MIAMI, April 8, 2024
Vroom Delivery, a digital commerce platform for convenience stores, has partnered with Finix, a full-stack payment processor and infrastructure provider, to create Pay360.
This innovative online payment solution is specifically tailored for the convenience store industry, offering secure online sales of age-restricted items while significantly reducing processing rates.
Addressing the Challenges of Selling Age-Restricted Products Online
Retailers selling age-restricted products online are often deemed higher risk by legacy payment processors due to increased fraud associated with these items. This leads to significantly higher processing rates and chargebacks, negatively impacting retailers' bottom lines. Vroom has collaborated with leading payment and fraud prevention companies to solve this problem while still lowering costs.
Key Benefits of Pay360
1.
Reduced Processing Rates: By leveraging Finix's vertically integrated payment solution and third-party machine learning fraud prevention systems, Vroom drives down the risk of offering age-restricted items online. As a result, Pay360 offers processing rates nearly 25% below standard rates by major players such as Stripe or Braintree, and over 40% cheaper than most high-risk processors.
2.
Low Chargeback Rates: Pay360 boasts an average chargeback rate of less than 0.1%, significantly lower than industry standards.
3.
Faster Refund Times: Pay360 offers much faster refund times compared to legacy payment solutions, which typically take several business days to settle. This is particularly important for c-stores where inventory data may not always be accurate, and the ability to adjust orders due to out-of-stocks is crucial.
Tailored for the Convenience Store Industry
John Nelson, CEO of Vroom Delivery, emphasizes the company's commitment to tailoring every aspect of their business to the convenience store industry. Pay360 is the latest c-store specific feature of Vroom Delivery's new Commerce360 initiative, launched in February.
Finix's Perspective on the Partnership
Richie Serna, CEO of Finix, expresses excitement about the partnership with Vroom Delivery, aiming to drive down processing costs while enhancing transaction insights. This collaboration marks a significant step forward in empowering retailers with a streamlined payment solution, fostering greater efficiency and financial clarity in an industry underserved by legacy processors.
Conclusion
The launch of Pay360, the first online payment solution specifically designed for the convenience store industry, marks a significant milestone in the partnership between Vroom Delivery and Finix. By addressing the challenges associated with selling age-restricted products online, reducing processing rates, and offering faster refund times, Pay360 is set to revolutionize the way convenience stores handle online payments. This innovative solution not only enhances the customer experience but also contributes to the overall efficiency and profitability of convenience store operations.
