Dealers are always looking for ways to save money or make money. Ujj Nath is the CEO of myKaarma, a leading communications and payment services platform, and a fixture in service and retail departments. CBT News anchor Jim Fitzpatrick had the chance to sit down with Nath at the 2023 NADA convention to hear his budget balancing tips for storeowners.
Key takeaways:
1. Surcharges are a way to pass credit processing fees onto customers. Dealers now have the ability to use surcharges, but will need to tread carefully to avoid violating state and federal consumer protection laws, or to offend their clients.
2. In particular, storeowners need to stay informed on surcharge regulations. For example, certain rules require that all buyer-dealer transactions include a surcharge fee, others call for customers to sign a disclosure notice, while some necessitate signage displaying surcharge information.
3. Nath notes that a majority of the dealerships myKaarma works with have greatly reduced their credit card processing fees.
4. MyKaarma’s software suite is designed for convenience, transparency and exceptional customer interactions.
5. Technology services which make it easier for dealers make it easier for consumers as well.