Reliable and fast vendor payments are critical for dealerships because they must keep their inventory stocked and bills paid to grow and scale with the ever-changing market. Too often, payments are slowed by the manual process of cutting and mailing checks which leave dealerships with high labor costs associated with the accounts payable (AP) process.
Automating the AP process enables dealerships to eliminate paper checks and processing costs, improve vendor relations, reduce manual labor, track and update payments automatically and reconcile with robust reporting. Additionally, automating the process can reduce the risk of errors and free up staff to focus more on core business operations enabling dealerships to focus more on increasing sales and marketing opportunities, improving customer service and driving customer loyalty.
Using REPAY with a dealer's DMS allows them to accept batch invoice files, automatically pay vendors using their preferred methods and track those payments in real time. Invoices automatically update to reflect fulfilled payments, streamlining the AP process and lowering the time and costs typically associated with it. Dealerships can save an average of $8 per transaction when eliminating paper checks!
Using a credit card, virtual card or ACH to pay vendors automatically reduces manual entry and double reconciliation, leaving less room for errors and requiring less work from your team. Utilizing rebate-earning virtual cards is a more secure payment method that reduces card fraud.
Using virtual cards to pay vendors is more secure and allows the dealers' business to earn rebates based on the amount they spend. In one year, REPAY dealers are putting thousands of dollars back into their budgets thanks to using virtual cards with REPAY.
When a dealer makes a vendor payment through the platform, invoices in the dealers DMS system automatically update to reflect fulfilled payments. Through REPAY's robust reporting, dealers gain visibility and control over AP through their management system.
Technology is complex, but vendor payments don’t have to be. Access innovative payment solutions that make sense for your dealership. With REPAY’s automated AP platform, remove the headaches, security concerns and compliance complications associated with paying vendors.
Payment technology providers like REPAY offer robust tools to enable AP automation for any business. Start supporting digital vendor payments to simplify outbound payments and get back to what matters.
Spencer Horrocks, Director of Sales for automotive, spoke briefly at NADA 2023 about REPAY's AP automation and its ability to integrate into any dealership DMS platform to help facilitate how dealerships pay vendors while reducing the cost for the internal office and maximizing rebate-earning virtual cards across all rooftops. You can see him at 20 minutes, 10 seconds into the video!
Learn more about what REPAY has to offer or request a demo.