Monday , July 15, 2024

Fiserv’s Carat Tech Will Fuel Payments for Sunoco Dealers

Fiserv Inc. has struck a deal with petroleum company Sunoco LP to implement its Carat commerce platform across more than 5,500 service stations. The deal will enable Sunoco dealers to streamline payments by connecting in-store, in-app, at the pump, and in-car payments through the Carat platform. Sunoco dealers will also be able to route through Fiserv or another acquirer through a single application programming interface. This option will enable Sunoco dealers to maintain relationships with existing acquirers if they choose, Fiserv says.

“Sunoco is…providing our retail partners with the technology they need to run their business as efficiently as possible,” Richard Hayes, senior director for electronic payments at Sunoco, says in a prepared statement. “Carat is connecting us to a commerce ecosystem that simplifies the complex world of payments, while also enhancing how we engage with our loyal customers.”

In addition to streamlining Sunoco’s payments capabilities, the deal will bring a new payment option to Sunoco customers: the ability to link a bank account to their Sunoco app for payments. Carat will also facilitate chargeback management and dealer settlement across Sunoco locations and leverage universal tokens to provide a consistent payment-security model across Sunoco’s payment channels.

“We are providing businesses like Sunoco with the services, connections, and applications they need to run their business,” Casey Klyszeiko, senior vice president and head of global e-commerce and Carat for Fiserv, says in a prepared statement. “This holistic approach to the commerce relationship will position Sunoco to meet many of their operational targets, while also helping Sunoco build the innovative new customer experiences that have become such a valuable loyalty currency among consumers.”

Fiserv’s merchant-acquiring unit, which includes Carat, is one of the company’s largest and fastest-growing businesses, generating $1.9 billion in revenue during the quarter ended June 30, up 14% from the same period last year.

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