Thu, Jul 30, 2015
Rancho Cucamonga, California
As a credit union, you are competing for your members’ business every time they visit an ATM, swipe a card or sign on the dotted line. To make sure payment transactions are fast, easy and secure for members, you rely on a complex array of processing technologies.
And if you have a proven track record with different vendors for debit, credit and ATM payment processing, you may be reluctant to “mess with success.” However, maintaining this multi-vendor paradigm may be holding you back.
According to Lynn Kneebone, director of national sales for CO-OP Financial Services, credit unions don’t typically contract multiple payment processors by design. More often than not, it is a dynamic that occurs over time.
“As a financial institution, you may have first rolled out a PIN-based solution, then added signature processing with a different vendor, and eventually upgraded your ATM fleet with a third,” she said. “While all three solutions may be operationally sound, managing the complexities of these disparate systems can negatively impact both your service to members and bottom line.”