payments expert?
(
1:47) - What does the B2B payments landscape within the auto industry look like?
(
2:46) - Why is the auto dealership industry ripe for digital transformation?
(
4:24) - What kind of auto dealership customers does REPAY’s solution cater to?
(
4:53) - How did COVID-19 help bring digital payments to the forefront of the auto industry?
(
6:29) - Why is REPAY's B2B payment solution important to its customers?
(
7:50) - Who are the main competitors when it comes to payments in auto?
(
9:05) - What does the onboarding process for REPAY's B2B payment solution look like? And how easily can it be integrated into dealerships' existing dealer management systems?
(
10:02) - How useful is having a large supplier network?
(
10:52) - What does the future of B2B payments look like in the auto dealership space?
To find out how real-time electronic payments can benefit your business, head over to
https://www.repay.com/ for more.