QuikTrip's goals when implementing the vbEPIX solution were to reduce costs and float, automate manual procedures and improve check returns, it said. The retailer selected this solution because it offered greater automation and was able [image-nocss] to handle a wide variety of check types, it added.
"Balance Innovations offered the total package compared to other solutions in the marketplace," said Carole Williams, payment systems manager for Tulsa, Okla.-based QuikTrip. "With one solution, we are able to process all checks with greater efficiency and speed."
Some of the benefits of vbEPIX include:
Lower transaction costs and reduced bank fees. No encoding or batching of checks or deposit preparation. Improved cash flow and working capital through accelerated clearings and improved funds availability. Faster returns. Seamless process for converting all check types. Consolidated settlement across the enterprise. Improved research capability through the vbEPIX portal. With vbEPIX, retailers can eliminate traditional check encoding and ten-key functions along with the associated errors. vbEPIX allows retailers to fully reconcile checks at the store level. Using as many as five points of check validation, vbEPIX ensures that the retailer's deposit is correct before it reaches the bank, it said. Once a check has been imaged, vbEPIX determines the most effective way to process the transaction and sends it through the appropriate network for clearing. vbEPIX allows retailers to process all check types including personal, WIC, payroll and other ineligible ACH items electronically through one method.
Lenexa, Kansas-based Balance Innovations offers technology-based cash management solutions for the retail industry. Its customizable solutions integrate seamlessly with existing POS technologies to simplify and improve retailers' cash office management operations including revenue balancing, check processing, cash forecasting and self-checkout balancing.
QuikTrip currently owns and operates 527 retail outlets in nine states.
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