Merchant Accounts for Motor Trade Businesses
Merchant Account for Garages
When it comes to finding the best merchant account for car sale garages, it’s not just about comparing rates alone. The speed in which the card payment funds are settled is paramount to prevent cash flow issues while enabling the business to purchase new stock. With this in mind, we’ve put together a quick guide to ensure when searching for a suitable merchant account for a motor trade business company owners make informed choices.
Merchant Account rates for garages
Understanding the overall cost of processing card payments is important for any business, most of all those working in garages and the motor trade due to the high value of each sale. As with all of these things, there is no one size fits all solution. For instance, you may be processing low volume transactions which equate to a large monthly turnover meaning that, the most suitable account for your business won’t necessarily be the same as a company accepting thousands of smaller transactions. We suggest comparing accounts on a pound for pound basis rather than rate shopping alone, this is because car sales are high ticket items so a small increase in costs or add on fees can have a huge overall effect.
Payment processing for high ticket items
Although the processing method itself doesn’t change, there are a few things which you should be aware of when accepting card payments for high ticket items. These items include, cars, high end electronics and jewellery – sales of which are often at risk of fraudulent purchasers. Ensuring you have the correct PCI DSS compliance in place will limit risk plus safeguard chargebacks. As the processing merchant you, the business owner, are responsible for ensuring PCI standards are met. Failing to do so may result in additional charges.
Payment gateways for car sales
In recent years it has become more popular for purchasers to reserve a car (sometimes before test driving) online. The expansion of garage ecommerce sites and challenger sites to Auto Trader means this trend set to grow. With this in mind ensuring you have the best payment gateway for the garages needs is paramount. When comparing payment gateways, take into consideration PCI compliance, refund time scales and security levels.
Next day clearing for garages and the motor trade
Now we’ve saved the most important for last…fast clearing! Quick credit card clearing in the motor trade is vital, yet some businesses are stuck with accounts which take between 3-5 days for funds to clear which can cause major cash flow issues. There are merchant account providers available who offer next day or same day settlement times for credit and debit card payments. A simple switch can have a huge effect on the running of your business.
Switching merchant accounts
The benefits of switching merchant accounts for your garage can be huge. These include, cost saving, improved reliability and decreased settlement periods. Some business owners fail to review their merchant accounts and payment gateways regularly, meaning that they are susceptible to price increases and old terms! At Merchant Advice Service we provide a non-obligatory comparison on the following;
- Car garage merchant accounts
- Motor trade payment gateways
- Vintage car sale specialist accounts
- Next day and same day clearing for garages
We keep it simple with our straight talking, plain English approach meaning if we can save you money and improve your services, we’ll let you know. The best bit…it’s free of charge!
Make a quick enquiry
Speak to us directly and get any questions you have answered. Submit your details and we’ll be in touch shortly.