How Spense
is geared for automotive payments with open banking
with open banking
Conversion rate
Launched in
Customers
Our collaboration
Spense provides a unique payment platform designed specifically for the automobile industry. Their mission is to create a better experience for consumers when buying and paying for cars and car services and enable customers to achieve significant administrative savings. They got their start in 2020 in Oslo and now provide payments for Porshe, Cupra, Skoda, Mekonomen, Frydenbø, Helios and Incadea to name just a few.
Spense identified that standard billing and payment practices were causing multiple friction points in industry for the dealers, service shops and their customers. They realized that this could be resolved by bringing together payment methods that are already loved by customers into one coherent solution.
The ease of being able to make a direct account-to-account payment right from their bank without having to leave their application made open banking a natural fit for their solution, their customers, and consumers.
As a company, Spense is very proactive – once they have their eyes on a solution, the race is on to implement it as quickly as possible. After signing with Neonomics, they were up and running with a live demo of their new ‘Pay from account’ solution for Porsche in just a week's time. 🏁
How it works
Once an order is ready for payment, the order is sent to Spense via an integration with their client’s DMS or via their stand-alone portal Spense GO. Spense produces a payment request and sends the customer SMS or email.
When the payment is complete, the customer can see where the vehicle can be collected and a detailed receipt, while the dealer or service provider receives instant confirmation that payment has been made.
A direct payment solution
customers love
Frictionless
The streamlined payment flow reduces manual entry, making it faster and easier for users to pay. Unlike cards, there is no credit limit, expiration date, or fees above a certain amount.
Cost efficient
An embedded payment solution that enables the user to see their bank accounts and pay right away without having to leave the app.
Faster settlement
A2A payments provide near-instant settlement increasing liquidity, reducing payment follow up, and providing dealers and workshops assurance needed to release vehicles.
Hear from the client
"Customers today desire user-friendly solutions, and Spense provides just that. In the past, customers were required to pay using credit cards or invoices. Now they can conveniently make payments from the comfort of their homes using their preferred payment method, and simply pick up the key from me afterwards. Our cash flow has improved significantly, transitioning from good to even better. Since implementing Spense, our accounts receivable has been reduced to nearly zero. As a result, we now function as a workshop, rather than a bank!"
Glenn Johannesen
General Manager, Utvik Autoservice
