First in-store Open Banking payments for automotive sector
Vyne, the specialist account-to-account payments platform, today announces that in a global first, leading automotive retailer Pendragon PLC will offer its account-to-account payment method as the first and preferred payment method both in-dealership and in the future online. The partnership will introduce Vyne’s account-to-account payment capabilities to Pendragon’s automotive brands, including Evans Halshaw, Stratstone and CarStore.
Based on Open Banking technology, the integration between Vyne and Pendragon eliminates the need for manual bank transfers, which can be prone to manual errors due to a more involved user experience. As account-to-account payments are instant, it also enables customers to make a deposit and/or leave with their vehicle on the same day, easing the experience of purchasing a car and increasing dealership conversion rates.
The first stage of the partnership will involve in-showroom account-to-account payments being offered by all Pendragon brands including Evans Halshaw, Stratstone and Carstore dealerships in Q3 2022 – the first implementation of in-dealership open banking payments being offered by an automotive brand globally. When a customer is ready to make a deposit, the sales team will initiate a payment link to the customer, who can then make the deposit payment directly from their phone while at the dealership or later from the comfort of their own home if they prefer.
The second stage of Vyne and Pendragon’s partnership will see Vyne’s account-to-account payments technology rolled out across all Pendragon owned automotive websites in Q3 2022.
Pendragon’s chief executive officer, Bill Berman commented “We’re excited to be the first automotive brand in the world to offer account-to-account payments in dealerships. Innovation is at the heart of our business and we remain committed to transforming automotive retail through digital innovation. By working with Vyne to enable customers to seamlessly make instant deposits, we continue to enhance the experience of purchasing a vehicle for the hundreds of thousands of customers we welcome every year, as well as, reduce our own operational costs.”
Founded by true payments experts, Vyne’s innovative technology brings together decades of combined industry experience to deliver direct, highly secure, instant payments. The full-stack account-to-account solution enables Pendragon PLC to effectively manage payments, including full and partial refund functionality and automated reconciliation and notifications. By offering account-to-account payments, Pendragon’s brands can bypass card networks and their associated fees, reducing costs and accelerating cash flow with instant settlement.
Karl MacGregor, CEO and co-founder, Vyne, adds: “Pendragon’s position as one of the largest and most influential automotive retailers in the UK makes this partnership a significant milestone in account-to-account payments adoption. We’re delighted that household name brands like Evans Halshaw and Stratstone have selected Vyne’s account-to-account payments as their preferred payment method, both in-showroom and online, and expect further adoption in the automotive sector to follow.”
To support sales teams across the group with the rollout, Pendragon has collaborated with Vyne to develop a rich online training program. Vyne will also provide ongoing support as needed to drive further awareness and adoption of Open Banking payments.
