Peter Mark Selects Trintechs ReconNET to Reconcile Cash, Check and Credit Card Payments

Monday 7 March 2005 17:24 CET | News

Trintechs Industry-Leading ReconNET Product Enables Irelands Premier Salon Chain to Reduce Costs and Improve Efficiencies at 68 Locations Across Ireland.

Trintech, a leading provider of transaction reconciliation and payment infrastructure solutions, announced that Peter Mark has selected Trintechs ReconNET to automate the verification and reconciliation of its cash, check and credit card deposits. ReconNET will enable Peter Mark, Irelands most popular salon group with 68 salons nationwide, to improve store-level efficiencies and reduce costs by tightening controls on all cash, checks and credit card payments. Additionally, ReconNET will enable Peter Mark to reduce its exposure to risk, and reduce the time it takes to reconcile cash transactions. With ReconNET, Peter Mark aims to dramatically improve its ability to quickly identify and resolve discrepancies in daily bank deposits, while at the same time gaining significant improvements in the level of control and audit reporting for all incoming payments. ReconNET will enable Peter Mark to streamline its entire payment accounting lifecycle, while reducing write-offs, and the length of time and manual effort previously required for daily, weekly, and monthly reconciliation and ledger balancing. Peter Mark expects to improve productivity and costs associated with manual payment reconciliation processes. Prior to licensing ReconNET, the salon chain used an in-house system and paper reports for deposit verification and reconciliation. Peter Mark management will now use ReconNET to immediately detect and flag issues for review, so they can quickly resolve exceptions and reduce write-offs. ReconNETs powerful trend reporting and analysis will enable management to pinpoint problem areas, and take corrective action to further improve cash handling and process efficiency.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce