NRS Introduces an Affordable and Convenient EMV/Chip Card Payment Solution for Independent, Unbranded Gas Stations

Rhea-AI Summary

National Retail Solutions (NRS), a subsidiary of IDT (NYSE: IDT), has launched the NRS EMV EZ Pump Solution, a cost-effective payment processing service for gas stations, enabling compliance with EMV standards. Starting April 2021, gas stations must accept chip card payments to avoid liability for fraudulent transactions. The NRS solution is affordable, with installation costs significantly lower than new pumps, which can exceed $20,000. This solution supports various payment methods, including contactless payments, crucial during the Covid-19 pandemic.

Positive

• Launch of NRS EMV EZ Pump Solution enhances payment processing for gas stations.
• Cost-effective alternative to expensive new pumps and retrofits, with installation costs significantly lower than $20,000.
• Supports contactless payments, addressing health concerns during Covid-19.

Negative

• None.

NEWARK, N.J., Oct. 27, 2020 /PRNewswire/ -- National Retail Solutions (NRS), the leading point-of-sale platform for independent convenience stores, today announced the launch of its NRS EMV EZ Pump Solution, a convenient, affordable pay-at-the-pump retrofit and payment processing service that accepts EMV (chip) payment cards.

Beginning in April of 2021, major credit card companies plan to hold gas stations liable for fraudulent purchases, chargebacks and other counterfeit transactions if they have not converted to accept chip card payments at each pump and payment point.

The NRS EMV EZ Pump Solution offers gas station operators nationwide an affordable, easy to install, set-up and operate pump retrofit and payment processing solution that accepts EMV payments and complies with EMV standards.

The alternatives to the NRS EMV EZ Pump Solution are often more expensive and may entail substantially more disruption to station operations during installation.  New EMV-compliant gas pumps can cost $20,000 or more plus installation and associated downtime.  Retrofit kits offered by gas pump manufactures can cost $5,000 to $10,000 or more per pump.

Eric Goldberg, Vice President of NRS Petro, NRS' new division for fuel retailer solutions, said, "Independently owned gas station owners are deeply concerned by the April 2021 outdoor EMV liability deadline.  Some are considering closing altogether because they cannot afford the high costs of new pumps or manufacturers' pump retrofits. Fortunately, the NRS EMV EZ Pump Solution is EMV compliant, cost-effective, entails minimal disruption and is easy to operate.  Owners should fully explore all their options before they make their compliance decision.  I strongly urge them to contact NRS Petro today to learn how affordable and beneficial EMV compliance can be."

The NRS EMV EZ Pump Solution also accepts contactless payments, mobile wallets, tap to pay, and other options to eliminate common touch points at the pump – an important feature during the Covid-19 pandemic. 

The NRS EMV EZ Pump Solution includes NRS Pay credit card processing to provide integrated credit card processing at hyper-competitive rates for additional savings.  NRS Pay also works hand-in-hand with NRS Petro's point-of-sale (POS) terminals for retailers who want a fully integrated management system and flexible loyalty program.

Elie Y. Katz, President and CEO of NRS, commented, "NRS Petro's POS terminals and the NRS EMV EZ Pump Solution with NRS Pay operate together as an integrated system.  They make EMV acceptance and payment processing more affordable and make it much easier for store owners and managers to organize their store, attract customers and increase revenue."

For more information and a complimentary site survey, please visit nrspetro.com or contact Eric Goldberg at (888) 260-0112 or nrspetro@nrsplus.com.

About National Retail Solutions (NRS)

National Retail Solutions, Inc. (NRS), a subsidiary of IDT Corporation (NYSE: IDT) offers a point-of-sale (POS) platform for independent c-stores, gas stations, grocery, liquor and tobacco stores nationwide. The NRS platform provides robust hardware with powerful merchant software to help retailers compete more effectively, organize their business, attract customers and increase revenue. NRS' credit card processing service, NRS PAY, offers processing that integrates seamlessly with the NRS point of sale system or that can be used independently.  For more information, visit nrsplus.com.

 

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SOURCE National Retail Solutions

FAQ

What is the NRS EMV EZ Pump Solution announced by IDT?

The NRS EMV EZ Pump Solution is a payment processing service for gas stations that complies with EMV standards, allowing for affordable and efficient chip card payment acceptance.

When do gas stations need to adopt EMV compliance to avoid liability?

Gas stations must adopt EMV compliance by April 2021 to avoid liability for fraudulent transactions and chargebacks.

How much can traditional EMV-compliant gas pumps cost compared to the NRS solution?

Traditional EMV-compliant gas pumps can cost over $20,000, while the NRS solution provides a more affordable retrofit option.

What payment methods does the NRS EMV EZ Pump Solution support?

The NRS EMV EZ Pump Solution supports contactless payments, mobile wallets, and tap-to-pay options.

Who is the parent company of National Retail Solutions?

National Retail Solutions is a subsidiary of IDT Corporation, listed on NYSE under the symbol IDT.