This article is brought to you by Invenco.
ALEXANDRIA, Va.—Clarence Johnson’s phone won’t stop ringing. Johnson, who goes by CJ, is president of NTSS Inc. of Woodstock, Conn. Even before the April 17 deadline for EMV compliance at outdoor payment terminals, he was swamped with orders for retrofit installation using kits from Invenco, the only fuel pump technology company offering a rental solution for the EMV mandate.
“Most of my customers’ systems operate just fine, and they’ve never had any problems,” said Johnson, who retrofits fuel dispensers in Massachusetts, Rhode Island and Connecticut.
Replacing fuel pumps at a typical four-dispenser station runs about $60,000, and a pump manufacturer’s retrofit costs around $25,000. But that same station can be retrofitted and protected to comply with EMV mandates for less than a third of that cost, plus a monthly rental fee of about $132 over a four-year contract. The rent pays for the pump terminal and around-the-clock monitoring of payment activity. If the Invenco service team receives an alert about suspicious activity, the team can diagnose—and often resolve—the issue remotely.
Invenco EMV-as-a-service includes all warranty, service and related travel expenses in the price. Retailers pay nothing beyond installation charges and the monthly contract fee. The only exception is for intentional damage, such as vandalism, which is generally covered in a retailer’s insurance plan.
Johnson has been in the fuel pump technology industry since the ’80s and is impressed with Invenco’s efficient, hassle-free retrofit. Unlike replacing a station’s pumps, which requires permits and takes several hours per pump, a retrofit kit can be installed in less than 90 minutes.
“Unlike other companies, sending three or four technicians and undeveloped systems in brown boxes to your site, we develop most of the work offsite,” Johnson said. “When my team arrives at your store, we bring a fully developed product that is already programed, tested and ready to be installed and connected to the cloud.”
He describes the pin pad as “small, compact and superfast with a touch-screen that is like that of an ATM kiosk. Fuel customers notice and say, ‘Oh, you have a fancy, new pin pad.’”
But one of the most important benefits is the support Johnson receives from Invenco. “I can pick up the phone and dial Pauline Sage in customer service, and she’ll answer her phone. I can send an email to the IT support team and the entire team responds back. Tom Virnig, the business development manager, is quick to resolve any issues. They’re all extremely responsive.”
Retail customers aren’t limited to a monthly rental plan, and in fact, some fuel retailers may prefer to buy the Invenco hardware outright. “There’s a lot of flexibility, and we’re here to figure out what works best for the customer and service provider. The interesting thing about Invenco is that there’s nothing else like it on the market,” said Johnson, adding that the solution has been good for his business. “I’m extremely busy installing retrofits right now. I’m running seven days a week.”
This is the final installment of a two-part series about EMV compliance using rented software and hardware instead of replacing fuel pumps. Click here for more information about Invenco’s EMV-compliant payment terminals.