Success Story Library
ReconNET Improves Productivity, Profitability, and Efficiency through Timely and Accurate Reconciliation and Research
Overview
Foot Locker is the world’s leading retailer of athletic footwear and apparel, operating more than 3,500 company owned stores in 14 countries including North America, Europe and Australia.
Challenges
Handling multiple-currency deposits and card payments in Europe, through a range of banking institutions, made reconciliation, cash management and exception resolution difficult and time-consuming.
Objectives
The project focused on the core business issues challenging Foot Locker Europe’s bid to grow profitably into new regions. This resulted in the following objectives:
- Reduce reconciliation time through increased staff productivity
- Increase focus on timely and effective exception resolution
- Improve daily deposit verification to reduce exposure to unexplained shortages
- Provide effective information reporting to increase outlet and bank accountability
Capabilities Provided
- Since implementing ReconNET, Foot Locker Europe has taken full advantage of the financial and operational benefits offered by this market-leading solution
- ReconNET’s ease of use and flexibility has enabled it to grow with Foot Locker’s operations for current daily cash and check deposits, and for credit and debit card reconciliation
- ReconNET’s powerful Reporting tool has proven invaluable to Foot Locker in providing accurate and timely financial information on each of their outlets
Other Information
For more information on how you too can improve your deposit verification, reconciliation and cash-management process with ReconNET, contact Trintech today.
