Let’s face it: no one likes hidden fees – except, of course, the company that’s sneaking a price hike into your next bill.
To many, hidden fees are seen as a shady business practice – one that emphasizes greed to customers when they realize they were hit with an undisclosed price increase.
Dealers are often made victims of rate increases like these. Due to their high volume and transaction activity, dealers don’t always have time to audit their statements as quickly as some processors increase rates. This inevitably leads to paying more out of pocket than originally intended, and diminished trust of dealers towards their payment processor.
Many of these processors, especially with older, stand-alone technology:
🚦 cannot optimize, interchange, or provide the lowest rates available
🚦 are known for quarterly or bi-annual rate and fee increases
🚦 have hard-to-read and misleading statements that omit data on how they calculate fees
In fact, most dealers don’t even realize that their rates have increased until they have another “honest” processor compare them!
On the flip side, transparency ensures accountability and leads to a better long-term relationship with dealerships. We at Dealer Pay understand the importance of clearly communicating transaction pricing. We focus on interchange and assessments (otherwise known as pass-through), as opposed to flat rate or discount rate pricing in order to ensure clear communication regarding our pricing.
With respect to Interchange Optimization, Dealer Pay participates in Level 2 and Level 3 pricing, which reduces rates for corporate, business, and purchasing cards by up to 0.40%. This all happens behind the scenes with our software, ensuring users don’t have to perform any additional actions that may slow the transaction process down.
Dealer Pay also requires billing data for all eCommerce or card-not-present transactions in order to perform an address verification for security purposes and to make sure the transaction qualifies for the lowest interchange rate available from the card brand.
Dealership problems require dealership solutions. We at Dealer Pay make it a point to keep our transaction pricing and statements as transparent as they come. We’re here to help you run a smoother business – without exorbitant fees getting in the way! Get a FREE savings quote by filling out our Cost Service Analysis form and learn how your dealership can be saving with Dealer Pay today!