SOUNDPAYMENTS | Industry Challenges
Sound Payments is a multi-channel, diversified technology company with innovators and experts in the Payments, Petroleum and Financial Services Industries. Our company supports business growth worldwide by providing cutting-edge, simplified software and hardware solutions in multiple industries.
Payments, semi-integration, semi-integrated payments, payment solutions, ISV, ISO, Resellers, cloud services, healthcare technology, practice management system, practice management companies, PCI, POS, petro, petroleum, software, hardware, financial services, semi-integrated, payment solution, ISV, EMV, merchant, retail, retailer, ECR, electronic cash registers, solutions
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The Petroleum industry has a mandate to move to EMV by 2021. Due to the infrastructure constraints, this can be a costly endeavor for Petroleum Stations (can be between $60k-$200k or more for a smaller location). In the petroleum industry, the lack of cost-effective, simple solutions that allow for innovative consumer services while handling EMV puts many small to medium-sized companies at a disadvantage.
Endorsed by PAX Technologies, Sound Payments Petro Solutions has an answer to enable EMV without full construction. Our unique approach to this market allows it to provide a cost-effective multi-point, cloud-based solution that delivers EMV without the many hassles of traditional installation. Some of the hardships companies face include:
- Competition in the market and high costs of equipment and technology solutions that help differentiate
- Bringing equipment and tanks up to the latest environmental industry requirements
- Complexity of integrating new technologies (wallet apps, loyalty programs, etc.)
- Challenges in accepting newer payment methods
- Difficult to connect multiple end points
- Difficult deployment, installation and potential for disruption to daily operations
- Ability to leverage processing options is difficult
Payments, fully-integrated, are in PCI scope - Industry certifications for Fuel EMV still take 9+ months to complete through the integrated system
- EMV certification impacted by any payment changes or register changes
- Vendor readiness for EMV Certifications and impact of their solution
- Liability shift moved to 2020, but leaving AFD (Automated Fuel Dispenser) a target for fraud
