Last May Wallace Oil Company implemented a new mobile payment system through The State Bank of La Junta called Bling. This network enables us to avoid global network costs and keep money within our community through a secure local debit network. A simple tap of your cellular phone at the point-of-sale and that's it! The customer gets a text message with their transaction information, balance and their customer loyalty reward balance. Simple.
Right now our customers are earning 3% of their transaction at over 80 local businesses. We are saving over 1% on our processing fees, our customers are rewarded for doing business with us and the money stays within the community. Who could ask for more?
Timing is everything and we are even more thankful as credit card fees and system requirements for small businesses are hitting harder every day. Small Business were left out of the Credit CARD Act of 2009 clearly. We are a family owned and operated business and don't have volume discounts, group healthcare and co-op advertising 'big box' stores do. Our customers are our business and when our fees go up, we have to pass it on to them or we go out of businesses. With Bling mobile payment system we continue to save money, thank our customers for their support and put more sales tax revenue back into the community we love. It's a win-win! So go ahead and leave small businesses out of interchange fees discussions, we will do what we alway have - pull up our boot straps and figure out something that will work.
In The News
Wall Street Journal, “What The CARD Act Means for Businesses”
February 26, 2010
Small business owners discuss expensive card processing fees and the potential implications of the Credit Card Act of 2009.
(Click here to read the full article)
SmartMoney.com, “The CARD Act Aftermath: What’s Next”
February 24, 2010
Following the enactment of new credit card regulations, Wallace Oil Company weighs in on potentially higher costs for consumers and business owners as a result of processing fees imposed by card providers.
(Click here to read the full article)
Forbes, “Leave the Credit Card, Take the Cell Phone”
February 9, 2010
Gene Marks, small business consultant and Forbes writer, explains how Wallace Oil Company’s forward-thinking use of Bling Nation mobile payments service provides customers with a convenient, secure payment method that reduces credit card processing fees and promotes local spending.
(Click here to read the full article)
February 26, 2010
Small business owners discuss expensive card processing fees and the potential implications of the Credit Card Act of 2009.
(Click here to read the full article)
SmartMoney.com, “The CARD Act Aftermath: What’s Next”
February 24, 2010
Following the enactment of new credit card regulations, Wallace Oil Company weighs in on potentially higher costs for consumers and business owners as a result of processing fees imposed by card providers.
(Click here to read the full article)
Forbes, “Leave the Credit Card, Take the Cell Phone”
February 9, 2010
Gene Marks, small business consultant and Forbes writer, explains how Wallace Oil Company’s forward-thinking use of Bling Nation mobile payments service provides customers with a convenient, secure payment method that reduces credit card processing fees and promotes local spending.
(Click here to read the full article)