Buy Here – Pay Here operators across the country have been debating over the last few years whether to embrace the latest innovations in technology or to stick with the traditional way of operating their businesses. It has been almost 15 years since the first payment protection devices hit the market. Since then, new technologies that can be adapted to BHPH seem to appear almost weekly. There is GPS, auto
I ran across an interesting article last week in Business Insider. It was about a survey released in December of last year concerning financial services done by the Federal Deposit Insurance Corporation (FDIC). The survey found that roughly 1 in every 12 US households, or some 17 million adult Americans, are “unbanked”. That means they lack a current checking or savings account. The survey also found that 1 in every 5
A month or so ago, I wrote a blog about accepting credit and debit cards for payments at BHPH dealerships. The response to that blog has been overwhelming. I am grateful for the comments, calls and emails I have received. The questions I have been asked have been very good ones and, since I’m sure there are other readers who share those questions, I have decided to respond to them here. The
I got a call from one of our clients who we provide consulting for. “Al”, she said, “I’ve got a problem”. She continued, “I just had a payment rejected for a customer we have set up on an automatic payment plan. I tried to call his cell phone and now the number is no good. We did a field call to the residence address we have on file and the
I wrote a blog post about a week ago on the growing use of alternative payment methods in Buy Here – Pay Here. My good friend Ken Shilson, president and founder of the National Alliance of Buy Here Pay Here Dealers, just wrote an article on the subject, as well. He has granted me permission to republish it here. It Should Be Called, “Buy Here, Pay There”! by Kenneth B. Shilson,
For many years the prevailing philosophy in the Buy Here – Pay Here industry was to sell only to customers near your dealership who could come in every time they got paid and pay you in cash. That philosophy was based on a couple of facts and/or beliefs: If a customer lived more than a 30 minute drive from the dealership, they were more likely to mail in their payments
