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Is One Processing Vendor Better Than Many?

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.”

Read entire article here.