Sarasota, FL — ACH Collector is the latest addition to the Leedom Group’s growing list of product offerings. It is designed to enhance profitability for buy-here pay-here operators by taking full advantage of the technology their customers are already using.
ACH Collector is an electronic money transfer system, which provides dealers the ability to accept payment directly from the customers’ checking or savings accounts. Today, most consumers are familiar with online banking services and now more and more buy-here pay-here clientele are using this fast-growing payment option.
ACH Collector also allows dealers to perform instant check conversions. This service allows dealers to automatically transfer the funds into the dealer’s account without first having to deposit a physical check.
“In fact, this is a very robust system,” said Jon Leedom, ACH Coordinator with the Leedom Group. “Not only will it enhance dealer cash-flow and establish better relations with existing customers, it will free up collections staff to reduce delinquencies and ultimately reduce charge-offs.”
Leedom noted that the ACH Collector’s services go beyond the dealer-customer relationship, and can be used to assist the dealer in payroll, vendor payments or any services for which the dealership must now write checks.
“During the past year, some $31 trillion in transactions occurred using ACH protocols, and that was just 16 percent of all non-cash transactions,” Leedom said. “Each time a dealer uses ACH Collector in the course of doing his day-to-day business, he can save, on average, 50 percent to more than 200 percent over the cost of physical check processing.”
Chris Leedom, president of the Leedom Group, said the buy-here pay-here business as a financial enterprise is always in a constant state of evolution.
“Today, part of that evolution is the emergence of ACH payments as a way to more efficiently handle customer payments,” said Chris Leedom. “The ACH process, which allows the dealer to access customer accounts, verify funds, and get virtually instant payment, is a welcome addition to the collection process.
“There is an ever-larger growing number of clientele who are asking for dealers to have this service and one that is becoming increasingly easier to acquire and use in a dealership. We believe that ACH Collector is one of the easiest to use in the industry and was expressly designed for the BHPH industry.”
For more information about the Leedom Group or details on the ACH Collector Program, visit