October 29, 2020

Leveraging Surcharge Recovery Technology to Maximize Revenue 

The continued economic effects of COVID-19 and the restrictions associated with it have made it difficult for many dealers to drive sales quickly and trim costs. Depending on where customers operate, the circumstances of recovery vary. Many dealers must focus on further digitizing the sales process while finding new ways to sustain and increase revenueAQ can help. By leveraging Quote Acceptance, AQ Pay, and enabling surcharge recovery technology – all no-cost solutions from AQ   you can expedite the sales process while maximizing revenue.  

The Cost of Digital Payments 

As the FES industry moves toward embracing digital transactions and eCommerce solutions, the surcharge and merchant fees that come with digital payments will present a significant impact to your bottom line. Merchant processing fees are attributed to electronic transactions that are serviced by the merchant’s acquiring bank. The fees cover financial investments related to digital payments by reducing the risk of fraud for banking institutionsDigital forms of payment routinely include higher costs due to added fees associated with completing transactions that transfer money to dealer accounts.  

How AQ Can Help 

AQ has partnered with InterPayments; a technology company focused on minimizing the effect of processing fees for dealers and streamlining the surcharge recovery process. Enabling this technology within the AQ Pay feature of AQ can help dealers recover up to 4% of the fees associated with digital payments. This technology helps dealers save money, benefit from a low cost payment option, and simplify the process of transaction.  

Remain Compliant While Saving Money 

Merchant processing fees are driven by law and vary from state to state. An automated system identifies the appropriate state legislation that identifies proper fees based on jurisdiction throughout the U.S. The solution can differentiate between payment types, so whether a customer uses a credit, debit, or prepaid account, compliance is ensured through their software. 

By enabling this technology through AQ Pay, dealers can rely on InterPayments to track evolving state regulationsensuring compliance for all their transactions. 

Steer Customers to Lower-Cost Forms of Payment 

Dealers have the freedom to decide whether to implement a recovery fee or help steer customers toward other forms of payment that take processing fees out of the mix, benefiting both you and your customer. 

Process Payments Quickly 

Coupled with AQ Pay, this feature helps further expedite payments, attributed to the minimal transaction information required for surcharge calculations that enables fast turnaround times.  

Additionally, dealers can leverage this technology for their eCommerce and other sales points to create savings through any sales channel.  

Get started: 

To implement AQ Pay, or enable surcharge recovery technology within AQ Pay, contact the AQ sales team at sales@AQ-FES.com. Additionally, customers can log in to MyAQ to access the accompanying webinar, “Increase Margins with Merchant Processing Fee Technology in AQ Pay,” to learn more about this cost-saving solution from AQ and InterPayments 

Related Links: Margin Booster Triple-Play

Alex Cruz - Marketing Associate

Alex is in her first year at AQ as a Marketing Associate.

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To learn more about publishing with AutoQuotes, subscribing to AutoQuotes, questions about our products and solutions, or to schedule a demo contact the AutoQuotes sales team at sales@aq-fes.com

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