News

7-Eleven adds Vcom financial kiosks

March 26, 2002

FT. MYERS and NAPLES, Fla. -- For thousands of southwest Floridians, check cashing, wiring money and other financial transactions will become easier with the introduction of 7-Eleven Inc.'s (NYSE: SE) Vcom kiosks. The machines are being installed in 36 stores in the Ft. Myers and Naples area.

Vcom is a self-serve, fully automated, Web-enabled kiosk that merges the capabilities of an ATM with the benefits of the Internet. Initially Vcom will provide financial services beyond those of a conventional ATM including money orders, money transfers and check cashing.

In the future, customers will be able to pay bills, make deposits, buy tickets and receive travel directions and road maps. Vcom may offer online shopping and fulfillment options that use the daily distribution centers serving 7-Eleven stores in Florida.

John Harris, vice president of 7-Eleven's 530-store Florida Division, said the company selected Ft. Myers and Naples as a test market due to a strong demand for money orders and other financial services.

"Vcom services will appeal especially to the under- and unbanked population,? he said.

Customers can make transactions using simple menus in English and Spanish. Those needing extra help can speak with a bilingual customer service representative through a phone attached to the kiosk.

7-Eleven recognized several years ago that it was in the financial services business because each year its U.S. stores sell $4 billion worth of money orders and conduct 105 million ATM transactions. In 1998, 7-Eleven tested Financial Services Centers in 37 Austin, Texas stores. Customers responded well to the touchscreen kiosks that allowed money order purchases, money transfers, bill payment and check-cashing services in addition to traditional ATM transactions.

Next, the company, working with NCR and Mosaic, developed a smaller, 4 1/2-foot-wide kiosk and created software to use the Microsoft NT operating system with an Internet browser, rather than the traditional OS2 platform used in the ATM industry.

In addition to 36 stores in Florida, 7-Eleven has installed Vcom kiosks in 58 Texas locations.

7-Eleven intends to introduce other programs such as banking, telecom and e-shopping. It 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 is handling the check-cashing portion of Vcom services.

Depending on test results, 7-Eleven may add Vcom kiosks to additional U.S. stores starting late this year. Because the kiosk is Web-enabled, Vcom can expand its services to branch banking, vehicle registration, credit reports and the issuance of airline tickets, smart cards, loans and insurance.

More than 21,000 7-Elevens are located in the U.S., Canada and 18 other countries and U.S. territories. Sales at 7-Eleven totaled $29.0 billion in 2000.