July 2017 Industry News from Patriot Capital
EMV At The Pump Now Live
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.
Why this matters?
Your customers are rapidly becoming familiar with the benefits of EMV payment security inside your store, and at
other stores and restaurants. As EMV at the pump becomes more common, your customers will look for sites with secure
payment, and crooks will look for vulnerable sites to steal payment card data from.
Check
here for more details.
Retail is a customer business. You're trying to take care of the customer - solve something for the customer. And there's no way to learn that in the classroom or in the corner office." Erik Nordstrom, President, Nordstrom Direct
Interest Rates Rise for Third Time in Six Months – Four Additional Increases Forecast
The Federal Reserve has just announced a third rate increase
in their efforts to return interest rates to ‘normal’ levels. The central bank also maintained
their outlook for an additional rate increase in 2017. As reported by Bloomberg, the Fed is also
projecting an additional 3 rate increases in 2018.
Why this matters?
If you are considering upgrading your station, locking in today’s historic low rates is one of the benefits of
equipment financing. Patriot Capital's interest rates are fixed for the entire term of your loan.
Four Ways to Protect Your Online Privacy
Unless you are completely disconnected, you are sharing a wide range of personal information with a growing number of
online data aggregators. Whether we are doing business or communicating one-on-one, we are constantly sharing our
information. Information collected includes the websites you visit, the videos you watch, the photos you
upload and the purchases that you make.
A recent Wall
Street Journal article by Geoffrey A. Fowler provides several sites that you can use to review the data
that has been collected about you and your business, and have some of the information removed or corrected.
- AboutTheData.com - Data shared includes your vehicles, home, income and political affiliation. The site provides some ability to delete or edit information.
- FamilyTreeNow.com - Provides current and past addresses, age, and phone numbers. Also, may list possible relatives. You are able to have this information removed.
- Google My Activity - Google ‘regularly obtains location data from devices for which you've turned on Location History’. In addition, Google maintains a history of your web-browsing and Google searches. You are able to manage what data is collected and retained.
- Spokeo - Uses ‘deep web technology’ to accumulate and consolidate public data such as your emails, phone numbers, birth month, current and past addresses, social networks, court records, and relatives. You have the option of removing information by clicking here.
Who would have known I have an Uncle Wilton – it was news to me!
In discussing a mag stripe card data breach at Chipotle Restaurants, USA Today points out: "Consumers can try to protect themselves by looking for retailers that have enabled chip-based credit and debit card use on their POS terminals. These are much more secure than magnetic stripe cards."
Why Upgrade Your Site in 2017?
What do these 3 things increasing - interest rates, equipment prices, and technician costs – mean to your
convenience store profits? If your store needs some improvements, it's likely that they'll cost more if you
wait - and you'll not get the sales lift these upgrades could deliver.
Patriot Capital’s checklist shows why upgrading your site now is a smart move. Download the checklist here.
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.
Economic Optimism Will Lead Consumers to Drive More This Summer
According to a recent survey from NACS, more Americans are planning to hit the road this
summer. Almost 30% of consumers say they will be driving more over the coming
month.
Relatively low gas prices are fueling consumer optimism. "Continued strong optimism over the economy and
an expected increased in summer driving is great news for convenience stores and other retailers who cater to summer
travelers," said Jeff Lenard, NACS vice president of strategic industry initiatives.
Will E-15 become a year-round fuel? Kwik Trip, Kum and Go, and RaceTrac are urging Congress to remove regulations banning E15 sales during the summer. via NACS Online.
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