(T-Recs(R)), a comprehensive reconciliation and deposit verification system, to improve the speed and efficiency of its reconciliation operations.
Operating 178 travel stops and convenience stores in 31 states, 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.
"We're very pleased that Love's has chosen to expand its use of Chesapeake products," said Peter Vogelberger, president of Chesapeake.
"Our number one goal is to build long-term relationships by delivering
system value that our clients can depend on."