Capture more sales and boost customer acquisition with flexible payments from Affirm

Neil Patel

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July 2, 2024

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Read time: 3 min

Payment methods aren’t simply about an exchange of money. They're personal. And in the ecommerce environment, offering the right payment methods is like extending an invitation — it lets your customers know they're welcome here and they can expect a seamless experience.

Buy now, pay later (BNPL) methods provide even more convenience and flexibility, allowing customers to break their purchases into smaller payments. When you add BNPL to your menu of payment options, you open the door to even more customers and to higher-value sales. In fact, a recent survey found that more than 70% of businesses using BNPL report higher conversions, average order value, and customer acquisitions.

We've partnered with Stripe to make Affirm’s BNPL payment methods available to your customers. Businesses that offer BNPL through Stripe on average see a 24.5% increase in sales. Adding Affirm to your mix of payment methods can help your business:

1. Boost Conversion

A $400 price tag, for example, might discourage some customers from clicking buy, but when they can split that cost into four $100 payments, the transaction may be more appealing. That's how BNPL methods can help motivate your customers to make an order, driving up your conversion rate.

2. Increase Your Average Order Value

 BNPL methods may encourage your customers to order more lower-value goods at one time, increasing your average cart size. It may also encourage them to purchase high-value goods, such as luxury items or furniture. In either case, your customers have greater ability to place higher-value orders, which can help drive revenue.

3. Reach More Customers 

BNPL methods can help you tap into new market segments by making a purchase easier on a customer's budget through a series of smaller payments. These payment methods are especially attractive to younger customers who may not have a credit card or the ability to pay for large purchases in a single payment.

The flexibility of buy now, pay later is a huge benefit to your customers—one that can inspire them to make a purchase. And—maybe the best part—this all happens without extra work on your part, and Affirm takes on any potential risk.

With Affirm, you get paid in full immediately, while your customer owes only a portion or nothing up front. Affirm handles underwriting the customer and collecting payments, and assumes liability if a customer files a fraud-related dispute, so you can focus on growing your business.

Click here to learn more about how Tekmetric and Stripe can help you optimize your checkout 

👉 Ready to grow your automotive business? [Book a personalized Tekmetric Demo Here]

FAQ

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With so many different aspects of running an independent auto repair shop, the teams that keeps cars moving through your bays and repair orders flowing through your workflow function best when they run like a cohesive unit.

Just think about your favorite sports team. The players share a common goal, whether it be scoring a touchdown or hitting a home run, and they encourage each other to always perform at their best.

But there’s usually one person on the team who everyone looks to for guidance and inspiration: the team captain. Every player in the auto repair industry is important—from the technicians to the parts managers. But service writers are like the team captain. They keep everyone on track.

If you’re ready to learn about a challenging but rewarding career where no two days are the same, you’re in the right place.

It might sound simple, but it's true: smartphones and digital experiences have revolutionized the way people interact with businesses. We've all come to expect near-instant responses, simplified checkout processes, and visibility into what we're paying for.  

And independent auto repair shops aren't any different. There's a unique opportunity where your business can meet customer's expectations with modern service and modern operations.

How Can You Make Your Auto Repair Shop More Modern? 

We keep saying that word "modern," but what does that really mean for auto repair shops? When we step back and think about the modern independent repair shop, we could sum it up with three core concepts:

  1. The freedom to run your business in a more contemporary way with data, industry knowledge, flexibility and independence to work as in whatever way is best for you and your shop.
  2. The power to simplify your shop's operations can gain complete visibility, control and opportunity to determine the best path forward for every decision.
  3. The best experience for your customers, every time, for every job, whether that's a coolant flush and pad replacement, or a turbo rebuild.

With the right tools in place, your team members won’t have to stress about extra oversight and can feel empowered to take the reins at work. And your customers can have a more active say in the repair process.

One of the best tools for modernizing your business is a modern, cloud-based shop management system.

As a digital solution for auto repair shops, Tekmetric understands the importance of maintaining the highest security possible.  Not only do we want to ensure that our customers receive full transparency anytime their vehicle is in the shop, but we also understand the value of keeping customer data protected and secure. 

Last year, Tekmetric took our data security measures to the next level by achieving SOC 2 Type I compliance – and this year, we’ve stepped up our game to achieve SOC 2 Type II compliance. By earning both SOC 2 Type I and Type II compliances, we aim to continue promoting trust, transparency and security throughout the industry. 

As a company that prioritizes innovative, reliable solutions, Tekmetric is proud to be among the first auto repair shop management solutions to receive SOC 2 Type I and II compliance. These certifications are awarded in accordance with the American Institute of Certified Public Accountants (AICPA) standards for SOC for Service Organizations (SSAE 18). 

What is SOC 2 Type II Compliance? 

SOC 2 Type II compliance is awarded when a system meets five principles:  

  • Security. SOC 2 Type II protects the system against any unauthorized access, ensuring customer data is only accessible to approved parties. 
  • Availability. This allows for stronger capabilities in monitoring performance, disaster recovery and handling security incidents. For example, Tekmetric has many data centers across the country to promote better disaster recovery. If one center goes down, the others have backup data available, so shops can access their information without missing a beat. 
  • Processing Integrity. This quality revolves around quality assurance and process monitoring. The information you process through the system must be complete, authorized and accurate. 
  • Confidentiality. We recognize that our partner shops obtain many types of personal data from vehicle owners. SOC 2 Type II compliance assures you and the vehicle owners that visit your shop that their data remains confidential within your system. 
  • Privacy. Above all, we want to make sure data is specifically used for its intended purpose. People value dependability, and this certification helps keep your shop’s data private according to the standards specified by the American Institute of Certified Public Accountants (AICPA) and the Canadian Institute of Chartered Accountants (CICA). 

What is SOC 2 Type I vs. Type II?

  • Type I: Describes how security and compliance controls are “designed” based on a specific point in time. For example as of March 31st, the organization conducts background checks and has job descriptions for roles and responsibilities.
  • Type II: Describes the “design and operating effectiveness over a period of time (audit period),” typically 6-12 months. This assessment shows the SOC 2 control implementation and operating effectiveness over that time period. 

What Does It Mean for My Shop? 

Security is a big concern in the modern auto repair industry – and with good reason. No one wants their data available to the whole world. With SOC 2 Type II compliance, we are able to keep any information that you put into Tekmetric secure, from your shop’s data to your customers’ information. 

This happens without you needing to lift a finger. No need to track the last time you backed up your data or review who has access to your system! You can also assure your customers that their sensitive information is safe when they give it to you. They – and you – can sleep easier knowing the data is protected, and your shop management system meets top-tier industry standards to keep it that way.  

Protecting Data in the Long-Term

At Tekmetric, we’re committed to driving positive change in the auto repair industry by promoting accessibility and transparency for both  partner shops and the public. Achieving SOC 2 Type II compliance demonstrates that Tekmetric not only meets, but surpasses industry standards. We are committed to consistently measuring up on behalf of our customers, and data security is no exception to that rule.

By combining our leading shop management solution with top-class data security, we can better support you and your shop in protecting your data and your customers’ data – all without slowing your team down. Here’s to transparency, trust and reliability! 

Announcing SOC 2 Type II Certification: Reinforcing our Commitment to Security

May 7, 2024

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