myKaarma, an innovator of service lane technology and payment solutions for automotive service centers, has officially announced a partnership with Sunbit, a company building financial technology for everyday expenses. According to certain reports, the stated partnership will conceive a dedicated “Buy Now, Pay Later” (BNPL) option to help approved customers finance service and parts department orders, thus providing dealerships with significant advantages in customer satisfaction and revenue growth. As for how it will happen, by leveraging Sunbit’s financial technology solution alongside myKaarma’s Online payment gateway, customers can pre-qualify without a hard credit check, view their estimated monthly payments, and seamlessly complete all their transactions. Furthermore, they can expect to gain the necessary information in the context of these flexible payment options so to more effectively leverage them. Such set up, like one might guess, will alleviate the immediate financial burden on customers and help dealerships convert repair orders by removing upfront cost barriers. Talk about what this partnership will likely present from a more granular standpoint, the answer begins from a ServiceCart™ Video MPI Integration, which integrates rather seamlessly with myKaarma’s ServiceCart™ to scale up the vehicle service experience through easy and straightforward financing options. Almost like an extension, there is available a prospect of customer-friendly financing. You see, the technological byproduct to emerge from the given partnership will approve 90% of applicants with transparent rates and no hidden fees. Joining the same is an assortment of dealership benefits, where Sunbit promises to handle payment and collection, and guess what, the dealership is also paid immediately.
“MyKaarma’s workflows allow customers to explore pay over time solutions early in the customer journey in a consumer friendly fashion. This collaboration enhances the dealership service experience by providing customers with a transparent and manageable way to pay for repairs over time, ultimately helping drive more business and satisfaction for our dealer partners,” said Oded Valkat, VP of Partnerships at Sunbit,
Hold on, there is more, considering we still haven’t touched on how the partnership in question will also offer you a facility to split payments. This translates to customers having the means for splitting their payments between different methods, such as a combination of credit/debit cards, cash, checks, and also financing through Sunbit technology.
As for the availability, the myKaarma-Sunbit integration is now available to all retail automotive dealerships using the myKaarma and Sunbit platforms. Hence, they can now show Sunbit as one of the payment options within the customer check out page. The whole facility, on its part, will markedly tread a long distance to help these dealerships them achieve an increase in service and parts revenue, improved customer retention, and a significant enhancement in overall service experience.
“At myKaarma, we are committed to making the service experience better for all. The integration with Sunbit allows us to offer access to a valuable financing solution that helps customers manage their expenses more effectively, ensuring they receive the necessary vehicle repairs while minimizing financial stress,” said Ujj Nath, CEO of myKaarma.
But what makes these two companies the ideal candidates to lead such an effort? Well, in myKaarma’s case, the justification comes from a sophisticated and natural design flow which tends to create effortless, easy, and exceptional interactions. Furthermore, built on an industry-leading communication and payment platform, the company brings an advanced end-to-end platform with scheduling, communications, payments, pickup and delivery, video MPI, BDC solutions, and insightful reporting for its customers.
On the other hand, Sunbit has its utility rooted in building financial technology for real life. In essence, the company offers access to a no-fee credit card that can be managed through a powerful mobile app. It also offers a BNPL option, currently available at more than 24,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit’s excellence in what it does can also be understood once you consider it has been named a 3-time Inc. 5000 honoree, Best Point of Sale Company, and a Deloitte Technology Fast 500 company.
