FT. MYERS, Fla. and NAPLES, Fla. -- 7-Eleven Inc. (NYSE: SE) is expanding its Vcom program by installing the Web-enabled financial services kiosks in 36 stores in the Ft. Myers and Naples area.
During the initial stage of introduction, Vcom will provide traditional ATM services, money orders, money transfers and, later this summer, check cashing.
In the future, 7-Eleven says it hopes to add bill payment, deposit capability, event ticketing, travel directions and road maps. Also, Vcom may offer customers online shopping and fulfillment options that use the daily distribution centers serving 7-Eleven stores in Florida.
"We selected Ft. Myers and Naples as a test market, because there already is a strong demand for 7-Eleven stores' current financial products, like money orders, which is a good predictor of consumer acceptance of Vcom's financial services," said John Harris, vice president of 7-Eleven's 530-store Florida Division, headquartered in Orlando. "We believe customers will like this innovative way of purchasing money orders, transferring money, cashing checks and having faster ATM transactions. Vcom adds a new dimension of convenience for our customers, and we look forward to the results of this test."
The Vcom units' menu-driven series of options are available in English and Spanish. Customers who need personal attention or have questions can speak with a bilingual customer service representative through the Vcom phone attached to the kiosk.
The program began in 1998 when 7-Eleven introduced kiosks, then called Financial Services Centers, in 37 Austin, Texas, stores in a "proof of concept" program to test customer receptivity.
After the initial test, the next step was to develop a more sophisticated platform and smaller kiosk. Working with NCR and Mosaic Software, 7-Eleven developed a smaller, 4 1/2-foot-wide version and customized software that uses a Microsoft NT platform with an Internet browser, rather than the traditional OS2 platform commonly used in the ATM industry.
Recruiting partners is also a key to the Vcom program. 7-Eleven has signed American Express to be its primary provider of ATM services. Western Union Financial Services is providing money order and money transfer transactions, and Equifax recently inked an agreement with 7-Eleven to handle the check-cashing portion of Vcom services.
In addition to 36 stores in Florida, 7-Eleven has installed its Vcom kiosks in 58 Texas locations. Depending on test results, 7-Eleven anticipates adding Vcom kiosks in additional stores nationally starting as early as the end of this year.
