For car dealerships, where the competition is fierce and margins razor thin, the emergence of RevUp Transactions, known as RevUpX, is a game changer.
Founded by Joe Doyle, a leader in merchant services with over 25 years in the industry, RevUpX offers customized cash discount and surcharge programs that can eliminate all credit card processing fees and generate substantial savings for dealerships. This is commonly called zero-fee processing.
The Man Behind RevUpX: Joe Doyle
Joe Doyle's journey in the merchant services industry is nothing short of remarkable. With strategic roles at industry titans like American Express, MerchantPro Express, and CardConnect, he has built a reputation for his ability to drive innovation, enhance sales performance, and deliver exceptional customer service.
Following CardConnect’s strategic acquisition of his company, MerchantPro Express, Doyle turned his attention to his next business endeavor.
The Opportunity
While no company likes credit card processing fees, they can be especially vexing for businesses like auto dealerships that contend with the dual challenges of high credit card volume and wafer-thin profit margins.
Consumer intelligence company J.D. Power reports that new car sales, the primary revenue source for auto dealerships, yield slim gross profit margins of around 4% on average. These margins are further squeezed by overhead costs, salaries, and advertising. Dealerships rely on higher-margin after-market services to boost profitability, but credit card processing fees—typically around 3%—significantly eat into these gains, directly impacting the dealership's bottom line.
Doyle saw this pain point as an opportunity for a customized solution. By tailoring processing solutions to fit the unique needs of each dealership, he could help maximize savings for this underserved community. He also recognized a need for more understanding of these programs within the auto dealership industry.
“Many dealerships were unfamiliar with how zero-fee credit card processing programs worked and how to become eligible for them,” explained Doyle.
“This led to confusion and hesitancy in adopting these beneficial initiatives, resulting in missed opportunities for significant savings.”
Building a Top-Notch Team
To execute his vision, Doyle carefully assembled a dream team of industry veterans who shared his passion for innovation and commitment to delivering exceptional value to clients.
“When launching a new venture, especially in a complex industry like ours, you need a proven team around you," Doyle explained.
His hand-picked roster consisted of longtime collaborators, some with decades of shared experience, whose proven track record and collective triumphs cemented his rock-solid trust in their capabilities.
RevUpX is also a partner with industry heavyweights CardConnect and fiserv, which provides best-in-class payment technology to over six million merchant accounts worldwide.
The RevUpX Solution
RevUpX primarily offers dealerships cash discount or surcharge programs. Both are designed to eliminate credit card processing fees but work differently. The basics are outlined below.
Cash Discount Program
With a cash discount program, customers receive a flat rate discount for paying with cash instead of a credit or debit card. Without the cash discount, the total card processing cost is passed to the customer.
Surcharge Program
Under a surcharge program, dealerships can add a fixed percentage checkout fee to credit card transactions. The fee, paid by the customer, fully offsets the credit card processing fees paid by the dealership.
Surcharge programs cannot be implemented for debit card transactions.
Both cash discount and surcharge programs have specific requirements covering signage, customer and card brand notifications, receipt itemization, and transaction processing.
Program Benefits
By eliminating processing fees with RevUpX, auto dealerships can significantly reduce expenses and regain control over a significant, seemingly unavoidable business cost while offering their customers the payment flexibility they expect. Clients also receive free point-of-sale equipment, gateway solutions, online reporting, and PCI registration, at no additional cost.
With next-day funding for all card types and personalized support from a dedicated account team, RevUpX ensures a quick setup and smooth transition, enabling dealerships to enhance their financial health without compromising customer satisfaction.
Why Now?
The timing for RevUpX’s launch couldn't be better. In an era where every dollar counts, auto dealerships constantly seek ways to optimize operations and enhance profitability. The traditional model of absorbing credit card processing fees may no longer be sustainable, especially when viable alternatives exist.
RevUpX enters the scene as an industry innovator, providing a solution that aligns with dealership financial goals while fostering long-term growth and sustainability.
Moreover, the automotive industry is undergoing significant transformation with the advent of new technologies and changing consumer behaviors. Dealerships need to stay competitive and agile, and RevUpX offers a strategic advantage by reducing operational costs and freeing up resources that can be reinvested into other critical areas of the business.
Partner With RevUpX
As the automotive industry continues to evolve, RevUp Transactions emerges as a pivotal ally for dealerships seeking to optimize their financial operations. Under Joe Doyle's expert leadership, RevUpX offers innovative zero-fee credit card processing solutions that address a critical market gap, empowering auto dealerships to capture significant savings and boost profitability.
By partnering with RevUpX, dealerships can access customized cash discount and surcharge programs, state-of-the-art technology, and dedicated support from industry veterans.
In an increasingly competitive landscape where every penny counts, RevUpX stands ready to drive innovation and deliver exceptional value to its dealership clients.
Learn more about RevUpX and how its talented team can help you recapture savings and boost profitability for your auto dealership.
