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Gulf Oil Awards Contract to Paymentech

Companies forge multi-year settlement processing deal

CHELSEA, Mass. -- Gulf Oil LP, the supplier of approximately 2,000 Gulf-branded retail locations, has awarded a multi-year settlement processing contract to electronic payment processor Paymentech.

The company said it selected Paymentech based on the firm's customer service, including a dedicated account service team, and its chargeback (disputed transaction) management capabilities. Paymentech's chargeback imaging system allows merchants to respond to chargebacks via a fully automated system, speeding up response time and reducing paperwork.

Gulf Oil handles an estimated $1 billion in card volume and approximately 46 million transactions each year.

Paymentech, Dallas, is a major payment processor for businesses accepting payments via traditional point of sale (POS), Internet, catalog and recurring billing. It is an end-to-end processor for merchants of all sizes and industries. Paymentech and its Canadian affiliate have processed 8.5 billion transactions and $200 billion in card volume in 14 currencies.

Chelsea, Mass.-based Gulf Oil is a privately held wholesaler of refined petroleum products.

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