FOR IMMEDIATE RELEASE
AfterBOT Announces New Tools to Fight Return Fraud
Atlanta, GA - June 5, 2003 - AfterBOT, Inc., an Atlanta, GA based company, in a speech today at the NRF Loss Prevention conference in San Antonio, Texas, highlighted new tools designed to help retailers combat the ever-increasing problem of Return Fraud and to focus on other Loss Prevention issues.
The tools introduced today focus on Loss Prevention costs related to return fraud, unauthorized warranty service, transaction dispute resolution, product spoilage and employee error.
Through AfterBOT's ReceiptsPLUS application, retailers are able to create and store the transaction details of who bought what, when, where, how much and how paid for every purchase. AfterBOT discussed how giving store personnel line-item detail of every transaction, and the ability to link to related transactions, would help streamline returns processing and reduce retailer shrink.
"The creation of a digital receipt infrastructure enables retailers to quickly and effectively implement new solutions to combat fraud, increase operational efficiency, and build customer satisfaction and loyalty." stated Jim Nadler, AfterBOT's Vice President of Marketing and Business Development. "These tools allow a retailer to solve several key issues they are facing today through a single application while extending the benefits to both the supplier community and the end customer."
As an example, in the case of Smart & Final Stores, Inc., a 241-store warehouse grocery retailer based in Commerce, CA, ReceiptsPLUS is used by their Finance and Accounting department to address transaction dispute inquiries. Prior to ReceiptsPLUS, the average cost of dispute resolution was $37 per incident, typical of existing systems infrastructures. Now the entire process averages less than 3 minutes, significantly reducing chargebacks and dramatically improving the percentage of disputes resolved. The digital receipt can be printed, faxed, or emailed for easy "proof-of-purchase" confirmation.
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