Concord EFS, Inc. announced Tuesday that their electronic data interchange (EDI) product for retailers has been endorsed by the National Grocers Association. Concord’s Internet-based service, called “EC-Connect,” allows retailers and wholesalers to communicate all business transactions with manufacturers and pay invoices electronically, improving accuracy and reducing costs. Concord’s EC-Connect was launched in early July, and is currently being utilized at twelve supermarket chains across the U.S.
“Concord’s EDI solution is the right program at the right time at the right price for the U.S. food industry,” said Stuart Zlotnikoff, president of NGA Services Corporation. “It represents an effective and affordable solution for companies and trading partners of all sizes, providing small to medium size businesses the same EDI benefits traditionally available only to the largest companies.”
The Concord solution combines information management with payment processing technology to improve the timeliness and accuracy of invoice processing. Implementation of the program requires minimal effort and no changes to the customer’s existing systems. The EC-Connect software also meets the EDI requirements of food manufacturers, making participating retailers eligible for preferred pricing and extended payment terms from the manufacturer. All transactions are executed using the latest security techniques, including firewall interfaces, encryption, server authentication, user ID’s, password protection, user profile controls, and restricted exchange of documents between trading partners.
“Electronic payment processing between retailer and manufacturer is a natural evolution of our payment processing between consumer and retailer,” said Edward A. Labry III, Concord president. “Our EDI product allows us to expand the range of services we offer that are designed to help retailers, especially those in the grocery industry, to streamline their operations and reduce costs. We’re proud to have received the NGA’s exclusive stamp of approval on our service.”
Concord is a vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to selected markets. Concord’s primary activities include providing credit, debit, check authorization and electronic benefits transfer (EBT) processing services to supermarket, petroleum, convenience store and other retailers; and providing gateway processing, ATM driving and MAC(R) network access to the financial services industry. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other segments of the market.
About National Grocers Association:
N.G.A. is the national trade association representing the retail and wholesale grocers that comprise the independent sector of the food distribution industry. An independent retailer is a privately owned or controlled food retail company operating in a variety of formats. Most independent operators are serviced by wholesale distributors, while others may be partially or fully self-distributing. N.G.A. members include retail and wholesale grocers and their state associations, as well as manufacturers and service suppliers.Details