Low Cost Automotive Merchant Services
An automotive merchant account is a specialized bank account that allows businesses in the automotive industry to process credit and debit card transactions. This type of merchant account is designed to meet the unique needs of various automotive businesses, such as car dealerships, auto repair shops, and auto parts retailers. It enables these businesses to accept both online and in-person credit card payments.
QuadraPay offers a variety of automotive merchant services designed to meet the unique needs of businesses in the automotive industry. Our merchant services include online credit card processing as well as retail credit card terminals. Whether you run a car dealership, an auto repair shop, or an online automotive parts store, our services can provide your customers with an excellent credit card processing experience.
Retail Automotive Merchant Services
The automotive industry is still very much retail-oriented. Whether you sell cars or auto parts, face-to-face transactions are essential. For retail credit card processing, we offer brand-new credit card terminals.
Our credit card processing terminals are powered by leading payment institutions, ensuring highly secure transaction processing. Automotive merchants can rest assured as the equipment complies with various security protocols and implements advanced encryption and fraud detection tools.
These brand-new credit card terminals support various payment methods, including credit cards, debit cards, gift cards, mobile payments, contactless payments, QR code payments, Apple Pay, Google Pay, and more, allowing merchants to reach a wider customer base.
High uptime ensures that the system is available for credit card processing 24/7. A solid transaction processing infrastructure ensures smooth transactions, reducing wait times and transaction declines.
For detailed analysis, merchants can access a comprehensive reporting panel. Merchants can export daily transaction reports and identify return ratios and sales trends. Detailed reporting helps merchants make informed decisions and develop effective strategies.
Online Automotive Merchant Services
Many automotive companies accept credit cards online. Car showrooms often accept bookings over the internet, and motorcycle showrooms and companies allow customers to make partial or full payments for motorcycles online. For businesses that wish to accept online payments for automotive sales, we offer robust ecommerce merchant account solutions.
With our online merchant account solutions, automotive companies can securely accept credit and debit card payments over the internet. Merchants can also send payment links to their customers. Our online payment gateway solution supports a variety of payment methods and accepts both local and international cards.
The payment gateway is easy to integrate with most platforms like Shopify, Wix, WordPress, WooCommerce, Magento, and many more. Ready-to-use plugins can be added to websites in just a few minutes. For more detailed integration, merchants receive an API guide. From the time of application approval to the life of the merchant account, merchants have access to a robust support system that handles queries related to billing, settlements, transactions, and integration.
Application Process for Automotive Merchant Account
The application process for an automotive credit card processing account with QuadraPay is straightforward. It starts with an initial consultation, which you can initiate by filling out a short form on our website.
Our automotive credit card processing experts will evaluate your initial inquiry and then contact you with further questions. The team will work to understand your unique requirements and gather information about the rates and fees you are currently paying to your existing credit card processor. Based on this information, our team will suggest the next steps, including Know Your Customer (KYC) verification.
The merchant will need to provide complete business documents and a filled application form for review. This document set is evaluated by the underwriters, who will then decide whether to accept or reject the application.
If approved, the merchant will receive a contract that clearly defines all terms and conditions, including the fees associated with accepting credit cards at the automotive business. Both parties must sign this contract to proceed to the next step, which is integration. The merchant will first perform some test transactions, and upon confirmation of successful test transactions, the payment gateway will be turned live, enabling the merchant to accept credit card payments in real-time.
Timeline for the approval of Automotive Merchant Processing account
The timeline for approval of an automotive merchant processing account typically begins with an initial consultation and needs analysis, taking 1-2 days. Documentation and application review usually require an additional 2-3 days. In most cases merchant accounts are approved within 5-7 working days.
It’s important to note that approval timelines can extend if merchants do not submit KYC documents promptly or fail to respond to underwriter queries. For retail merchants requiring credit card terminals setup and integration typically take 4-5 days after application approval. Merchants receive a detailed guide for setting up terminals, with additional support available via phone.
Overall, the entire process generally completes within 10-12 days. While some merchant accounts may be approved within 2-3 days, this is less common, hence the general timeline of 5-7 working days.
Automotive Payment Processing FAQ
What type of businesses can use automotive payment processing services?
Our automotive payment processing services are suitable for the credit card processing needs of businesses such as car dealerships, auto repair shops, tire and auto parts stores, car rental agencies, auto body shops, mobile auto mechanics, automotive accessories retailers, and online automotive parts and accessories stores.
What are the relevant MCC codes for businesses in the Automotive Industry?
The automotive industry has been assigned many Merchant Classification Codes (MCCs) depending on business types, products, and other factors. Here are the most well-known MCCs for businesses operating in the automotive sector:
- MCC 5013: Wholesale distributors that offer motor vehicle supplies & auto parts.
- MCC 5271: Dealers that sell new and old mobile homes, its parts, accessories, and related equipment.
- MCC 5511: Dealers that sell new and used cars and trucks. These dealers may also offer service, repairs, sell parts, and offer leasing.
- MCC 5521: Dealers that only sell used cars and trucks. These dealers may also offer service, repairs, sell parts, and offer leasing.
- MCC 5532: Automotive Tire Stores. These stores sell new car tires.
- MCC 5533: Stores that sell automotive parts and accessories.
- MCC 5541: Various types of service stations like Filling Stations, Automotive Gas Stations, Gasoline Service Stations, Marina Service Stations, Petrol Service Stations, and Truck Stops Gasoline Service.
- MCC 5542: Automated Fuel Dispensers, Automated Gas Pumps, Fuel Self-Service Terminals, and Petrol Dispensers.
- MCC 5551: Dealers that sell new and used watercrafts, motorboats, sailboats, and marine supplies.
- MCC 5552: Electric Vehicle Charging Stations.
- MCC 5561: Dealers that sell new and used camper vans, recreational (RV) vehicles, and utility trailers.
- MCC 5571: Shops and dealers that sell new and used motorcycles including scooters, mopeds, parts, driving clothing, helmets, and related accessories.
- MCC 5592: Dealers that sell new and used motor homes as well as parts and accessories.
- MCC 5598: Businesses that sell new and used snowmobiles as well as related parts and accessories.
- MCC 5599: Businesses that sell miscellaneous automotive, aircraft, and farm equipment not elsewhere classified.
- MCC 7531: Automotive Body Repair Shops.
- MCC 7534: Tire Retreading and Repair Shops.
- MCC 7538: Automotive Service Shops (Non-Dealer).
These MCCs help classify businesses within the automotive industry for merchant account setup purposes. The above-stated MCC information is for informational purposes only and may not always be accurate; therefore, it should not be considered as financial or legal advice.
Which are some of the most popular automotive associations in the US and Europe?
There are many automotive associations in both the US and Europe. Some notable examples include AAI, NADA, and ACEA.
Rely on QuadraPay for your Automotive merchant account requirements.
QuadraPay has been a merchant services partner for a variety of businesses across over 100 industries, including the automotive sector. Since 2016, we have established ourselves as a 100% merchant-centric solution provider. Our automotive merchant account solutions come with excellent features for both retail and online operations. Whether you run a car dealership, an auto repair shop, or an online automotive parts website, QuadraPay will have the right solution for you. Ask us today for a zero-obligation free quote and savings analysis.
