Pendragon-owned dealer software company Pinewood is to offer dealers open banking account-to-account payment through a new partnership with Vyne.
Dealers can now bypass card networks and their associated fees by offering Vyne’s payment solution, which reduces costs and accelerates cash flow with instant settlement. Vyne integration in Pinewood DMS is available now to all Pinewood customers.
Neville Briggs, Managing Director, Pinewood Technologies, comments: “Car buyers are increasingly looking for the omnichannel option when looking for a new vehicle.
“We recognise the importance of providing a low-cost, simple, and secure solution to dealers and this includes our payment offering.
Account-to-account payments are settled in real-time, Pinewood’s integration with Vyne enables customers to make a deposit and leave with their vehicle on the same day.
Bill Berman, CEO Pendragon, said: “Customers are at the heart of what we do, and we strive to provide the best possible experience for those choosing their next car.
“It was great to become the first automotive brand in the UK to offer account-to-account payments in dealerships in June and now, by also integrating Vyne into Pinewood DMS, we are thrilled to be able to improve the automotive retail experience for more customers across the country.”
“Vyne’s innovative technology eliminates middlemen, while improving the consumer experience – providing faster, simpler, cost-effective payments.
“By integrating Vyne into Pinewood DMS, automotive dealerships will be able to offer Vyne’s full-stack account-to-account payment solution to all customers, initially through in-store payment operations and in future on their websites. “
Karl MacGregor, CEO and Co-founder, Vyne, adds: “It’s fantastic that Pinewood has chosen to offer Vyne’s Open Banking solution to its customers.
“As Pendragon is one of the largest and most influential automotive retailers in the UK, we are thrilled to be the selected account-to-account provider trusted in providing a seamless Open Banking experience to even more automotive customers.”