Dealers utilizing Rapid Pay can look forward to further enhancements, including faster funding. An industry first, dealers floor planning their non-auction purchases with Rapid Pay can now initiate funding on notice of title. This new feature truly expedites the flooring process and gets dealer clients paid faster.
Wait, what is Rapid Pay?
Rapid Pay is a quick, simple method for submitting non-auction purchases online. Auto dealers typically purchase inventory at auction, but som
etimes the inventory a dealership’s market demands isn’t available in the lanes. For example, if a dealer finds a vehicle with the optimal amount of miles and the exact amenities their consumers are searching for via a non-auction inventory source—like a trade-in, or at another dealership—Rapid Pay makes it simple to use a floor plan to quickly fund those inventory purchases once acquired.
Get Funding Even Faster
Now, beyond just having priority review and processing of funding requests, dealers can get expedited funding once notice of title is given within Account Portal. In simpler terms, once NextGear Capital is notified that you have the title, funding requests are initiated.
Pre-Paid FedEx Waybill for Titles
Rapid Pay also offers the added benefit of a pre-paid FedEx waybill. With the pre-paid FedEx waybill, dealers can send titles directly to NextGear Capital at no cost to them, making it a streamlined process for getting titles where they need to go.
Floor Owned Inventory
Maintaining cash flow is a constant priority for automotive dealers. For dealers that may need a cash infusion, floor planning owned inventory is a simple method to improve cash flow for dealership operations. With Rapid Pay’s new features, dealers now have the ability to floor plan inventory currently on their lots and receive immediate funding.
Dealers prefer to have the ability to know where their account, or any pending request, stands at any given moment. With Rapid Pay, dealers can immediately see the status of their funding request.
Please note that Rapid Pay and this improved functionality is available on the Account Portal’s optimized mobile site and when you log in to the Account Portal from a desktop computer. Need instructions on how to add Account Portal to your device? Click here for Android instructions, and here for iOS instructions.
Take advantage of faster funding through Rapid Pay. Unsure of how to use Rapid Pay? Learn here.