Transcript
A little over five years ago, we decided to make a move from our previous partner to Worldpay. And really we did that because we had more of a shared technology vision and alignment with Worldpay. So we decided to make the move and then after that we had some development work to do. We had to migrate 550 dealerships from our previous partner to Worldpay, which was no small feat. And then since then we've added about 1,000 more dealerships. And in fact, in the last sales year, which just concluded, we added another 500 sales—it's been a record year for us. We use ReyPAY® as a part of our product solution for payments and Reynolds and Reynolds, we do software for the automotive industry. We've got an integrated solution that we offer as well as some hardware solutions in addition to that. We've got a 40 store dealership group that moved from a competitive system to our system. They included ReyPAY, our payment processing solution with that. And one of the main things they wanted to do was implement surcharging across their whole organization. So we worked with Worldpay—together we came up with a creative solution that solved their problem and allowed them to implement surcharging across the whole dealership group, be more in compliance with all the surcharging regulations and also reduce their payment processing costs by way of surcharging. The payment industry has certainly been evolving. We have been looking at expanding not just the point of sale terminals, that would be where the where the customer is checking out, but expanding that to accept Google Pay, Apple Pay even further to go into online payments where they can receive a text message or an e-mail and the customer can actually go and pay for their parts, their service, even a down payment for a vehicle before they ever arrive into a dealership. So our goal is to help our customers make sure that they can make it as seamless and smooth of an experienced for their customers as they possibly can. Dealerships in this day and age expect payments to be an integrated part of the solution they purchase from us. So they run our solution. As Jennifer mentioned, the ERP system and ReyPAY is a component of that—they usually buy it as a means to improve operational efficiencies as well as improve the customer experience when their customers are paying. We certainly see that there's a partnership between Worldpay and Reynolds and Reynolds on the development side of things. We're aware of a number of projects that the World Pay team has coming down the pike. We work internally to see what we can integrate into our solutions as well.
ReyPay® is a registered trademark of Reynolds and Reynolds.