SOTpay Helps Car Dealerships Secure Remote Payments and Boost Sales
The automotive sector is a highly competitive industry that relies heavily on the ability to close high-value transactions quickly and efficiently. With the rise of digital banking, traditional payment methods such as credit and debit cards are becoming increasingly expensive for businesses due to high transaction fees. This is where SOTpay and Open Banking payments come in, offering a cost-effective alternative that can help businesses save significant amounts of money on transaction fees.
Let’s consider a case study of a high-end automotive dealership that sells luxury motor vehicles with an average price tag of £50,000. This dealership typically processes around £10 million in sales per year, with 100% of their payments made by credit card. At an average transaction fee of 2.5%, the dealership would be paying a whopping £250,000 in credit card fees alone each year.
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