There are a few things you should consider when choosing a payment option for BHPH (Buy Here Pay Here) dealers. Payment options are determined by the requirements of both your business and consumers. Take a look at some possible solutions for buy here pay now miami fl, helpful resources.
You can choose to pay in cash. Although it may not seem necessary, your dealership should have adequate security to handle cash transactions. If you don’t accept checks or other electronic payment options, cash may be more appealing to your customers. But they are also at greater risk for theft and fraud.
You can pay with credit or debit cards. Payment options such as credit or debit cards are convenient, fast and secure for those who do not carry cash. It is important to note that the transaction costs of electronic payments can sometimes add up over time.
Automatic payments represent a third payment method. In this case, the customer allows the dealership to automate the withdrawal of a monthly amount from the bank or credit card. Customers who do not want to remember their payment dates may also find this option convenient.
Lastly some BHPH dealers may provide payment plans allowing clients to spread out the cost of their car over a period longer than 48 months. This may seem like a better option for clients, but it is important to consider all the expenses and rates that come with extending payment terms.
You will be able to determine what payment methods are best for you BHPH business based on the preferences of your clients. It is important to offer your customers a variety of payment options so they can choose what suits them. Clarifying the payment methods’ terms and condition is also important in order to avoid confusion or any unpleasant surprises.