22 Jan E-Commerce to Continue Takeover of Automotive Aftermarket Industry
The automotive aftermarket industry is booming. Estimates project that in 2020, it will be worth over $420 billion. But a growing industry is a changing one, and the automotive aftermarket industry is no exception.
One trend has been influencing the industry for years now: the rise of e-commerce. Depending on who you ask, this trend is either a blessing or a curse. Whatever your stance, e-commerce is here to stay.
What You Should Know . . .
In 2017, Hedges & Company reported a 16% increase in online parts sales, putting e-commerce on track to outpace brick and mortar sales. And this trend isn’t just impacting certain transactions – e-commerce sales are up for both B2B and B2C markets.
If you run an e-commerce business or are considering expanding your payment options to accept credit cards online, here are a few things to consider:
Giving Customers the Ability to Pay Online Improves Cash Flow
Want to get paid on time? Make it easy for customers to pay you! Survey results released by the National Federation of Independent Business revealed that 64% of small businesses, regardless of industry, had clients that didn’t pay their invoices for over 60 days. Providing the option to pay instantly online is more convenient for your customers and allows those short on cash to pay with their credit cards.
Waiting months for a customer to pay their invoice isn’t uncommon, but it can have repercussions. Even when sales volume is high, a business can fail just because they have too many outstanding invoices and not enough cash coming in.
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E-Commerce Transactions are Considered Card Not Present, and That Means More Risk
Any transaction where the card is not swiped/dipped is referred to as “card not present.” From a security standpoint, this type of transaction poses the highest risk of being fraudulent. But accepting credit cards online doesn’t have to be risky. Following a few best practices will protect you from fraud and keep your customers’ data secure.
Make sure you require full details (full name, address, etc.). If the billing address doesn’t match, consider reaching out to the customer. If someone’s stolen a card number, they probably won’t send their package to the victim’s home.
Above all, listen to your instincts. If a situation seems too good to be true, or a large parts order is placed under odd circumstances, don’t be afraid to ask questions.
Having a Website is Not Enough
70% of online shoppers abandon their carts before completing purchases, and 94% of people that reported dissatisfaction with their online shopping experience cited poor design as the reason.
It’s not enough to just have a website. If a site is cluttered or outdated, shoppers might give up and turn to your competition. Confirm your navigation is user-friendly and features a prominent “Add to Cart” button on product pages.
If you’ve spent time and money integrating e-commerce into your business model, don’t settle for a sub-par site.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
Contact BASYS today to learn more about innovative payment solutions that will save you time and money. We make accepting debit cards and credit cards convenient, safe and affordable.
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• Accept payments in person, over the phone or online
• Next-day funding options
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: