Sunbit on track for more BNPL financing growth at dealerships with myKaarma integration
Sunbit highlighted in late May that its buy-now, pay-later (BNPL) financing technology is available at more than 50% of dealership service centers in the U.S.
The company might be able to build on that footprint courtesy of an integration with myKaarma announced last week.
Sunbit and myKaarma said this partnership will bring a BNPL option, enabling approved customers to finance service and parts department orders, thereby providing dealerships with significant advantages in customer satisfaction and revenue growth.
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.
Sunbit and myKaarma see this process as alleviating the immediate financial burden on customers and helps dealerships convert repair orders by removing upfront cost barriers.
Michael Schwartz is vice president of dealer operations with Galpin Motors, which operates eight franchised dealership locations in southern California.
“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,” Schwartz said in a news release from myKaarma.
“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,” he continued.
Other key features and benefits on the integration include:
—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
“At myKaarma, we are committed to making the service experience better for all,” myKaarma CEO Ujj Nath said in the news release. “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.”
Sunbit vice president of partnerships Oded Valkat added, “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.”
For additional information on this partnership, visit www.mykaarma.com or www.sunbit.com.