Gas Pos raises $1 million in funding for EMV pump-payment tool
Gas Pos, which markets a solution for petroleum operators to convert to EMV payment technology at the pump, has raised $1 million in funding from a Silicon Valley venture capital firm.
Birmingham, Ala.-based Gas Pos, launched in 2016, will use the funds from Palo Alto, Calif.-based Merus Capital to expand distribution of its offering to independent gas station operators, the company said in a Wednesday press release.
U.S. petroleum operators face a liability shift for EMV in October 2020, which is five years after other merchants due to the physical challenges and cost of reconfiguring gas pumps to accept chip cards. Other providers are exploring mobile solutions.
Gas Pos sells a module that plugs in to existing fuel pumps, bypassing the need to replace or rebuild structures, the company said in the release. Gas Pos charges merchants a monthly fee for the payments module.
“We provide independent gas retailers modern business software that meets the requirements of the EMV mandate,” said Joshua Smith, Gas Pos’s founder and CEO.
“We welcome Gas Pos as our first investment in the southeastern U.S. and are excited to help them with their mission to change the basis of competition within the fuel payments industry,” said Peter Hsing, Merus Capital’s co-founding managing partner, in the release.