Revolutionizing Vehicle Repair Financing Through Flexible Payment Solutions
LONG BEACH, Calif., Aug. 20, 2024 -- myKaarma, an innovator of service lane technology and payment solutions for automotive service centers, proudly announces its integration with Sunbit, the company building financial technology for everyday expenses. The partnership will bring a "Buy Now, Pay Later" (BNPL) option, enabling approved customers to finance service and parts department orders, thereby providing dealerships with significant advantages in customer satisfaction and revenue growth. Sunbit is already available in more than 50% of authorized dealerships, and this partnership will bring the preferred payment technology to more customers.
Enhancing Service Experience with Flexible Financing
By embedding Sunbit's financial technology solution into myKaarma's Online payment gateway, customers can pre-qualify without a hard credit check, view their estimated monthly payments, and complete transactions through a payment link sent to their devices. Additionally, customers are informed about these flexible payment options from the start through an automated email, providing a seamless and informed experience. This alleviates the immediate financial burden on customers and helps dealerships convert repair orders by removing upfront cost barriers.
Key Features and Benefits
- ServiceCart™ Video MPI Integration: Effortlessly integrates with myKaarma's ServiceCart™, enhancing the vehicle service experience with easy financing options
- Customer-Friendly Financing: Approves 90% of applicants with transparent rates and no hidden fees
- Dealership Benefits: Sunbit handles payment and collection, and the dealership is paid immediately.
- Split Payments - Customers have the flexibility to split their payments between different methods, such as using a combination of credit/debit cards, cash, checks and also financing through Sunbit technology
Executive Insights
Ujj Nath, CEO of myKaarma, underscored the significance of this partnership:
"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."
Oded Valkat, VP, Partnerships, Sunbit, highlighted the impact on the auto industry:
"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."
Customer Perspective
Michael Schwartz, VP of Dealer Operations of Galpin Motors, Inc., shared his experience:
"Sunbit's financial technology solution Buy Now, Pay Later financing option via myKaarma provides payment options for our guests while simplifying the process for our Advisors. Our customers can now address their vehicle's needs without delay, knowing they have a convenient and manageable payment plan. This integration has truly enhanced the overall service experience at Galpin Motors."
Availability and Impact
This integration is now available to all retail automotive dealerships using the myKaarma and Sunbit platforms. These dealerships will now show Sunbit as one of the payment options within the customer check out page. By incorporating Sunbit's financial technology solution, dealerships can expect an increase in service and parts revenue, improved customer retention, and a significant enhancement in overall service experience.
For additional information on this partnership and other company news, please visit www.mykaarma.com or www.sunbit.com.
About myKaarma
myKaarma believes a dealer should not have to "do work to do work." Their sophisticated and natural design flow creates effortless, easy, and exceptional interactions. Built upon an industry-leading communication and payment platform, myKaarma delivers good karma for vehicle owners and dealers alike by making the service experience better for all. myKaarma is an advanced end-to-end platform with scheduling, communications, payments, pickup and delivery, video MPI, BDC solutions, and insightful reporting. For more information, please visit mykaarma.com.
About Sunbit
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life's expenses by giving people more options on how and when they pay. Sunbit offers access to a no-fee credit card that can be managed through a powerful mobile app, as well as a BNPL option available at more than 24,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit is a 3-time Inc. 5000 honoree and the company has been also named a Most Loved Workplace®, Best Point of Sale Company, a Deloitte Technology Fast 500 company, and a top 5 company on the LABJ Fastest Growing Companies List. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
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