The first EMV chip transactions have now occurred in the U.S. Kamlesh Patel, owner of 49 Fuels, stated that since "our dispensers were already EMV-ready, turning on EMV at the dispenser just required a simple Passport software upgrade."
Industry research suggests that up to half of the gallons pumped in the U.S. in 2018 will be from EMV enabled dispensers – dispensers that have EMV hardware installed and need only a POS or minor dispenser upgrade.
Dispenser and POS Companies See the Future - In the Cloud
Over the past several weeks, Gilbarco, Wayne Fueling, Conexxus and Verifone have held their annual user meetings. One of the objectives of these meetings is to provide customers with a glimpse into near term, and not so near term, products.
Here are some of the key trends that were discussed at these meetings:
- Autonomous and connected cars.
- The Cloud.
- EMV and Payment Security.
Choosing to invest in upgrading your business, whether it’s new gas pumps financed to grow your sales or upgrading underground storage tanks to meet updated EPA regulations, is an important decision. In making any investment decision, your first consideration should always be the return on your investment (ROI).
In determining your ROI, there are three components to consider:
- What is the cost of the equipment or investment?
- What will the equipment earn?
- What could happen to make the return on investment different than you expect?
Washington D.C. – March 24, 2017 -- Petroleum Marketers Association of America (PMAA) announced today that their members selected Patriot Capital as the nation's best equipment financing company. This honor represents the third consecutive year that Patriot Capital has been chosen by the national organization.Continue Reading...
Protecting your social security number may not be the only number to safeguard if you run a business. Your company may have an Employee Identification Number (EIN), which is the business version of a social security number and used to identify it. An EIN is needed to open bank accounts or take out credit, but it doesn't have the same protections that an individual's social security number benefits from. Theft of EINs allows fraudsters to potentially open up lines of credit in the company's name or empty bank accounts.Continue Reading...
Every year at this time, business owners reflect on the taxes that they are paying. A recent Wall Street Journal article1 highlighted the fact that the average tax rate for larger U.S. corporations is 21.2%2, noting “most mid-size and smaller firms pay much higher rates.”
One tax strategy that gas stations can use to lower their taxes and improve their cash flow is Section 179. This tax incentive enables those purchasing new or used capital equipment or making site improvements to capture benefits in the current tax year.Continue Reading...
If you’re thinking about buying or financing new gas pumps, you may be wondering what the outlook for gas consumption in the U.S. is. PEI (link to PEI.org) President Rick Long shares his perspective on the outlook for electric vehicles, ride sharing and car sharing in this editorial from PEI’s TulsaLetter.Continue Reading...
When Visa, MasterCard, and American Express announced the extension of the EMV forecourt liability shift from 2017 to 2020, there were two similar reactions from different camps in the industry for vastly different reasons.
- Smiles from fuel marketers who’ve already updated the majority of their sites and who see the extension as an opportunity to differentiate, and get a better ROI on that investment.
- Cheers from marketers who expected the date to be pushed back, and don’t plan to do anything for another three years.Continue Reading...