SAN FRANCISCO — Feb. 29, 2004 — Independent grocers can now benefit from reduced check-processing costs and greater security against check fraud using ISS45’s new electronic check conversion (ECC) system from StoreNext Retail Technologies LLC.
The system, announced today, is being shown at the Food Marketing Institute’s (FMI) annual Marketechnics Show, Feb. 29-March 2 at the Moscone Convention Center in San Francisco.
The ECC offering integrates StoreNext’s ISS45 point-of-sale (POS) platform with Epson’s TranScan™ check imaging printer and electronic payment software and services from Ingenico S.A.
“Independent grocers have higher check-processing fees and don’t have the economies-of-scale of larger chains,” said Ray Carlin, president and CEO of Plano, Texas-based StoreNext. “This gives independents a particularly substantial return on investment (ROI) from our ECC offering. Not only does ECC eliminate a big portion of check-processing overhead, but the grocer also receives their funds on the second business day rather than two weeks down the line.”
The ECC system incorporates the ability to capture an electronic image of the shopper’s check via the Epson TransScan’s digital imaging technology. StoreNext’s ISS45 software provides the system transaction flow and management application, allowing storage and easy retrieval of the image from ISS45’s electronic journal or a central collection center.
According to the 2001 FMI Activity-based Cost Study of Retail Payments, checks account for the second most frequent type of supermarket transactions. Industry studies indicate that ECC can reduce check processing and handling costs by $0.12 - $0.35 per check while reducing check processing time at the register by as much as 50 percent.
About StoreNext
StoreNext Retail Technologies LLC is the No. 1 supplier of retail technology to independent grocers and small chains. Based in Plano, Texas, StoreNext is a joint venture of Retalix Ltd. (NASDAQ: RTLX) and Fujitsu Transaction Solutions Inc. and markets Fujitsu hardware, Retalix software and Internet Connected Services™ for managing stores via Web-enabled applications. StoreNext is the only retail IT company focused exclusively on meeting the needs of this wholesaler-served market with packaged solutions that were previously available, affordable or practical only for large chains.
