STRATEGIC PARTNERS
December 5, 2001
DALLAS -- 7-Eleven (NYSE:SE - news) has reached a five-year deal with telecommunications company Verizon Communications (NYSE:VZ - news) which will allow the convenience store chain's customers to pay telephone bills and order long distance and other services at the advanced function Vcom kiosks in its stores.
The kiosks' current capabilities include ATM transactions, money orders, money transfers and check cashing. The kiosks are in a pilot in 94 stores in Texas and Florida. Based on the results, 7-Eleven said its expects a national roll-out of Vcoms in 2002.
Initial partners on the existing products and services are American Express for ATM services, Western Union for money orders and wire transfers and Certegy Check Services, formerly the payment services division of Equifax, for check cashing.
Under the agreement, Verizon will pay fees associated with the rollout of its services at the kiosks. In return, Verizon will become the exclusive retailer of telecommunications products and services offered via the kiosks.
Shares of 7-Eleven, which operates or franchises about 5,800 U.S. stores, ended at $10 a share on Oct. 30.
