According to NACS, fees paid for credit card processing cost convenience stores $14 billion in 2021, a 26% increase over the year prior. In April, the industry will learn how much more inflationary prices caused the total amount spent on card fees – known as swipe fees – to increase in 2022.
In a recent article in NACS Daily, NACS shared that Valentine’s Day purchases will “cost consumers more than $500 million in higher prices for everything from cards and candy to roses and rings this Valentine’s Day, according to the Merchants Payments Coalition (MPC).” There’s nothing to love about that!
Credit and debit card swipe fees have doubled over the past decade and soared 25% to a record $137.8 billion in 2021. Swipe fees are also retailers’ highest operating cost after labor.
One way retailers can avoid paying such exorbitant swipe fees is by accepting only ACH bank debit payments. Liquid Barcodes’ revolutionary C-StorePay program can accept payments for fuel and subscription programs and can be designed to only accept ACH transactions.
C-StorePay allows retailers to offer customers a fuel payment option from their mobile app. While paying for fuel on an app isn’t new to the market, this seamless, easy payment process is something the convenience industry has not yet experienced.
C-StorePay Hailed by Retailer and FinTech Leader
Sunshine Gasoline upgraded its Max Carwash App to Sunshine Brand featuring a special fuel pay program, powered by C-StorePay. In a highly unique decision, Sunshine has opted to accept only ACH transactions on the app to quickly authenticate bank account information in just five simple steps that take less than a minute to complete and authenticate. The program was released across the retailer’s locations earlier this year.
Additionally, C-StorePay has achieved certification with global FinTech leader Verifone to integrate with Verifone’s cloud-based point of sale (POS) and site management software solutions for gas stations and convenience stores. Verifone’s vast C-store merchant base can now take advantage of a fully integrated solution for mobile payments with a connection to their fuel POS systems, allowing consumers to pay for fuel via the app.
Why C-StorePay? Happy Customers = Revenue
Time is money and saving both is extremely important to ensure happy customers. While gas prices remain high, ease your customer’s financial worries this coming Valentine’s Day by making their trip easier, less expensive, and most of all, convenient! Find out today how C-StorePay can save you – and your customers – real money.
About Liquid Barcodes
Liquid Barcodes is a leading global loyalty and digital marketing technology company specializing in the convenience and foodservice industries. The proprietary, cloud-based technology platform allows retailers to create and manage their digital marketing campaigns with a process called the “customer connection cycle’ to engage, promote and reward customers’ activities in real-time across digital and media channels.
Liquid Barcodes loyalty platform is powering loyalty programs for industry leaders across several global markets, by offering unique subscription, mobile payment, machine learning, personalization, gamification, loyalty, and other capabilities.
About the Author
Carolyn Schnare, Chief Content Officer, Liquid Barcodes
Carolyn Schnare has been involved with the convenience retailing industry for two decades with extensive knowledge of customer engagement and marketing, sustainability, and community outreach. Prior to Liquid Barcodes, Schnare worked at NACS (National Association of Convenience Stores) in a variety of roles from event production to membership and host and producer of the popular industry podcast, Convenience Matters. Schnare currently co-anchors the popular Shop Talk LIVE! video series for the Global Convenience Store Focus media company.
Sunshine Gasoline
Sunshine Gasoline upgraded its Max Carwash App to Sunshine Brand featuring a special fuel pay program, powered by C-StorePay by Liquid Barcodes, which allows consumers to conveniently pay for fuel using the app. Customers simply drive in, open the app, choose the fuel pump number, link their bank account (once) which activates the pump, and fuel up and go.
