Trintech in finance system deal with US retail chain

11 Jul 2006

Irish electronic payments firm Trintech has won a deal to provide Beall’s Inc, one of the oldest retail chains in the US, with the technology to automate deposit, credit card and bank reconciliations across more than 550 stores.

Since modest beginnings in 1915, Beall’s has grown to operate over 550 retail stores across America’s “sun belt” from Florida to California.

The retail chain has annual sales of over US$1bn.

The deal will see Leopardstown-based Trintech install its ReconNET technology to enable Beall’s to improve daily productivity, exception resolution and to increase daily visibility into cash balances.

The treasury manager for Beall’s Suzanne Gates said that managing transactions manually across hundreds of stores was a challenging exercise.

“The time was right to make a change,” said Gates. “We looked at several systems and opted for ReconNET, which we felt was user-friendly and superior in quality.

“ReconNET will automate our workflow processes, strengthen controls, mitigate risk and reduce opportunity for errors while making us more efficient,” Gates said.

The deal will see Beall’s join a large contingent of US retailers that have signed up for Trintech’s system, said John Harte, general manager of Trintech’s Funds Management Systems Division. Stateside companies using the system include Radio Shack, Bank of America, 7-Eleven and Verizon Wireless.

By John Kennedy