SOURCE: Balance Innovations LLC

Balance Innovations LLC

September 21, 2009 15:16 ET

Nugget Market, Inc. Adopts Balance Innovations' vbEPIX as Its Back Office Check Conversion Solution

WOODLAND, CA--(Marketwire - September 21, 2009) - Nugget Market, Inc. has selected vbEPIX by Balance Innovations as its solution for back office check conversion, reducing the time and costs associated with processing checks. vbEPIX is an end-to-end back office check conversion solution that eliminates physical bank deposits by converting paper checks into electronic transactions.

Nugget Market, Inc. implemented the vbEPIX solution to reduce check transportation and processing costs. Other goals were to automate and electronify manual procedures to eliminate deposit preparation time and improve accuracy as well as improve the check return process.

"After installing vbEPIX, we process our deposits quicker and more accurately," said Dennis Lindsay, chief financial officer for Nugget Market, Inc. "This allows us to spend more time on operational issues, as opposed to bookkeeping issues. We also like that it is easy to learn, that it ensures checks are deposited in a timely manner, and that it utilizes the POS system in deposit preparation."

Some of the benefits of vbEPIX include:

--  Lower transaction costs and reduced bank fees
--  No encoding or batching of checks or deposit preparation
--  Improved cash flow and working capital through accelerated clearings
    and improved funds availability
--  Faster returns
--  Seamless process for converting all check types
--  Consolidated settlement across the enterprise
--  Improved research capability through the vbEPIX portal
    

"Nugget Market has been a great partner for us," said Gil Anderson, chief operating officer for Balance Innovations. "The company and its team are forward-thinking and innovative with regard to adopting new technologies. vbEPIX provides a way to handle cash office tasks, including check processing, more efficiently, while minimizing errors that can occur with traditional check processing."

Nugget Market, Inc. has been using Balance Innovations' flagship solution -- cash office management software VeriBalance -- for two years, making its cash offices more efficient by automating processes such as till balances, pickups, loans, and deposits. Integrated with the point of sale system, VeriBalance reduces the time it takes to perform traditional bookkeeping tasks, freeing up cash office associates for other activities. The vbEPIX solution builds on those savings when integrated with VeriBalance, providing Nugget Market, Inc. with a total reconciliation process down to the store level.

"Balance Innovations has been great to work with," said Lindsay. "It's been a true partnership -- they are collaborative and flexible, while still encouraging best practices for our business."

About vbEPIX

With vbEPIX, retailers can eliminate traditional check encoding and ten-key functions along with the associated errors. vbEPIX allows retailers to fully reconcile checks at the store level. Using as many as five points of check validation, vbEPIX ensures that the retailer's deposit is correct before it reaches the bank. Once a check has been imaged, vbEPIX determines the most effective way to process the transaction and sends it through the appropriate network for clearing. vbEPIX allows retailers to process all check types including personal, WIC, payroll, and other ineligible ACH items electronically through one method.

About Balance Innovations

Balance Innovations is the leader in technology-based cash management solutions for the retail industry. Our leading-edge, customizable solutions integrate seamlessly with existing POS technologies to simplify and improve retailers' cash office management operations including revenue balancing, check processing, cash forecasting and self-checkout balancing. Balance Innovations' premier product, VeriBalance, is a patented, innovative, easy-to-use software solution that is helping retailers across the United States and Canada increase profitability and improve operations by reducing labor, bank fees and shrink while standardizing and enforcing best practices and corporate policies. Customers range from independent grocers to Fortune 50 retailers.

About Nugget Market, Inc.

Since the first Nugget Market opened its doors in 1926, this family owned and operated company has remained committed to offering outstanding service, superior-quality products, and consistently low prices while providing support for local schools, families, and communities. For more information about Nugget Market, visit www.nuggetmarket.com.

Contact Information

  • Contact:
    Kerri Holtzman
    Director of Marketing
    913-599-1177