During the peak of the pandemic in 2021, service stations’ profitability plummeted as many individuals worked from home and traffic decreased. In the second half of 2021, just as people were resuming their routine, the price of gas skyrocketed to levels not seen in years, deterring potential consumers from driving long distances.
Meanwhile, the April 2021 Federal deadline for service stations to become EMV-compliant has passed. EMV is short for Europay, MasterCard, and Visa. It’s a costly prospect for independent gas station operators who haven’t made the deadline. Upgrading for EMV compliance might require the removal of pumps and major renovations, as well as pricey modifications.
Furthermore, when upgrading for EMV, service stations suffer a loss of business continuity when the pumps are out of commission for days or weeks, further depleting the company owner’s money. Changing a single pump for EMV compliance may cost a service station owner between $10,000 and $20,000 in lost revenue. For those who need to break up concrete and replace four pumps, the expense can jump up to $150,000 to $200,000.
However, a unique division of National Retail Solutions (NRS) may be able to help you and your business by providing a cash advance. This way, you’ll have enough money to cover expenses. NRS Funding offers cash advance, a service that helps service station owners pay for EMV-compliance, and any other use, to improve and mainstream their business. A gas station owner, for example, may use part of – or the whole amount of – an NRS Funding cash advance to upgrade to a pump-integrated POS, recruit new personnel, replenish a rainy-day reserve, or for any other needs.
NRS Funding cash advances are more flexible payback plans than conventional bank loans; which makes it an ideal funding solution for gas stations. Combined with the NRS Petro program, which is available as a premium service for gas stations, NRS Funding enables company owners to switch to a pump-integrated POS system while remaining cost-effective. NRS Funding offers a stress-free solution to help service station owners with cash for NRS Petro so that they don’t have to lay out upgrade funds out of their pocket. It is a worthwhile investment – and a win-win.
With a pump-integrated POS and EMV compliance through NRS Petro, service station owners reap the benefits of keeping up with the latest technology. The EMV compliant pumps can read smart card chips, allowing for fraud-free payments as well as helping to protect consumers and station owners against credit card theft.
All of this makes customers more confident that they are filling up at an EMV-compliant service station that is less prone to fraud. Take into account that non-EMV compliant service station operators are responsible if you experience fraud or theft at their station.
The marriage of NRS Funding with NRS Petro is a match made in heaven for gas station owners. Obtaining business funding is as easy as 1-2-3. With just a ten minute application and a free quote, $2,500-$500K can be available within 24-48 hours. To get started, apply at getnrsfunding.com.