September 2016 Industry News From Patriot Capital
Act Quickly to Benefit From Section 179 Tax Savings in 2016
Fuel retailers, jobbers and C-stores need to consider taking action in September to take advantage of potentially significant tax savings in the 2016 tax year. Capturing these tax savings will positively impact cash flow, providing funds that can be invested to help grow your business.
To benefit from Section 179 in 2016, equipment must be installed and in service by December 31, 2016.
Gas pump and POS manufacturers are warning that orders need to be placed for new equipment by the beginning of October for installation to take place before the end of the year. Read more on the subject in CSP Daily.
For more information on Section 179, please visit Patriot Capital's online resource center.
* Please consult your tax advisor for advice regarding your particular situation. Patriot Capital does not provide tax advice.
New Guide Helps C-Stores Protect ATMs From Skimming
A guide to assist C-stores in detecting and protecting against skimming at in-store ATMS has been released by Conexxus. The guide outlines steps C-stores can take to stop skimming, and explains what to do if their ATM is compromised.
Although in-store ATMs have not traditionally been targeted by skimmers due to the difficulty in placing devices unnoticed, the EMV shift has prompted criminals who use skimmers to collect credit- and debit-card data to become more brazen in their attempt to gain all the magnetic strip data they can before EMV card readers “close the window” on this method of theft. The guide can be downloaded here, and a free webinar hosted by Conexxus is planned for September 15.
For more on skimming, read this article in NACS Online.
"I believe the case for an increase in the federal funds (interest) rate has strengthened in recent months,” said Federal Reserve Chairwoman Janet Yelle, Wall Street Journal, Aug. 26. An advantage of financing with Patriot Capital is that interest rates are locked for the full term of your loan.
Patriot Capital Presenting 'One Year Left' EMV Seminar at Outlook Leadership 2016
Patriot Capital President Chris Santy will share insights on the October, 2017, EMV forecourt liability shift as part of the Outlook Leadership 2016 conference slated for Nov. 9-11 in Scottsdale, Arizona.
Entitled “One Year Left – What’s Your Forecourt Plan?,” the seminar will address:
EMV on the forecourt – what are the business risks? Although the liability shift is often discussed, there are other business impacts that may have a larger financial impact.
Is the glass half full? Learn strategies to make lemonade out of lemons. Making an investment in your forecourt can help grow both inside and outside sales.
Strategies to minimize cost and maximize benefits. Learn about merchandising opportunities, operational efficiencies, tax strategies and financing programs that can positively impact your cash flow.
To learn more about the Outlook Leadership 2016 conference, click here.
ExxonMobil and Shell have announced that branded retailers will become liable for card fraud in-store beginning Sept. 30 and Nov. 1, respectively. They have been indemnifying retailers since the indoor EMV liability shift in October, 2015. The EMV liability shift on gas pumps is next October.
Rutgers Study Outlines C-Store Crime Prevention Tactics
From better lighting and adequate staffing to revising store layout, there are many things C-stores can do to reduce and prevent crime. A Rutgers University study cites research that indicates the installation of better lighting is the single most cost-effective method C-stores can employ to deter crime inside and on the forecourt.
“Lighting may be the single, most cost-effective way to deter crime,” the study reports. “You also have a moral and social obligation to provide adequate lighting. If someone is hurt because you don’t have good lighting, you could be sued.”
Click here to learn more about the specific recommendations related to making C-stores safer. Patriot Capital offers a variety of LED lighting financing options; to learn more or find an advisor near you, visit the Patriot Capital website or call (877) 527-0383.
New UST Regulations: A Primer - Part 3
The new rules for underground storage tanks (USTs) implemented by the U.S. Environmental Protection Agency (EPA) have added requirements that could require the prompt replacement of many older USTs. We will provide an ongoing discussion of the changes in this newsletter.
Regular walk-through inspections of USTs are now required.
UST owners/operators must now conduct walk-through inspections of spill-prevention and release-detection equipment every 30 days, and of containment sumps and hand-held release-detection equipment on an annual basis.
Be aware that they will need to document these inspections. Industry experts warn that’s where the risk will come - in not being able to prove that the actions happened, resulting in fınes or shut-down time if owners/operators are not able to prove they are in compliance. If a UST owner/operator doesn’t have internal record-keeping ability, they should seek it from a vendor. UST owners have until 2018 to begin complying with this new rule, but industry experts recommend taking advantage of the phase-in time period to make sure owners and operators are ready to comply.
For details on the new UST regulations and an outline of the most pertinent changes, visit the EPA’s website. Patriot Capital provides financing for UST equipment and related installation work, in many cases providing 100-percent financing.
To learn more about the variety of financing options, get a quick quote or find an advisor near you, visit the Patriot Capital website or call (877) 527-0383.