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OWINGS MILLS, Md.--Love's Travel Stops & Convenience Stores Inc. selected Chesapeake System Solutions Inc.’s Total Reconciliation Solution (T-Recs), a comprehensive reconciliation and deposit verification system, to improve the speed and efficiency of its reconciliation operations. The company is a provider of reconciliation, treasury, analysis and compliance software,
Operating 178 travel stops and convenience stores in 31 states, Oklahoma City-based Love's was using manual and home grown systems to reconcile hundreds of thousands of credit card transactions.
"We knew that flexible and comprehensive automation would allow us to examine transactions in much greater detail, and would also improve productivity," said Shane Wharton, vice president of accounting for Love's. "We chose T-Recs because of its proven capabilities and excellent reputation in the marketplace."
Love's will be using T-Recs for detailed credit card reconciliation, management of look-ups and charge-backs, and for verification of fuel and general supplier EFT payments.
"The ability to reduce charge-backs can help capture profits that might otherwise leak away in the pressure of day-to-day operations," said Wharton.
Timely and efficient reconciliation of fuel and general supplier EFT's will assist Love's in automatically identifying discrepancies and prevent overpayment.
An additional reason for the selection was Love's positive prior experience with Chesapeake products. Love's cash manager, Carol Willett, led the selection and implementation of Chesapeake's Unclaimed Property Compliance System (UPCS) more than two years ago.
"Our experience with them has established Chesapeake's credibility as a systems partner we can trust." said Willett.