AUTO DEALERS
This program allows auto dealers to electronically process a check at the
point of sale. The transaction is similar to a credit card transaction with
the use of a Check Reader or an RDM
Check Imager.
The use of a Talento
or a Nurit credit card
terminal with an RDM Check Imager enables you to process both credit card and
check transactions through one single terminal. Additionally, our state-of-the-art
Gift Card program can reside on the same
terminal, thereby increasing the functionality of your credit card terminal,
while offering another added value to your customers, and increasing your bottomline.
Check our Gift Card section for further information.
Moreover, dealers can utilize a stand-alone check reader where checks
are received for payment and a PC-based program to perform EFT
(Electronic Fund Transaction) for electronic debiting of car payments and account
receivables.
Benefits of Using POS Check Conversion:
The Verification Process:
- Reduces the risk of accepting a bad check on car sales, service, and financing
- On-the-spot fraud reduction
Electronic Check Conversion:
- Save substantial money: No need for check guarantee programs on the purchase of vehicles
- Expedites check processing and eliminates the delay of paper check transactions
- Faster availability of funds: deposited within 24-48 hours
- Faster title processing and clearing
- Faster delivery: reduces insurance cost substantially
- Minimizes the risk of repurchasing the vehicle if a title is not produced to a car purchaser within the maximum waiting period as governed by State Law
- Improves accuracy on payment of sales commissions
- Reduces the risk of having to unwind sales in subsequent months and adjust future commissions
- Shortens the window for questioning who owns the vehicle
- Reduces liability to lenders
- Improves the collection of payment for services rendered
- Allows the dealership to hold the vehicle for payment if the check returns as NSF
- Increases timeliness for repossessing a vehicle for non-payment
- Reduces credit risk for Spot Delivery sales where loan approval is not otherwise obtained
- No lost or stolen checks to worry about
- Improves collections on sub-prime dealer financing
- Improves collection on trade receivables for parts sales to other dealers and mechanics
- Electronic items have priority over paper checks
- Speed of deposit dramatically improves collection rate and fraud control
- Eliminates NSF bank service charges
- Funds are processed within days and not weeks or months
- Dealer receives 100% of the face value of all NSF checks that are successfully
processed through Electronic Representment
- Collected NSF funds are deposited weekly via direct deposit
Contact Us today for a free evaluation or information.
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