National Payment Card Launches GasCapRewards
COCONUT CREEK, Fla. -- National Payment Card Association launched Gas Cap Rewards, a national, branded debit card program that offers c-store operators a low fixed cost transaction and provides information on their customers.
GasCapRewards' real-time merchant reporting system gives retailers each enrolled consumer's name, e-mail address, phone number, shopping frequency and amount spent. This information can be used in conjunction with an existing loyalty program. The program provides consumers an immediate price rollback reward at the time of purchase. Rewards are funded by passing a portion of the transaction savings back to consumers.
GasCapRewards fees are substantially less than percentage-based fees charged by traditional credit and debit card networks, according to NPCA, which processes the transactions. NPCA is not associated with credit or debit card banking institutions. GasCapRewards settles transactions from enrolled consumers who have provided NPCA with access to funds in their checking accounts so they may pay for fuel or in-store purchases.
Interchange fees cost American consumers nearly $2 of every $100 they spend using credit cards. For retailers, interchange fees are the second-highest store level cost behind labor.
GasCapRewards is available through VeriFone, Gilbarco, Radiant or Wayne point-of-sale (POS) distributors.
In other NPCA news, KPG Ventures, a venture capital firm specializing in seed-stage technology companies, invested $2 million in NPCA, which will use the money to fuel growth beyond the c-store and fuel markets, into supermarket and chain drug outlets.
"KPG seeks investments that can scale and solve a highly defined consumer problem and found both of them in National Payment Card Association," Dave Hills, general partner of KPG Ventures in San Francisco, said in a statement.
NPCA first introduced its alternative payment solution in June 2006. Its PIN- based payment system processes transactions through the Federal Reserve Automated Clearing House (ACH), resulting in lower merchant fees.
GasCapRewards' real-time merchant reporting system gives retailers each enrolled consumer's name, e-mail address, phone number, shopping frequency and amount spent. This information can be used in conjunction with an existing loyalty program. The program provides consumers an immediate price rollback reward at the time of purchase. Rewards are funded by passing a portion of the transaction savings back to consumers.
GasCapRewards fees are substantially less than percentage-based fees charged by traditional credit and debit card networks, according to NPCA, which processes the transactions. NPCA is not associated with credit or debit card banking institutions. GasCapRewards settles transactions from enrolled consumers who have provided NPCA with access to funds in their checking accounts so they may pay for fuel or in-store purchases.
Interchange fees cost American consumers nearly $2 of every $100 they spend using credit cards. For retailers, interchange fees are the second-highest store level cost behind labor.
GasCapRewards is available through VeriFone, Gilbarco, Radiant or Wayne point-of-sale (POS) distributors.
In other NPCA news, KPG Ventures, a venture capital firm specializing in seed-stage technology companies, invested $2 million in NPCA, which will use the money to fuel growth beyond the c-store and fuel markets, into supermarket and chain drug outlets.
"KPG seeks investments that can scale and solve a highly defined consumer problem and found both of them in National Payment Card Association," Dave Hills, general partner of KPG Ventures in San Francisco, said in a statement.
NPCA first introduced its alternative payment solution in June 2006. Its PIN- based payment system processes transactions through the Federal Reserve Automated Clearing House (ACH), resulting in lower merchant fees.