The challenges of today's retail environment Retailers typically have multiple locations and with that, multiple checking accounts for the collection of deposits. This situation presents unique challenges when it comes to consolidating funds, reconciling accounts and simply managing the large number of local bank relationships. And as a retailer grows through acquisitions or the addition of new stores, these challenges multiply as the integration process takes place. At the same time, companies in the retail industry are navigating a new world of electronic check solutions. There are opportunities to convert check payments to Automated Clearing House transactions at the point of purchase, collect proprietary credit card payments and process check returns electronically.
Risk management is another issue confronting companies today more than ever before.
With the wide availability of top quality desktop publishing equipment, check fraud is a growing corporate concern, especially for retailers. And with most retailers, the large number of store locations and employees handling deposits creates additional exposure. Frequent sales audits are needed to match deposits reported with actual deposits made. Though the retail industry has its own specific challenges, it shares similarities with First Union customers in other industries as well. Like all of our cash management customers, your bottom line depends on reducing processing costs, minimizing idle balances so you have more to invest, lowering interest payments, improving efficiency and managing risk.