ST. LOUIS, Aug 21, 2009 (BUSINESS WIRE) -- Cass Information Systems, Inc. (NASDAQ: CASS), a leading provider of enterprise-wide expense management services, has announced that Stein Mart, Inc. (NASDAQ: SMRT) has expanded its relationship with Cass to now include telecom expense management. Since 1999, Cass has provided Stein Mart with utility expense management services whereby Cass processes Stein Mart's facility-related invoices (such as electric, gas, and water expenses) and delivers valuable energy expense data via an online business intelligence platform.
Stein Mart owns and operates 280 department-style stores across 30 states that feature discount prices on everything from brand-name clothing to home décor.
"Cass' expense management solutions are optimal solutions for large retailers or other organizations managing a large location network," commented Jim Dwyer, vice president and general manager, Cass Telecom Information Services. "Cass offers automated solutions to help manage service changes, which are generally difficult to reconcile with invoices. Without automated processes for change management, large retailers are plagued with telecom invoice errors and often end up paying telecom charges for stores they no longer operate."
"We explored several options to increase our efficiencies in managing telecom expenses," noted Andrew Black, CIO, Stein Mart. "Because we've enjoyed a very good relationship with Cass for years, the decision to outsource telecom expense management to Cass made sense.
"We like Cass' approach of automating and managing the entire telecom lifecycle. Both our IT and accounts payable groups look forward to this change," he added.
Telecom invoices are complex and prone to errors. Through use of Cass telecommunications expense management services, Cass clients are able to increase data capture and eliminate most of the paper from the process; 85% - 100% of its clients' telecommunications invoices are delivered to Cass in an Electronic Data Interchange (EDI) format, a richer source of expense data than paper invoices. With sophisticated process controls and more granular data capture, Cass is able to reconcile errors and eliminate erroneous, needless or extraneous telecom service charges.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices up to 60 percent off department and specialty store original prices, every day. Currently with locations from California to Massachusetts, Stein Mart's focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, gifts, linens and shoes.
About Cass Information Systems, Inc.
Cass Information Systems is the leading provider of transportation, utility and telecom invoice payment and information services. The company, which has been involved in the payables services and information support business since 1956, disburses over $27 billion annually on behalf of customers from processing centers in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C. and Wellington, Kansas. The support of Cass Commercial Bank,founded in 1906, makes Cass Information Systems unique in the industry. Cass is part of the Russell 2000(R) Index and was recently ranked #65 on the 2009 Fortune Small Business FSB 100 list of the fastest-growing public companies in America.
