November 2016 Industry News from Patriot Capital


Major Oils Begin Sharing EMV-At-The-Pump Goals

During the annual NACS show there was discussion about major oil brands’ positions on EMV.  What we heard includes:

  • Due to current oil prices, it's unlikely that there will be major subsidies from the brands for upgrading to EMV dispensers.
  • One major is recommending that dispensers over 8 years old be replaced rather than upgraded, to help ensure that they are ready for future needs.  (Oil Express, Oct. 21, 2016)
  • EMV software will be ready for many brands by the October, 2017, deadline. Once in-store software has been approved and released, the work required for outside EMV is much less significant.
  • Both major pump manufacturers are shipping “EMV ready” dispensers that will only require a software upgrade to process EMV transactions.
  • Lead times for technicians are increasing due to demand, and they will likely continue to increase throughout 2017 as more retailers upgrade.
  • Many private-brand sites are well down the path of upgrading their sites, and may use 'being safe for payment' as a marketing tool next year.

We encourage you to talk to your brand representatives and equipment distributor to understand what is required or recommended to meet the October 2017, EMV liability shift. To learn more about EMV, visit our EMV resource center.


To capture Section 179 accelerated tax depreciation in 2016, equipment must be in service by Dec. 31.  For more information, see our EMV Resource Center.


Greater Security Elsewhere Makes Gas Pumps A Prime Target For Card Fraud

The roll-out of EMV point-of-sale technology at retailers has made gas pumps a prime target for fraudsters, according to recent reports. This means gas retailers must be even more vigilant in their pump inspections to thwart skimmers.

Conexxus has updated its skimmer-resource package for gas station operators, advising them to take the following precautions:

  • Change the locks on gas pumps.
  • Use and track pump security seals. If the pump is opened, the label will be cut or read "void," which indicates the machine has been tampered with.
  • Shut down and bag questionable pumps, and have the machine checked for skimmers.
  • Make pump inspection part of the site's daily routine.
  • Thieves often use counterfeited security stickers. During daily inspections, employees should ensure sticker serial numbers match the site's master list.

Following these precautions should deter thieves from installing skimmers, and protect both your site and your customers. 

For more on how to prevent skimming, click here.


Looking to grow your business?  Here are 20 ideas for small businesses, including: Advertising online can be inexpensive if you target your location. Limiting the radius to 1 or 5 miles from your location controls costs - in many cases, these ads cost less than 25 cents.


Reports Indicate Consumers Are Ready For Mobile Payments, But Retailers Need To Catch Up

Recent industry reports indicate that American consumers are itching to use mobile payment technology, and are waiting for retailers to catch up.

Reports indicate that roughly 17% of iPhone owners had used Apple Pay, and 7% of Android owners had used Android Pay. One problem is that only a small percentage of U.S. retailers have installed the NFC technology to accept mobile payments, lagging far behind retailers in the U.K and Australia.

A recent survey showed that 80% of consumers in the U.K. and Australia have used a tap-to-pay method, while 80% of consumers in the U.S. had not. Part of this has to do with minimal acceptance of contact-less methods at U.S. retailers compared to a large - and growing - number of merchants accepting it in the U.K. and Australia.

For more on the growing acceptance of mobile payments in the U.S., click here.


Wondering how to obtain equipment financing? This infographic shows the 6 steps. Click here to download a PDF file.


Interest Rates Forecast To Rise In December

The consensus opinion is that U.S. central bankers will hold interest  rates until after the November election, with an increase expected "relatively soon."  This points to an increase at the Fed's December meeting.

An advantage of equipment financing is that interest rates are fixed, not variable, for the full length of the agreement.  For more information, read this story from Bloomberg.

Patriot Capital - 1200 Ashwood Parkway
Suite 570, Atlanta, GA 30338 877-527-0383