News & Events
Love's Travels Stops & Convenience Stores, Inc. Chooses Chesapeake System Solutions To Speed Reconciliation And Reduce "Profit Leakage"
OWINGS MILLS, MD- Chesapeake System Solutions, Inc.®, a leading provider of reconciliation, treasury, analysis and compliance software, announced today that Love's Travel Stops & Convenience Stores, Inc. have selected the Total Reconciliation Solution(T-Recs®), a comprehensive reconciliation and deposit verification system, to improve the speed and efficiency of its reconciliation operations.
Operating 178 travel stops and convenience stores in 31 states, Love's was using manual and home grown systems to reconcile hundreds of thousands of credit card transactions. "We knew that flexible and comprehensive automation would allow us to examine transactions in much greater detail, and would also improve productivity," said Shane Wharton, Vice President of Accounting for Love's. "We chose T-Recs because of its proven capabilities and excellent reputation in the marketplace.
Love's will be using T-Recs for detailed credit card reconciliation, management of look-ups and charge-backs, and for verification of fuel and general supplier EFT payments. "The ability to reduce charge-backs can help capture profits that might otherwise leak away in the pressure of day-to-day operations," said Wharton. Timely and efficient reconciliation of fuel and general supplier EFT's will assist Love's in automatically identifying discrepancies and prevent overpayment.
An additional reason for the selection was Love's positive prior experience with Chesapeake products. Love's Cash Manager, Carol Willett, led the selection and implementation of Chesapeake's Unclaimed Property Compliance System (UPCS) more than two years ago. "Our experience with them has established Chesapeake's credibility as a systems partner we can trust." said Willet.
"We're very pleased that Love's has chosen to expand its use of Chesapeake products," said Peter Vogelberger, president of Chesapeake. "Our number one goal is to build long-term relationships by delivering system value that our clients can depend on."
About Love's
Love's Travel Stops & Country Stores, Inc. is a chain of 178 travel stops and convenience stores in a 26 state area. Founded by Tom Love in 1964, it remains family owned. It is headquartered in Oklahoma City. For more information, visit www.loves.com
About Chesapeake Systems Solutions
Chesapeake System Solutions offers the total end-to-end treasury solution, seamlessly integrating cash management with reconciliation, account analysis and compliance. Chesapeake shares information across all applications, allowing customers to better manage treasury operations. Chesapeake's success is based on its powerful combination of customer/industry-driven software, personalized customer support and advanced technology. Chesapeake's single-vendor solution includes Total Reconciliation Solution (T-Recs®), a comprehensive reconciliation and deposit verification system, SmartTreasury®, modular desktop and web-based treasury workstation software, Chesapeake IDM™ (Internet Data Manager), the one-step bank information gathering solution, SmartAnalysis®, for analyzing trends and comparing services across banks, SmartAnalysis® RM, for recording, organizing and documenting a company's bank account criteria for its different banking relationships, and the Unclaimed Property Compliance System (UPCS™), which automates unclaimed property reporting for all 54 jurisdictions.