Jul 25, 2013 Sean Albert
Electronic payment platforms have been in high demand in the last few years as consumers are increasingly calling for many convenient ways to make purchases. Many business have started to implement emerging payment technologies, including the integration of ACH cards into operations.
One such enterprise is Maverik Inc., a Salt Lake City-based convenience store chain. The company recently launched an ACH rewards card for consumers to help them rack up discounts on gas purchases. Also, these sophisticated payment products allowed the company to create a diverse pricing model in which local competitors are monitored to determine if a different store has lower gas rates. If they do, holders of the Maverik Black ACH card will be able to purchase fuel for at a lower cost.
The revamped rewards program was a major factor in Maverik receiving the Convenience Store Decisions' Convenience Store Chain of the Year award for 2013, the organization's website stated. In particular, the innovative ACH product was praised for its focus on customer service superiority.
"It is this kind of innovation and connection with the customers that sets Maverik apart from its peers," said Tom McIntyre - publisher for the Convenience Store Decisions Group - in a statement.
So far this year, national ACH use has been surging. According to data from NACHA - The Electronics Payments Association - >ACH transactions increased by 2.9 percent during the first quarter of 2013 compared to year-over-year numbers. That accounts for a total of 4.32 billion purchases.
More over, the value of ACH transactions has jumped by a sizable rate recently. The source reported that about $9.6 trillion worth of ACH payments were made during the first quarter, representing a 6.1 percent increase from the first quarter of 2012.