The quick-serve restaurant franchisees, Heartland Food Corp. and C.H. James Restaurant Holdings LLC, have signed on to use Fifth Third Bank's Remote Currency Manager (RCM) solution.
RCM is the Bank's remote cash capture product which works in coordination with smart-safe technology and bank-approved armored couriers. The solution allows those in a retail setting to focus on other matters rather than the security of their deposits.
"The Remote Currency Manager solution will become the standard for retail in the future," says Joel Aaseby, chief financial officer of Heartland Food Corporation, the second largest Burger King franchisee in the country. "The solution provides significant benefits including increased safety and security in the restaurant, real labor savings and allowing management to spend more time with our guests."
Clients gain daily provisional credit to their bank accounts while cash remains in the safe, enabling daily use of funds. The cash is transferred from the safe to the Bank via armored courier on a regular, predetermined schedule. In addition, clients can monitor their smart safe activity, including deposit and change order detail, online through Web-based information reporting.
"We were able to achieve a two-day reduction in Days Sales Outstanding (DSO) by implementing Remote Currency Manager," says Michael Nicholas, chief financial officer of C.H. James Restaurant Holdings, LLC. "This provided significant improvement in the availability of our cash and working capital."
With the signing, the RCM solution will add nearly 250 restaurants. Since the Remote Currency Manager product launched in 2007, Fifth Third Bank now has more than 100 customers that are using the service at nearly 4,000 different locations.
The RCM solution fits into Fifth Third Bank's overall retail payments strategy, taking a holistic approach to receivables management. RCM is a first component of providing an integrated receivables suite of solutions for cash, checks and cards designed to meet the needs of the retail sector.
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