Credit Card Processing- Is It Time to Bring In-House?

Is it time for your credit union to bring its credit cards in-house? The decision can be challenging, but many credit unions are proactively evaluating their credit card programs to gain more control over member services and costs. With the right core processor, the transition can be seamless and efficient, offering enhanced data protection and a better member experience.

The Benefits of Moving Credit Cards In-House

Credit cards are more than just a service—they're a powerful tool for deepening member relationships and increasing profitability. Here’s why moving credit cards in-house can be beneficial:

• Deeper Member Relationships: Credit cards serve as an additional point of contact with members, creating another line of business that fosters loyalty.
• High Yields: Credit cards can be a high-yield service, contributing significantly to your credit union’s revenue.
• Cost Reduction: Eliminating third-party processing can reduce expenses and delays, giving your credit union greater financial control.

The Importance of Choosing the Right Core Processor

The success of moving your credit card processing in-house largely depends on the core processor you choose. When finding a core processor that can support your decision to move credit cards to in-house, make sure to look for:

• Comprehensive Member View: Ensure your core processor provides a 360-degree view of your members, allowing for better service and personalized experiences.
• Online and Mobile Access: Members expect convenient access to their accounts. A robust core processor should offer seamless online and mobile access.
• Deep Card Integration: Look for deep integration capabilities that streamline card management and provide real-time data.
• Document Management: Efficient document management is crucial for maintaining accurate records and ensuring compliance.
• Enhanced Member Services: The core processor should enable your staff to provide excellent member services efficiently.

By finding a core processor that can help your credit union achieve success with in-house credit cards, you can have a smoother transition and find more efficiency and success. 

Advanced Features to Consider

A great core processor can offer advanced features that significantly enhance the member experience, such as:

Remote Card Controls

Allow members to control the status of their debit and credit cards through your credit union’s mobile app. This feature is invaluable for managing lost cards or unrecognized charges.

Real-Time Balance Information

Providing real-time balance information on both debit and credit cards can help members manage their finances more effectively.

The Time to Act Is Now

Moving your credit union’s credit cards in-house isn’t just a future consideration—the time to act is now. While choosing the right core processor requires thoughtful research, the benefits of an efficient system that improves member relations and increases profitability are well worth the effort.

Bringing credit card processing in-house can empower your credit union with greater control, cost savings, and the ability to offer enhanced services to your members. By selecting a core processor that aligns with your needs, you can set your credit union up for long-term success. Don’t wait—the future is now.