In April, China’s Huawei Technologies launched what it says is the world’s first 5G communications software for the automotive industry. Yet another hint at the company’s growing ambitions to become a key supplier to the sector for self-driving technology. In a statement, Huawei said that the so-called MH5000 module is based on the Balong 5000 5G chip which it launched back in January. “Based on this chip, Huawei has developed the world’s first 5G car module with high speed and high quality,” the statement read. The statement went on to say that the module will aid in the company’s plans […]

Seeing the continuous surge in the number of vehicles, we expect revenue and profits in the automotive repair and services industry to go up. Research by Future Market Insights predicted a double-digit annual growth rate from 2015 to 2025. And why not? When both vehicle demands and production are increasing across emerging markets. But just as with any industry, merchants in the auto repair sector need funding to back up their reserves. And being a high-risk niche, getting reliable sources of funding remains a challenge. In the United States, the automotive repair and services industry holds nearly 160, 000 establishments […]

Are you one of the many business owners that want to offer a financing option for their tire shop customers? If so, you’re not the only one. One of the biggest requests from tire shop owners is for merchant providers to offer some sort of financing program for their customers. For First American Merchant, one of the most requested from our merchant base was a “90 days same as cash” program for customers. Why Offer Tire Shop Financing? Dependable tires are a must. If you want to keep you car running safely on the road, you need to have good […]

On the surface, it seems like getting an automotive merchant account would be a pretty straightforward process. Think about it. Dealerships, auto shops, and car washes, for instance, often process fewer overall transactions than a retail business. Also, they don’t have nearly as many contactless payments, which are much more susceptible to fraud and chargebacks, as other types of businesses, yet they aren’t that easy to obtain. Why Are Automotive Merchants Considered Risky Businesses? What works against a business in the auto industry is that, in general, its average ticket sizes are often larger, such as buying a new vehicle […]

Just like with many other accounts, if you plan to take credit or debit cards payments in your automotive business, then you’ll need a merchant account. Don’t fret when they classify you as high risk because several other daily services fall in the in same arena. Relax boss; there’s a way out for you. What value will a merchant account add to my business? A merchant account adds excellent value to your business. To begin with, it makes sure your store stays in operation all day and all week long. How does it feel like to work round the clock […]

Are you planning to start accepting credit or debit cards for your auto shop sales? If yes, you need to apply for a merchant account. Industries like automotive are classified as high risk by banks and other traditional providers. So, you need to turn to a high risk processor. This article will tell you about automotive payment processing and how you can open a reliable automotive merchant account easily. Payment Processing for Your Auto Shop It seems to be a straightforward thing to run an auto shop. However, when you start running it, you’ll find many things to be diverse […]

According to financial experts, the best way to improve credit is to pay bills on time each month. You, as a merchant running a tire store, can help your customers with bad credit build their credit and get new tires for their vehicle. Merchants Can Help Bad Credit Customers Get Tire Financing People with good credit can enjoy the best interest rates when borrowing money. As credit score goes down, interest rates go up because lending money becomes of greater risk to the company. The same refers also to those having no credit history, but can’t be said about people […]

Are you a small business owner looking for the right way to finance your business? Consider a retail consumer finance program. It can help you get access to the working capital you need so to be able to grow your business and take it to new heights. Retail Consumer Finance Program There is a tendency in the retail industry to offer financing options to potential customers. The reason is that it can be of great help to those who have limited cash. Also, it helps you reach more potential customers. If you’re interested in a financing option, including a retail […]

The automotive repair and maintenance industry is both increasing revenue and becoming more profitable. Automotive Repair and Maintenance Services Industry The global automotive repair and maintenance services industry is projected to grow at a double-digit compound annual rate from 2015 to 2025, according to Future Market Insights. Such growth is based on the fact that the vehicle production is increasing and there is more demand from emerging markets. The US automotive repair and maintenance services industry is comprised of nearly 160.000 establishments (single-location companies and units of multi-location companies), accounting for annual revenue of about $105 billion. Without a reliable […]

More and more entrepreneurs are turning to alternative lenders like First American Merchant for their payment processing needs. Why? Industries like automotive are considered to be high risk by banks and other traditional providers. At first glance, running an auto shop seems to be straightforward. However, the day-to-day operations of an auto shop are incredibly diverse. Large average ticket sizes for repairs and parts are typical for this industry. Unfortunately, this also leads to fund holds or overwhelming chargeback rates. As a result, banks consider these businesses too risky and turn them away. Without a merchant account, businesses are unable […]