In the high-stakes world of automotive sales, efficiency and speed are key to closing lucrative deals. As digital banking continues to redefine the financial landscape, traditional credit and debit card transactions are posing financial challenges due to high fees. SOTpay and Open Banking payments offer an innovative, cost-effective solution that can significantly reduce these burdensome transaction costs.
Consider the case of a luxury car dealership. This high-end establishment, with an average vehicle price of £50,000, processes approximately £10 million in sales annually. If all their transactions are via credit cards, with an average transaction fee of 2.5%, they face a staggering £250,000 in fees each year.
Introducing SOTpay, our secure payment platform, allows customers to
transact directly from their bank account, bypassing the need for a
credit or debit card. This can lead to a dramatic reduction in
transaction fees for the dealership.
If all the dealership's customers transition to SOTpay, the annual savings could potentially reach a whopping £415,000. This significant saving can be reinvested into the business or used to offer customers enticing discounts.
Let's assume a more realistic scenario, with only 75% of
the dealership's customers opting for SOTpay. This would
still result in a noteworthy annual saving of £311,250. Even
partial adoption of SOTpay can lead to substantial financial
In the highly competitive automotive sector, especially for businesses dealing with high-value items, reducing transaction fees is crucial. SOTpay and Open Banking payments empower dealerships to offer customers a cost-effective payment solution, thereby bolstering their own bottom-line profits.
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