MIC to Upgrade Credit Card Program for Dealers?

Publish Date: 
Feb 16, 2007
By Joe Delmont

DEALER EXPO, Indianapolis, Ind. - The Motorcycle Industry Council (MIC) is demonstrating several expanded programs for dealers this year at its own booth (6644) and those of several of its vendor partners. But perhaps the biggest news for powersports retailers is that the association may be expanding the flexibility of its dealer BankCard system.

The MIC's BankCard Program is important because it is perhaps the program that most directly affects a dealer's bottom line. The program provides a package that allows dealers to buy credit card processing services at a discount off standard rates offered elsewhere.

In response to what may have been the most frequent request from participating dealers, the MIC has reportedly created the ability to process private-label credit cards through ADP/Lightspeed's dealer management system (DMS). HSBC, the company that handles the financials for the program, plans to integrate processing of VISA, MasterCard, Discover, debit and gift cards exclusively through the Lightspeed system, according to industry sources.

Because of this, dealers will be able to process any HSBC private-label card — including the Kawasaki Good Times Card, the Yamaha card and the Suzuki Retail Finance card — through Lightspeed just as they process VISA, MasterCard and other bank cards.

This breakthrough would eliminate the need for multiple terminals, multiple processes and numerous routines that are in place to process these OEM-issued finance cards.

The average dealer could save close to $1,000 per month in costs through the program. — Joe Delmont