You are here
TULSA, Okla. -- QuikTrip Corp. selected vbEPIX by Balance Innovations as its solution for back office check conversion to reduce the time and costs associated with processing checks, and chose the company because of the wide variety of checks able to be processed, according to the vendor.
"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."
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 goal when implementing the vbEPIX solution was to reduce costs and float, automate manual procedures and improve check returns, the company reported.
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; a seamless process for converting all check types; consolidated settlement across the enterprise; and improved research capability through the vbEPIX portal, according to the vendor.
"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, including checks that are reconciled and balanced before processing, reducing bank adjustments and the associated fees, the company reported. QuikTrip 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 to Buy First Fuel Terminal
QuikTrip Plans to Buy SemGroup Assets