Vontier Corp.’s Gilbarco Veeder-Root Retail Solutions business, a retail and payment technology provider focused on the convenience-store industry, announced Wednesday it is rebranding as Invenco by GVR to better serve customers like Shell USA fuel locations.
Shell USA has selected the Invenco iNFX payment solution for its network of about 13,000 locations, with the transition expected to take place by the end of 2024, the companies said.
“Shell has an objective on delivering outstanding consumer value propositions with a focus on payments and compliance," said Walt Gothard, North American business technology manager at Shell. Invenco by GVR will provide an electronic payment server to Shell.
Gilbarco Veeder-Root acquired New Zealand-based Invenco on Aug. 16, 2022, for its payment technology and software architecture, which allow for advanced transactions, said Alan English Sr., director of global brand experience at Invenco by GVR, based in Greensboro, North Carolina. It also allowed Gilbarco Veeder-Root to become closer to the customer, particularly major fuel marketers, English said. Immediately following the acquisition, Invenco was part of Gilbarco Veeder-Root’s fueling dispenser business.
“The main reason for the rebranding is really following what our customers are telling us. Gilbarco was known for hardware solutions. Where we had strong connections with our customers was in that equipment,” he said. “Where we needed to best serve our customers was within their digital transformation efforts. As we looked at our portfolio of products really serving that retail experience, it was a software suite of products.”
“By separating and letting that business focus on enhancing the customer experience and retail transaction service, that allows us to bring those businesses together with an underlying architecture across them,” he said.
Invenco iNFX is a cloud-based microservices platform that will replace Shell’s legacy hardware with a flexible Electronic Payment Server solution offering faster transactions, greater uptime and allowing for new features, the company said.
Standards-based APIs and plug-ins will allow for efficient integration with third-party software. “Shell was looking for a seamless way to transition their retailer locations to a new payment system that would facilitate faster transactions,” said Karthik Ganapathi, president of Invenco by GVR.
Invenco’s iNFX Retail Microservices allow fueling stations to accept digital payments, such as from digital wallets, and integrate with rewards programs.
Invenco by GVR also includes Insite360, Passport and Orpak. The Insite360 business provides monitoring and data access, such as remotely managing dispensers and point-of-sale to gaining visibility of fuel delivery and compliance data, English said. Passport is a full point-of-sale terminal and software and includes self-checkout technology and express food ordering, he said. Orpak, based in Israel, is a point-of-sale offering focused on fleet management and customer engagement.
Besides providing technology for fuel dispensers, Gilbarco Veeder-Root also has electric-vehicle charging station offerings. “We do have some business in EV today, mostly on the software side in management of EV charging networks. We are looking at future plans in the EV space as it relates to c-store environments,” English said.
Shell USA purchased San Francisco-based Volta, an EV-charging network, earlier this year. The acquisition included Volta Inc.’s network of 3,000 EV-charging stalls in 31 states, its pipeline of 3,400 new locations, its advertising revenue model and its predictive analytics model.
Many of Volta’s EV charging stalls are located outside major retailers, such as grocery stores, drug stores and shopping malls, but the company also has worked with local municipalities to locate appropriate sites in disadvantaged areas and has developed a new predictive analytics tool involving location data. The tech company, which has evolved since its launch in 2010, also has forged government relationships important in the EV charging space.
Shell pointed out advertising revenue from the media displays on Volta’s charging stalls have generated most of the revenue to date, but it sees promise in EV charging revenue. “There are plans to increase the number of fast-charging DC outlets with a paid-charging model,” Shell USA said.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.