Most dealers know the high costs of processing credit and debit cards, both in fees and rates, not to mention the hardware and software that is required. Choosing from the more than 170 merchant service providers can be daunting as it is hard to know who truly offers the best deal.
AIADA has partnered with Financial Transaction Services (FTS) to provide our members with low-cost credit card processing. Powered by First Data, the largest payment processor in the U.S., Financial Transaction Services offers exceptionally low wholesale rates that are guaranteed to beat your current deal. "The ability to easily and securely accept any type of payment has become a fundamental element in maintaining dealership customer satisfaction and a critical component to closing deals," said AIADA President Cody Lusk. "Financial Transaction Services offers a secure, low-cost solution to this problem, allowing our dealers to focus on what they do best - selling cars."
Through the AIADA BankCard Program, administered by FTS, dealers can quickly and easily identify savings based upon their current credit card processing needs. On average, dealers can see a savings of $1,000 per month, or $100 per month for every $10,000 in processing, through the new AIADA BankCard Program. However, every dealership is currently paying a different rate which makes it difficult to estimate savings without completing a full written cost analysis for each dealership and merchant ID. Some dealers are saving as much as $1,000 per month because of the high rates they were paying to their local banks.
"In today's challenging environment, dealers need the flexibility to offer their customers payment options such as credit card processing, electronic check and ACH services without facing the typical high fees," said Matt Tanzy, FTS President, Association Division. "We are excited that AIADA has made a commitment to help their members experience the large cost savings available through the AIADA BankCard Program."
HOW DOES IT WORK?
Visa and MasterCard are trade associations, where to become a member, you must be a bank. The associations set Interchange and Assessments, which is the base cost to process a Visa or MasterCard. Processors then mark up this fee to cover their expenses, to route the transactions through the various networks, and to ACH funds into a dealership's bank account. With over 8,000 member banks and over 80 different credit card processing rate categories, no two dealers will pay the same cost for credit card processing.
That is where FTS comes in. Through the AIADA BankCard Program, dealerships need only to provide their current credit card processing statement to FTS. Their team of dedicated professionals will analyze what cards the dealership group is taking, how they are processing and come up with a rate structure that is guaranteed to save the dealer money. The dealer will then be provided a full written cost savings and their AIADA BankCard representative will go over this document in full detail to clarify and answer any questions.
AIADA BANKCARD PROGRAM BENEFITS
Switching to the AIADA BankCard Program is simple. There is no contract term, no equipment to buy, and no hidden fees. In order to retain your business, FTS has to perform each and every month. Within a few days of joining the AIADA BankCard Program, the dealerships' terminals will be re-programmed with the new lower rates, and you should see savings in no less than 2 weeks. You do not need to change your bank or any other aspect of your business.
The AIADA BankCard Program guarantees that every dealer will save money, no matter what you are currently paying. It truly enables dealers to take advantage of low, wholesale rates on MasterCard/Visa processing based on the collective annual processing volume of our entire membership.
SUPPORTING DEALERS ON CAPITOL HILL
Another benefit to the AIADA BankCard Program is that every time a credit card is swiped at a participating dealer, Visa and MasterCard fund money back into our industry. These funds are earmarked for industry growth initiatives and legislative efforts that truly matter to our members. "It is a true win/win," said Matt Tanzy. "Dealers are guaranteed to save money, usually no less than $1,200 annually, and every time they accept a credit card, Visa and MasterCard fund money back into the automotive industry through AIADA. I don't know why a dealership would process credit cards with any other processor."
For more information on this exciting program and to start saving immediately, contact Financial Transaction Services at (877) 235-1503 or aiada@ftservice.com. For more information on the exclusive AIADA member benefits, click here.
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