GRAPEVINE, Texas – DealerBuilt, an enterprise Dealer Management System (DMS) for automobile dealers nationwide, announced that its accounting module is now integrated with cPayPlus. This integration enables dealers to seamlessly initiate electronic payment to vendors directly within the accounting module’s interface, saving significant time and money with an average savings per transaction of $13.37.
“DealerBuilt continues to innovate and deliver relevant solutions that meet the evolving needs of our dealer clients."
“Many dealerships today have a payables problem, with around 60 percent of all vendor payments made by check rather than electronic payment. Dealers don’t have the time or resources to resolve the problem of storing vendor bank information and keeping it updated and secure,” said Darin Horrocks, President of cPayPlus, “Using our integrated service, dealers can simplify their bill payment process and feel confident that every payment is approved and accurate. We have a solution for 100 percent of vendor payments and there’s no need for the dealer to worry about how each vendor is paid. The solution is easy to use since it follows a dealer’s normal payables process inside DealerBuilt and simply removes the check printing,” Horrocks added.
cPayPlus is a cost-free solution for dealers. There are no software or service costs, as fees are earned by sharing the rebate the solution earns for the dealership when vendors are converted to virtual credit cards. According to Horrocks, the typical dealership spends an average of $5 simply making a payment when you consider labor, material costs, postage, follow up and tracking outstanding payments. Since cPayPlus generates rebates via the virtual credit cards, dealerships end up saving the normal $5 transaction cost while also earning money, driving the total savings per transaction to a healthy average of $13.37.
DealerBuilt’s accounting module is a sophisticated accounting package developed exclusively for dealers that centralizes business operations to reduce complexity. It is highly scalable and supports multiple general ledgers under a single environment. It is successfully used by multi-company, multi-franchise groups to streamline reporting and gain improved visibility into financial performance.
With cPayPlus, DealerBuilt dealers receive invoices and simply input them into the accounting module. The dealership approves payments and decides which invoices need to be paid. Payments are then initiated, but rather than printing checks, the payment information is communicated to cPayPlus. The payment portal verifies whether each vendor already exists within its system. If not, it reaches out to the vendor to determine their preferred method of payment. Once the vendor’s payment method is designated and the funds are available, the payment is made to the vendor. There is no back and forth with vendors or paper to track, just a streamlined system to make paying bills simple. cPayPlus reduces the cost of check printing and eliminates the need to keep vendor bank information secure and up to date. It also supports two-level approval and full reconciliation.
The system is paperless, and transfers are automatic, eliminating the printing, signing and mailing of checks. cPayPlus tracks the payment to ensure funds are received and provides visibility and reporting so dealers can always see up to date information.
“DealerBuilt continues to innovate and deliver relevant solutions that meet the evolving needs of our dealer clients. This partnership enables our clients to boost productivity while reducing costs, all without ever having to leave their DMS,” said Mike Trasatti, CEO, DealerBuilt/LightYear Dealer Technologies LLC.
Originally posted on F&I and Showroom