An article by Sherry Slater in the Journal Gazette describes how Petroleum Parts Inc, an Invenco partner based in Fort Wayne, has been working with service station owners to upgrade fuel pumps as technology and regulations demand. In the article, PPI describes how credit card issuers are now pushing demand for the industry to replace or update gas pumps so they can process payments using chip-enabled credit cards.
But it is a shift that can come at considerable expense to the pump owners. According to Sherry Slater: “new fuel pumps cost about $15,000 and require breaking up – and repouring – concrete to make the switch”. PPI is promoting a more cost-effective alternative using Invenco’s G6 OPT technology.
“Rick Byanski, PPI’s president, said his company offers a lower-cost option. Fuel station owners can pay about $5,500 for a G-6 module payment device installed by PPI in about 30 minutes.
Saving roughly $10,000 – and the cost of removal – adds up quickly when you consider that most gas stations have several pumps, he said.”
Ms Slater goes on to explain that despite the recent decision to shift EMV liability for Outdoor Payment Terminals out to November 2020, the demand for pump upgrades is still massive and PPI is ready to meet that demand:
“For example, about 125,000 convenience stores sell fuel in the United States, accounting for 80 percent of fuel sold in the U.S., according to the National Association of Convenience Stores. Terry VanGilder, PPI vice president, said the local company is “ready to go today” to meet the need. “We’re shipping, and we’re installing,” he said…PPI officials expect a gradual transition to updated technology over the next three years as some station owners postpone the expense but others decide to get it done. Consumers should educate themselves on which fuel stations have the latest, most secure payment technology and buy from those retailers, VanGilder said.”
The article also includes a quick overview of how credit card transactions work, which is useful for anyone new to the industry.
Read the full article as published in the Journal Gazette.