What We Learned from TIADA 2021

Last week, PayNearMe was excited to show its support for the TIADA Conference and Expo as a Bronze sponsor and exhibitor in Round Rock, TX. 

Attendees were eager to once again be face-to-face with industry peers and share experiences from their home dealerships. Throughout conversations at the show, several themes, opportunities and lessons were consistently appearing. 

Top discussion points were around addressing client pain points, understanding the drastic shift in business operations due to COVID-19, and most importantly- as dealers look for new payment provider options, how does one differentiate?

What did we hear from TIADA members?

Resilient dealers have continue to weather the volatile market that the pandemic has brought on. While some concerns remain out of control, it’s important to shed light on what industry leaders have shared and know that there’s hope for the future.

During the conference, PayNearMe was thrilled to meet with clients and new dealers who are just starting out in the space. Newcomers were eager to learn more about PayNearMe and our 12+ years in the payments space. The fact is that new dealers just don’t know what they don’t know, but all agree that payments are their most important asset.

PayNearMe had the opportunity to have meaningful conversations with dozens of dealers over the three-day event. Dealers shared some of their payments pain-points that included slow login times that in some cases exceeded five minutes with their current providers. This delay can cost businesses thousands of dollars in unpaid monthly bills if customers drop off from their payment experience.

As we know from the pandemic, inventory is extremely low and will continue to be a key struggle for at least the next three quarters, as outlined in this recent article by The Hustle, Why are used cars so expensive right now? Dealers are struggling to find product to sell, causing a negative spiral that will be difficult to reverse in the near future.

While TIADA dealer members are needing to turn away customers due to lack of inventory, they are interested in ways to stay in touch for future sales. Many are searching for a pleasant and authentic engagement process to build on these relationships, like PayNearMe’s Engagement Engine.

Smaller dealers are reluctant to lose out on monthly facetime with their customers for upsell opportunities. While PayNearMe is keen on eliminating on-premises payments, we understand that for small dealerships, walk-ins may be good for business too.

We asked what trusted resources are most important to dealers, and the answer was unanimous, meetups and small circles with other dealers at groups like 20 group. 

How can PayNearMe help BHPH dealers simplify payments?

During TIADA, we had the opportunity to share more about our solution that gives auto lenders the easiest, most reliable way to get paid – every time. Dealers can offer customers more options to pay, including debit, ACH and mobile-first payment types, such as Apple Pay and Google Pay. In addition, customers can also pay with cash at thousands of participating retail locations, such as 7-Eleven, Walmart and CVS.

Notable features include:

• Works on every device: Customers can pay bills with ease on mobile, desktop or tablet devices.
  
• Offer Spanish & English translations: Reach more customers and increase engagement.
  
• Increase self-service payments: Offer a quick and easy payment experience in a few clicks.
  
• Eliminate in-person cash payments: Offer cash payment options at retail stores including 7-Eleven, CVS, Walmart and other participating locations.

• Reduce reconciliation to minutes per day: Daily automated reporting and workflows making reconciling all your payments a breeze.
  
• Faster payments with Smart Link™: Let customers pay in less than two clicks, no login or app installs required.

Where can you find more information?

If you missed PayNear me at the TIADA Conference and Expo this year, you have other opportunities to connect with us. For more information on scheduling a virtual or in-person demo with PayNearMe, visit our contact us page to request a time.

Looking for more helpful content? Our resources library is updated regularly and full of webinars, brochures and blog posts that you can view anytime. For a quick guide on how PayNearMe helps Auto Lenders simplify their payments, check out our PayNearMe for Auto Lenders brochure.

Are you attending NIADA? Stop by booth #921 for two chances to win a Nascar Racing Experience in your city and see how PayNearMe can help you accept every payment, every time. Reserve your demo now.