Encouraging loyalty through great service with Payment Assist

Today we're shining a spotlight on our partner, Payment Assist who offer "Buy now pay later" finance arrangements, ideal for aftersales offerings, service, repairs, VAPs and more.

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A friendly approach to finance is far better at retaining partnerships than tying them into long contracts

Finance can have a reputation as a cold, emotionless industry, run by those where numbers are the sole focus. Here, business practice looks for longevity and extended contracts, locking companies into long-standing agreements that might initially be what’s wanted, but can so often be restrictive within a short space of time.

Payment Assist CEO Marcus Gregory explains why a fresh approach in the automotive finance sector can achieve the same results, but with a better relationship between partners.

Trust builds loyalty

Naturally, a long-standing partnership between companies is a good idea. When both companies are working well together, offering value and proving their worth, trust develops, creating a bond that is far stronger than anything written on paper.

It’s the cornerstone of everything a good company should focus on, with research showing that more than 90% of customers are likely to do business again with firms that offer exceptional customer service; and conversely more than half would never work with a company again after only one negative experience.

In a digital-first sector, it might sound difficult to build that trust – to have a human voice through apps and websites. However, by providing ethical, trustworthy finance solutions – as well as support from expert account and customer service teams – trust builds naturally.

Buy now, pay later (BNPL) finance, provides a lifeline for many consumers. Finance options need to be affordable in the first place, but the support before and during an agreement is essential in ensuring a customer is happy, and likely to come back again. Repeat business, customer loyalty, brand recognition… they are all based on that initial customer service experience.

Proving worth with transparent finance

Today’s consumers expect speed and flexibility and increasingly, so do businesses. The idea of a multi-year agreement in an industry that changes quickly can put some firms off entering into a partnership.

It’s why a strong focus on trust, built properly by working with people, not just sticking to spreadsheets, is key. After all, a business relationship will last longer when there isn’t the pressure of a long-term contract hanging over it. Happy people stick around.

It’s why Payment Assist doesn’t hold clients to lengthy contracts. We have confidence that once a franchise dealership works with us, they will stay. Not because we’ve made them, but because they want to continue working alongside us. Instead of feeling trapped by a long tie-in, the flexibility that allows them to leave actually keeps the partnership going longer. It’s future-proofing done the right way.