It's happened to many of us. We've paid for gas at the pump only to later find out that our credit or debit card information has been hacked. The frustration sets in when you have to cancel your card and make a claim to recover those funds. Well, the good news is that all gas stations in Florida will have to install chip readers at the pumps by 2020. However, that is not so good of news for small, independently owned convenience store owners who will bear the upgrade expense of upward of $17,000 per pump.
Swann Realty commercial agent, Mrugesh Shah, is a former gas station owner/operator with over 30 years of experience in the industry. As an entrepreneur and business broker, he has some advice for consumers and businesses as it relates to the current reality and what is to come for paying at the pump.
For consumers, Mrughesh says:
For consumers, Mrughesh says:
- If you pay at the pump, always use credit, since most stations don't have chip readers at the pumps yet. If it is a debit card, run it as credit, that way if the card is skimmed, you are guaranteed for your money to be returned.
- One way to play it safe is to go inside and pay with your chip. It isn't as convenient, but you have greater protection.
- Card skimmers are very difficult to uncover these days making it hard for gas station owners to detect. Don't just assume card readers are safe.
- For mom and pop owners, it is going to be very pricy for them to upgrade their pumps to chip readers, and it could be a financial strain that might cause them to close their doors.
- If they are going to try to make it, they need to up their game to compete with big companies such as RaceTrac and Wawa. A few ways to do this is to serve better food inside the store, as well as make sure it is very clean and provide top-notch service.
- Owners need to make sure they are making a profit when selling gasoline. Because of the market fluctuations, this can be tricky for some.
- For many gas station owners, this is like their baby to them. However, if they are considering selling, now is the time to do so.