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Transcepta Press Release
Wynit simplifies invoicing and payment process with Transcepta's cost-effective, hassle-free electronic invoicing solution
Transcepta Technology Provides Streamlined Electronic Process for Distributor's 60,000+ Monthly Invoices
ALISO VIEJO, Calif. and NORTH SYRACUSE, N.Y. February, 5, 2008 –WYNIT, Inc., a national distributor of consumer electronics, digital photography equipment, computer peripherals and related supplies and Transcepta LLC, the leading innovator of hosted electronic invoicing solutions, today announced that WYNIT has joined Transcepta’s Electronic Invoicing Community to facilitate and streamline its invoicing and payment processes.
A recognized leader in the distribution of consumer electronics and peripherals, WYNIT was searching for ways to improve its manual invoice process with the goal of reducing costs and providing customers with state-of-the-art invoice delivery and payment options.
“We looked long and hard to find an Accounts Receivable (A/R) electronic invoicing solution that was easy to implement without having to incur large start-up costs or having to navigate a series of IT hurdles,“ said Carl Reistrom, vice president controller of WYNIT. “Transcepta's electronic invoicing solution met all of the criteria set forth in our RFP, and just as important, we were up and running in less than a day. We have seen an immediate benefit to the bottom line; it’s a win-win for us and our customers.“
Every business day, WYNIT delivers millions of dollars of products from over one hundred manufacturers to thousands of resellers across North America. Therefore, managing a large load of paper-intensive billing invoices is a time-consuming and cumbersome process.
“Utilizing Transcepta’s innovative invoicing solution, WYNIT now offers customers a best-in-class solution with greater flexibility – allowing them to choose which method of invoice delivery they prefer: electronic data, email, post or fax. This is an ideal solution for distributors like WYNIT because it allows for improved trading relationships with their customers with virtually no start-up barriers,“ said Transcepta’s vice president of product management, Shan Haq. “We are proud to welcome WYNIT into Transcepta's Electronic Invoicing Community.“
As a member of Transcepta's Electronic Invoicing Community, WYNIT's invoice process has been dramatically simplified enabling the distributor to not only reduce the cost of outbound invoices by as much as 25 percent, but also eliminating the headaches associated with labor-intensive workflows. Additionally, WYNIT’s customers can now pay electronically with a secure easy-to-use payment solution from Transcepta.
"The beauty of Transcepta's Electronic Invoicing Community is the ease with which a business can be up and running and literally seeing the benefits of being a part of this fast growing collection of buyers and vendors in hours - not days or weeks," noted Haq. "Our core value proposition has been and continues to be the ability to provide an easy-to-implement, low-cost alternative to time-consuming, manually intensive processes."
The next step for WYNIT is to leverage Transcepta’s Accounts Payable (A/P) functionality. WYNIT receives thousands of paper invoices from their vendor each month. Transcepta will enable WYNIT to receive those invoices electronically for immediate A/P processing without the need for manual data entry or high error Optical Character Recognition (OCR) products.
"We have seen a dramatic improvement in A/R efficiency and cost reductions since becoming a member of the Transcepta Electronic Invoicing Community," noted Reistrom. "Electronic invoicing has allowed us to maximize efficiencies in-house and to provide even greater levels of customer service. I’m excited to see the same level of benefits on the A/P side soon."
As part of the Transcepta Community, vendors simply print their invoices from their existing system to a virtual printer that is downloaded from the Internet. Transcepta takes over from there by transmitting the invoices to their data center and converting them into the desired buyer format.
About WYNIT, Inc.
WYNIT, Inc. is a national distributor serving the Consumer Electronics, Digital Photography, and Computer Peripherals market with the core purpose of improving the competitive advantage of their dealer and supplier partners. Since 1987, WYNIT has distributed internationally branded products to reseller customers ranging from the largest national retailers and eTailers, to small, independent specialty stores. The company is known for competitive pricing, expert sales support, no minimum-order requirements, just-in-time inventory and fulfillment drop-ship services. WYNIT operates multiple warehouses to provide coast-to-coast coverage. For more information, call WYNIT at 1-800-GO-WYNIT or visit www.wynit.com.
About Transcepta
Transcepta was founded in June 2005 with the mission of creating easy-to-implement, on-demand, electronic invoicing and Electronic Invoice Presentment and Payment (EIPP) solutions for businesses of all sizes. Transcepta offers its services through an online Community, which is a collection of vendors and buyers that leverage Transcepta’s unique electronic invoicing technology to streamline the invoicing and payment process. Thousands of companies have joined the Transcepta Electronic Invoicing Community, which offers cost reduction, efficiency and stronger trading relationships. Transcepta’s online trading community offers quick and easy deployment and does not require in-house IT resources or an up-front capital investment and Transcepta’s technology supports all major accounting ERP systems. Transcepta is located in Aliso Viejo, Calif.
For more information, visit www.transcepta.com.
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