For as long as consumers have shopped, merchants have provided payment solutions. Whether it was through a barter system when money got tight or during the advent of the credit card, both buyers and sellers have gravitated to the most economical and efficient payment methods at hand. That is why this season of payment solutions is so fascinating. The trends are definitely shifting, and consumers are choosing with their wallets, literally in this case. Merchants are also seeking solutions that protect their bottom lines.
Intevacon offers a unique payment solution focused exclusively on the oil marketer—we created this system for the marketer, and our business model is built for his/her benefit. As a card processor, Intevacon provides all levels of card processing data—transaction details, quantities, taxes, product codes, etc.—without having to involve the middlemen.
Think of the traditional credit card processor. When you think of this credit card processor, you also have to think of all of the other players involved—the banks (both the cardholder and the merchant bank), the issuer of the card, the acquirer, etc. Credit card fees continue to increase as each player takes a piece of the pie. With margins for fuel counted in pennies, this cut is noticeable to a marketer. Not only does the marketer sacrifice his/her margin to processing fees, but he/she also loses the relationship to the cardholder.
We have seen traditional banks fall out of vogue more and more in time. An article in CSP News titled “Blowing Up the Bank” starts with the line “The banking system today is going to be totally blown up in the next 10 years.”1 Alternative banking and payment solutions are the way of the future. Another article corroborating this claim quotes the research firm, Packaged Facts, saying that approximately 40% of adults 18 years or older are unbanked.2 With this trend, we will continue seeing a shift away from traditional banking to “non-bank” funding accounts and reloadable prepaid cards.
Several non-traditional players have emerged, amongst them: Google, Paypal, and Amazon. We are excited for this new landscape of payment solutions, as it challenges the status quo and gives both consumers and merchants new options. When considering how you will choose to conduct business, consider your partners carefully. An article recently published in Forbes about the future of mobile payments stated, “Whoever ends up with controlling interests in this new digital ecosystem will reap billions in transaction fees, collect massive amounts of consumer data […].”3
Intevacon’s focus is to provide card processing services to our marketers so that you will be able to grow and protect your margins. Your success is our success. With Intevacon, you will always be in the center of your relationship with your customer. We are transparent and generous with our pricing model, and we offer the best customer service in the industry. Give us a call if you want to learn more about adopting a proprietary fleet card program through Intevacon. Now is the time to take back control of the transactions you are working so hard to achieve.
“Blowing Up the Bank.” CSP. April 2014. Web. April 2014. http://www.cspnet.com/industry-news-analysis/technology/articles/blowing-bank
“General Merchandise: Prepaid & Financial Services 2014.” CSP. April 2014. Web. April 2014. http://www.cspnet.com/print/csp-magazine/article/general-merchandise-prepaid-financial-services-2014?page=0%2C0&utm_source=SilverpopMailing&utm_medium=email&utm_campaign=Daily%20News%2004-28-2014%20%281%29&utm_content=&spMailingID=45724913&spUserID=MjU0MDQ1OTk0MjkS1&spJobID=423296958&spReportId=NDIzMjk2OTU4S0
“Can PayPal Beat Apple, Google, Amazon And Icahn In The Wallet Wars?” Forbes. March 2014. Web. March 2014.http://www.forbes.com/sites/stevenbertoni/2014/02/12/can-paypal-beat-apple-google-amazon-and-icahn-in-the-wallet-wars/