ALEXANDRIA, Va. – Card payments in convenience stores have grown from 21% of transactions in 1995 to 72.2% of transactions in 2017, but in 2017, it cost convenience retailers $10.1 billion to accept those cards. Now NACS and Worldpay have announced a joint solution for NACS members.
Payment technology has been a boon to the world of retailing, but processing fees whittle away at profits. The NACS Payment Processing Program (PPP) was created to reduce card processing fees for unbranded convenience and fuel retailers. Program participants enjoy reduced fees as a result of processing efficiencies and combining their transactions with NACS members and others in the industry.
For most small and mid-size retailers, the PPP rate is 2.9 cents per transaction after interchange, which is extremely competitive for NACS members of this size. There are no hidden fees or percentage rates.
NACS chose Worldpay as its exclusive payments processor because of the company’s extensive presence in the unbranded fuel and convenience store markets in the United States, Worldpay’s global reach and its successful relationship with the Petroleum Marketers Association of America. NACS members can find more information on the program at www.convenience.org/PPP.
“Worldpay is a significant player in the unbranded fuel and convenience store market with the capabilities to deliver innovative, scalable solutions and be a trusted partner to all of our members,” said Michael Davis, vice president of member services, NACS.