You are here
The Society of Independent Gasoline Marketers of America (SIGMA) has launched its first-ever strategic alliance to help its 265 member companies increase profitability.
At the January meeting in Colorado, SIGMA executive vice president Kenneth Doyle announced an agreement with William Heim, president of Nashville, Tenn.-based Transaction Tracking Technologies Inc. (3T) to provide a money-order processing system at exclusive discount pricing for SIGMA members.
"Originally, money-order processing was outsourced to third-party vendors, but their pricing always limited the profit stream," said Doyle. "The real opportunity for money-order profit is the float and abandoned property - both of which the third-party vendors kept for themselves."
Many SIGMA members expressed interest in an in-house system that would permit them to control the entire profit stream, Doyle said. "Some of our members were already getting excellent results with the 3T system. For us, that was the deciding factor."
SIGMA spent nearly a year working with 3T before finalizing the agreement. 3T's software automatically issues, tracks and reconciles all types of secure documents, including money orders, vendor payments, remote payroll and gift certificates. The system also incorporates significant security features to prevent fraud, Doyle said.