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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There are tons of daily and long-term decisions you have to make to continue growing your business. That means there's a lot of information to keep track of to stay organized.

With the right tools, like real-time reports in your shop management system, it's easier to organize and track everything happening in your shop and to use all of that data at your disposal. In this case, that tool is a modern shop management system.

With every aspect of your shop managed and tracked with a cloud-based SMS, shop owners can use real-time reports to forecast the health of their business and gain a sense of how much money their garage is expected to make before the end of a week, month, or year. 

Here are the most important auto repair shop metrics to track in a cloud-based shop management system.

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The Most Important Auto Repair Shop Metrics to Track

April 29, 2024

Read time: 3 min

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Remember spring and summer of 2020? A lot of us are probably trying to forget and move forward, and we feel you. It was a scary time period for everyone, including the automotive repair industry.

Last April, auto shop owners were wondering, are my customers going to come into the shop? If people stay inside, are they going to drive less? If they drive less, are they still going to come into the shop as frequently? What if other industries are affected, and people have less money for repairs?

We were nervous like everyone else. But anyone who knows Tekmetric knows that we’re committed to driving the auto repair industry forward; we wanted to answer these questions and put Auto Repair Professionals’ minds at ease.

We also wanted to enable shops to not only endure the pandemic but also grow and come out stronger than ever before.

Strength in Numbers

If there’s one thing that makes us feel confident, empowered, and like we know what’s going on, it’s numbers. (Tracking shop performance and providing insights is kind of our thing).

We’ve seen the power of metrics in shops across America, and we know that customers, service advisors, technicians, and the entire auto repair industry benefit when auto shop owners can make informed decisions.

So we launched the TM-500 Index. The TM-500 tracks the Average Repair Order and Car Count of five hundred auto repair shops located across the United States. But data don’t mean squat if it ain’t easy to read. The TM-500 let’s users sort data by time and region so they can quickly explore trends.

Want to know the ARO and Car Count between the months of June and November of 2020? Simply set the time period “by month,” and the TM-500 will generate an easy-to-read graph.

Want to know if shops in midwest states had a higher or lower Car Count than southwest states last summer? Simply set the time period you want to observe, and hover over different regions on a map of the United States to learn how they performed.

Just as the Tekmetric system for auto repair shop management gives shop owners better insights into their shops, the TM-500 gives Auto Repair Professionals better insights into their industry.

But knowing is only half the battle.

A Catalyst for Digital Transformation

The auto repair industry has lagged behind almost every other service industry in how we utilize technology. Almost anyone with a smartphone can order a pizza, sushi, enchiladas, or any other food they want and track it while it’s being delivered to their door.

Meanwhile, someone paying hundreds or even thousands of dollars for a new transmission still has to go in-person and deal with a half-legible piece of paper that feels greasier than the pizza and enchiladas put together!

But we get it. People are sometimes reluctant to change. For many auto shop owners, however, the COVID-19 pandemic was the “now or never” moment to fully digitize their shops.

In 2020, Tekmetric prioritized the rollout of several features we had been working on to help shops provide their customers with the experience they’ve come to expect in almost every other part of their lives. In April of 2020, we rolled out Text-to-Pay, allowing shops to invoice and collect payment via text message.

In November of 2020, we rolled out True Two-Way Texting to make it easy for service advisors and customers to communicate throughout the entire repair process.

Combined, these two features enabled Tekmetric users to provide a completely touchless experience to their customers without sacrificing the quality of their work or customer service.

Much like in other industries, customers who bring their cars in for repairs appreciate the extra service and transparency of a more enhanced, digitally assisted customer experience.

As we watched many shops grow by using Tekmessage and Tekmerchant, we kept an eye on the overall performance of the TM-500. We were able to see when shops began to bounce back in summer after an early slump, and developed other understandings about where the industry was headed.

Over time, we have added new metrics to the TM-500 such as state-by-state Labor Margin, Parts Margin, Effective Labor Rate, and Car Count to gain a more complete picture of these high-performing shops.

What Have We Learned Since the Onset of the Pandemic?

When making conclusions about where the industry is going, we like to be informed by both quantitative and qualitative data.

The numbers give us a factual look at what’s gone up or down, and talking to people in the industry helps us make correlations between how certain behaviors, processes, and principles affect these trends.

Between the data we gathered from the TM-500 and the feedback we were able to gather from talking to auto shop owners, here’s what we have learned.

It turns out that the shop owners, service writers, general managers, and technicians that rely on Tekmetric everyday chose us once again as the clear market leader on G2!

Okay, okay, we're sorry for another humble brag... But this is really more about you, the users than it is about us! If you're not familiar, G2 is a peer-to-peer review site. Users just like you can submit reviews and vote on the tools they use everyday, like Tekmetric.

Really, this is all thanks to all the amazing independent shops that do great work every day with Tekmetric. The shops that keep people's vehicles safe and reliable. The heroes that get their customers back on the road every single day!

We were just chosen because you all love us so much! 😳

But that's not all. Tekmetric was also chosen for how easy it is to get your shop up and running!

  • Most Implementable Fall 2023
  • Most Implementable Small Business Fall 2023
  • Fastest Implementation Fall 2023
  • Momentum Leader Fall 2023
  • Leader Fall 2023

We totally get it, the last thing you want is to have to pause everything you're doing and let the bills pile up, just to relearn how to run your own shop.

That's why we make it as easy as possible, handling all the heavy lifting so your shop can sit back, relax, and hit the ground running right away!

That kind of makes sense, considering Tekmetric was chosen as one of the easiest shop management systems to do business with. 

  • Leader Fall 2023
  • Easiest To Do Business With Fall 2023
  • Easiest To Do Business With Small Business Fall 2023

Tekmetric comes from shop owners, advisors, technicians, and managers just like you. We live, breathe, and execute innovation, the kind of innovation your shops need to get even more value out of the work that shops like yours already do!

We're always working hard to make Tekmetric even better!

Thank you! Thank you for partnering with us, and thank you for helping us create the best possible solution for running an independent auto repair shop!

We're excited to be awarded and regarded so highly, and we strive to keep that level of excellence and support at every step in your shop.

Tekmetric is always being updated, and we’ll never stop working with and supporting shops to help them run efficiently and with fewer headaches, so you can focus on doing what you love!

Tekmetric Named Leader 9 Times in G2's 2023 Fall Spotlight

May 16, 2024

Read time: 3 min

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