VCOM – Down History Lane and Convenience Stores & Mega Project in 2001

By | April 1, 2023
VCOM History

VCOM History

With all the talk about C-Stores and their potential functionality and customer expansion, we thought it made sense to look back at the seminal project for “complete financial services.”  Having a copy of the main 7-Eleven presentation made it a bit easier.  We’ve noted before how C-Stores are beginning to threaten restaurants (hiring product managers from Starbucks e.g.)

The current situation is that when you walk into a C-Store today at least 20 sq feet is dedicated to multiple machines. Mashgin is just the latest solution trying to establish a claim on that space. A couple of ATMs, a bill pay or two and maybe a Western Union money transfer.  Might as well do DMV license registration there too. Throw in some new digital signage while you are at it. We did a second article on C-Store enhancements with digital signage earlier this year on AVIXA.

After all is said and done would it make sense to have a single unit aggregating those transactions?

That’s what 7-Eleven thought 20 years ago.

It may have been the only major deployment for Windows NT in history.  Cost back then per unit was around $40K but that was offset by service placement fees to the other partners like Certegy.

7-Eleven’s director of new business development and e-commerce, said the Vcom program will pay for itself by generating incremental fee revenue as well as, perhaps more significantly, by helping 7-Eleven attract new customers and differentiate itself from the rest of the c-store pack.

VCOM Presentation (and to note the dated nature, it’s in the powerpoint format. Remember that?)

Summary In Brief

  • Pilot Objectives
    • Confirm new technology
    • Enhance self-service check cashing experience
    • Improve financials / check cashing risk models
    • Test effectiveness of marketing programs
  • 94 Units installed in 1Q2001
    • Austin, Temple, Ft. Myers
    • ATM, Money Orders, Money Transfer
    • Check Cashing added in July 2001
    • Marketing programs added in Oct. 2001
  • Under-Banked
    • Primarily Income <$35K
    • 35MM people (14%)
    • 25MM under-served
    • Instant Access to cash
    • 16% of current 7-Eleven customers
  • Target Customer Profile
    • Age 18-45
    • HHI <$50K
    • Male skew
VCOM Category

VCOM Category


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