March 2017 Industry News from Patriot Capital
Eight Most Common Reasons Equipment Financing is Used
Nearly 80% of U.S. businesses finance or lease equipment, according to a report from the Equipment Leasing and Finance Association (ELFA).
The eight primary reasons businesses chose equipment financing are highlighted in this infographic. 
The most common reason is the ability to finance 100 percent of equipment and related costs, saving cash-on-hand for other expenses.
Other common reasons for financing include:
- the ability to stay up-to-date with new technologies,
- the option to bundle the purchase and installation of new equipment, and
- customizable terms and payment structures.
“There’s a reason nearly 8 out of 10 companies lease or finance their equipment — it makes good business sense,” said ELFA CEO, Ralph Petta
Patriot Capital offers a variety of equipment financing options for C-stores, fuel marketers and jobbers. To get a quick quote, or find an advisor near you, visit the Patriot Capital website or call (877) 527-0383.
34% of Retail Outlets in the U.S. are Convenience Stores.
Gas Pumps Remain Prime Target for Card Fraud
Bloomberg has reported that online card fraud grew 40%, primarily as crooks shift their efforts from in-store retail to other payment areas. Additionally, the growth of skimming on pumps continues to expand. Pumps are "one of the last bastions" for thieves, says Eva Velasquez, President and CEO of the Identity Theft Resource Center. Magnetic-stripe technology, she says, lacks layers of protection. "It's lucrative -- people wouldn't do it if it wasn't."
At a recent presentation, a Secret Service agent shared how much skimmers have improved - now they're using blue-tooth technology, and cost about $5 instead of more than $80.
Skimmers are as small as a thumb drive and nearly impossible to detect unless you know what to look for.
"It was quite ingenious what the perpetrators did," investigator M. Ellison told KPRC about Houston skimming attacks, noting that having credit and debit card numbers stolen at gas pumps is a growing problem across the U.S.
Upgrading to EMV at the pump is a recommended strategy to thwart this growing crime wave, as EMV chip cards generate a unique code for each transaction, making the skimmed data useless to thieves.
Will Amazon's Alexa Revolutionize Your Drive?
Volkswagon has become the most recent car maker to add in-car artificial intelligence (AI) integration, working with Amazon's Alexa to provide drivers with improved and easier interaction.
Amazon's Alexa brings a wave on hands-free convenience to the driving experience, including organizing your calendar, answering questions and playing your music. Integrating pay-at-the-pump mobile payment technology into new vehicles is also in the works at car makers Ford, Honda, Mazda, and Nissan.
Read more about this new technology here.
40% of Gen Z Purchase Prepared Food at C-stores at Least Once a Month. Read more about Gen Z C-store shopping trends here.
Gulf Oil, 7-Eleven Joining the Mobile Payment Field With Launch Of New Apps
Gulf Oil recently announced that it has launched a new mobile payment application that will allow customers to pay at the pump and make in-store purchases. The app also helps customers find Gulf stations and take advantage of special offers.
7-Eleven also has launched a new mobile payment app, in addition to encouraging customers to pay their bills at 7-Eleven stores via its Bill Pay app. These app rollouts are part of a push to improve customers experience and loyalty.