October 2017 Patriot Capital Industry News

Eat Cake for Breakfast!

Similar arguments can be made as to why we should eat cake for breakfast and many are in support of waiting on EMV instead of doing EMV now.

1. All my friends are doing it - Large numbers of own brand and branded retailers have reporting that they are investing in EMV upgrades now.
2. We don't know what will happen later in the day - The "I'll wait" argument usually relies on one of two things, there will be new technology by 2020 or VISA will push back the dates. Neither of which are very compelling.
3. There might not be enough for everybody - This holds true for both cake and dispensers. With pump upgrades, there are a limited supply of technicians, manufacturing capacity, and a growing demand. Shortages and scarcity create inflation. 
4. This is boring and no fun - The costs that can be avoided by upgrading to EMV pumps challenges the idea that investing in technology that has no clear ROI is no fun. 

In both cases, we know what’s good for us when we stop and think through the pros and cons.

C-Stores give great career foundation - 84% of those who worked in a c-store think that the experience gave them a good foundation for their careers. NACS

Two Tax Deductions Every Fuel Retailer Should Consider

Just because it's fall does not mean it is not too early to think about April. Optimization of your taxes requires advanced planning that can yield big savings. 

Both Section 179 and bonus depreciation are forms of "accelerated depreciation" and allow you to recoup all or a significant portion of an asset's depreciation in the first year of the equipment's use. 

Act by December 31, 2017 to take advantage of these deductions. 

Sheetz has upgraded its entire network of stores to standardize EMV in the forecourt to protect its customers from fraud and boost in-store business.  

How to Decode Your Credit Card Numbers

Credit card numbers are not random. The numbers follow patterns established by the International Organization for Standardization and help to identify your account and provide routing information for your charges. 

The first digit identifies your credit card issuer.

The middle digits identify the bank or institution that has issued the card.

The last number, the "check digit," completes a digital algorithm that is sent to the processor for verification of validity. 

Retailers are seeing a boost in their bottom line because of growth in food sales. 60% of c-stores had higher growth in 2017 than 2016. NACS

Fed on Track to Raise Interest Rates Four Times Next Year 

After holding interest rates near zero for seven years, the Fed has now raised them four times since late 2015....In September, it left rates unchanged and penciled in one more quarter-percentage point rate rise in 2017 and three in 2018.

Attending this years NACS Show in Chicago is like visiting the world's largest c-store. View a wide range of new products that can help you grow your sales and improve your operations.

Accepting EMV Chip Payments at the Fuel Pump Webinar 

Looking to gain an understanding of what EMV at the gas pump requires?  The U.S. Payments Forum hosted a webinar, held in partnership with Conexxus, to provide guidance to c-store owners looking to understand the requirements of moving to chip technology at the pump in advance of the payment networks’ October 2020 fraud liability shifts. The webinar can be viewed on YouTube or downloaded by clicking here.

Equifax: How Not To Handle a Data Breach

If there was ever an example of how not to handle a data breach, that allowed hackers to gain access of up to 143 million Americans, Equifax has provided it. 

• The company waited too long to notify the public of the data breach
• Days following the breach, three executives sold stock totaling upwards of $1.8 million
• The company faces a class-action lawsuit accusing it of being to lax with security in interest of saving money 
• The tool offered on the website to check if customers were effected has not been performing well

Well-handled data breaches can still make companies look bad in the public eye, but damage to the image of a company can be mitigated with careful planning and risk management. 

Millennial snack food brand, Snackworthy, to debut innovative and award-winning line of better-for-you snacks at NACS.