The Challenge
AutoFlip, an innovative automotive marketplace, faced significant challenges in managing pre-authorised payments for their success and cancellation fees. The traditional invoicing process led to difficulties in securing payments, particularly for cancellation fees, and created additional manual work for their accounts team. This inefficiency not only impacted their payment rates but also strained their resources.
The Solution
AutoFlip needed a robust solution to streamline their payment process. They discovered Pinch, a payment platform that offers features like pre-authorised payments and API integration. After considering their options, AutoFlip decided to integrate Pinch's API into their platform. Tina, a Business Representative at AutoFlip, noted, 'Pre-authorised payments have been great for us, Pinch has been great. All the stats were looking good for us.' By implementing Pinch, AutoFlip could automate their payment process, reduce manual work, and ensure payment security. Andrew, a Technical Representative at AutoFlip, added, 'Earlier engagement keeps people engaged and it's working well.'
The Results
The integration of Pinch's API yielded significant improvements for AutoFlip. They experienced a significant increase in payment rates for success fees and a higher deal retention rate. The custom pre-auth payment page reassured customers and reduced manual work for the accounts team. Metrics showed improved engagement rates and a decrease in manual work, leading to a more efficient and streamlined payment process. The successful trial phase led to a full-scale rollout of the solution, marking a pivotal improvement in AutoFlip's payment management.
