QuikTrip implements Balance Innovations' vbEPIX as its back office check conversion solution
For immediate release
July 20, 2009
Contact: Kerri Holtzman, 913-599-1177 Lenexa, Kan.: QuikTrip Corp. has selected vbEPIX by Balance Innovations as its solution for back office check conversion, reducing the time and costs associated with processing checks. vbEPIX is an end-to-end back office check conversion solution that eliminates physical bank deposits by converting paper checks into electronic transactions.
QuikTrip's goals when implementing the vbEPIX solution were to reduce costs and float, automate manual procedures, and improve check returns. QuikTrip selected this solution because it offered greater automation and was able to handle a wide variety of check types.
“Balance Innovations offered the total package compared to other solutions in the marketplace,” said Carole Williams, Payment Systems Manager for 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
“While most back office check conversion solutions in the marketplace only allow personal checks to be converted electronically, this all-inclusive electronic check conversion solution provides retailers significant savings since it can handle any check type,” said Shelley Bosler, Vice President of Product Management for Balance Innovations. “With vbEPIX, retailers will not only benefit from the reduction in check float and bank fees, but will have a total, seamless reconciliation process.”
Since implementing vbEPIX, QuikTrip has seen many improvements in its check handling. Checks are reconciled and balanced before processing, reducing bank adjustments and the associated fees. Traditionally, checks are ten-keyed and deposit slips are created manually. Because of the electronification of its checks, QuikTrip has also experienced faster availability of funds and faster returns.
“Balance Innovations has been extraordinarily flexible with the unique needs of our company,” said Williams. “They are a great company to work with.”
“QuikTrip's unique environment has been a showcase for the flexibility of vbEPIX,” said Bosler. “QuikTrip's success with the product has validated its benefits for customers that implement back office check conversion.”
About vbEPIX
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. 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.
About Balance Innovations
Balance Innovations is the leader in technology-based cash management solutions for the retail industry. Our leading-edge, 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. Balance Innovations' premier product, VeriBalance, is a patented, innovative, easy-to-use software solution that is helping retailers across the United States and Canada increase profitability and improve operations by reducing labor, bank fees and shrink while standardizing and enforcing best practices and corporate policies. Customers range from independent grocers to Fortune 50 retailers.
About QuikTrip
QuikTrip is a privately held corporation based in Tulsa, Oklahoma. QuikTrip is well known as a premier marketer of motor fuel and convenience store merchandise. The company currently owns and operates 527 retail outlets in 9 states. Forbes magazine lists QuikTrip as the 37th largest privately held corporation and Fortune magazine listed QuikTrip as the 27th best company to work for in 2009.
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