Midas deploys Trintech cash reconciliation system
18 July 2005 | 1583 views | 0
Trintech (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced that Midas, Inc. (NYSE: MDS), has selected ReconNET for use in their company operated shops to automate the verification and reconciliation of cash, credit card transactions, and purchase cards, which are used by stores to buy parts from third party suppliers.
The installation of ReconNET is enabling the company to improve daily productivity, reduce write-offs, and increase daily visibility into cash balances.
Midas, with headquarters in Itasca, Ill., is a franchisor and operator of automotive service shops in 19 countries. There are nearly 1,800 shops in the United States and Canada, of which all but 70 company-owned shops are operated by independent franchisees.
"Time-consuming, manual daily and month-end reconciliation exposed us to occasional risks, including late or missing deposits. Now we reconcile accounts and escalate exceptions much faster than we did with our manual system. With ReconNET, we're able to resolve issues quickly, reducing the potential for loss," said Jim Haeger, Vice President and Controller for Midas. "Additionally, automated daily and month-end reconciliation has helped us eliminate the need to hire temporary help - this means thousands of dollars in savings each year."
"True business efficiency comes from automating reconciliation processes," said John Harte, General Manager of Trintech's Funds Management Systems Division. "We're pleased to bring a new level of efficiency to Midas, as well as a globally recognized and respected brand name to our customer list. We feel their choice of ReconNET reflects very positively on the flexibility and reliability of our software."