In the automotive industry, where significant transactions are commonplace, ensuring a smooth, error-free payment process is crucial. Boodil, in partnership with Car Finance 247 (CF247), has introduced an innovative solution through Open Banking technology to revolutionize how car dealers handle payments.

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Background:

The traditional payment methods in car dealerships can often lead to inefficiencies and customer dissatisfaction: With errors in manual bank transfers, from transferring funds to incorrect accounts or delays in fund clearance are common. On the other hand card payments have high transaction fees and caps on spending limits can obstruct the purchase process, especially for high-value items like cars.

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The Challenge:

Dealers need to:

• Reduce transaction errors and time delays
• Lower costs associated with payment processing
• Improve the customer experience in payment transactions.

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The Solution:

Boodil has integrated its 'Pay by Bank' solution into the CF247 Dealer Management System, leveraging Open Banking for direct account-to-account payments: This partnership has yielded numerous benefits to hundreds of dealers:

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• Cost Efficiency - Dealerships are now saving up to 75% on transaction fees compared to card payments, directly impacting profitability.
• Instant Settlement - Funds are transferred instantly, enhancing cash flow and providing real-time financial visibility.
• User-Friendly Experience - Customers are benefiting from a streamlined payment process where payments can be made with a couple of taps, without entering card details or personal banking information, reducing errors significantly.
• Fraud Reduction - Utilising two-factor authentication within the customer's banking app or online banking platform increases security and decreases fraudulent transactions.

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Implementation:

Boodil’s payment solution is seamlessly integrated into CF247's DMS, allowing for easy adoption by dealers, which has been rolled out for in-store payments, payment links and subsequently for online transactions through dealership websites.

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Results:

Dealerships reported an average saving of 68% on transaction fees, as noted by Louis Rix, CEO of Car Finance 247. “Within just a few months, millions of pounds have flowed through the Pay by Bank solution, resulting in substantial savings on card fees for these dealers." There has also been a significant reduction in administrative tasks related to payment processing across the dealers, allowing staff to focus more on sales and customer service.

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Testimonials:

"Integrating Boodil's Open Banking payment solutions with Car Finance 247's DMS has enhanced payment efficiency, security, and customer satisfaction, setting a new benchmark in automotive retail," says Louis Rix, CEO of Car Finance 247.

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