Integrating Credit Card Processing with Your Credit Union

By Preston Packer |

Nov

06

To date, credit unions have been faced with the choice of providing credit card processing in-house or outsourcing. Historically, only big credit unions ran in-house credit card processing. Smaller CUs shied away from credit card processing due to a variety of factors: It was expensive to do so in-house, and outsourcing was often difficult to integrate with the core. Furthermore, the rewards programs were not up to par with those of banks and larger FIs, which made them less desirable to members. Now, with increases in integration capabilities and decreases in cost, credit unions of all sizes are incorporating integrated processing capabilities. Here’s why credit unions big and small have opted for integrated credit card processing.

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When Three's a Crowd: Effectively Managing Third Party Vendors

By Preston Packer |

Jun

21

It is said "Two's company; three's a crowd," when two people are in a relationship and would prefer to be alone. Your credit union's tech revolves around the primary relationship of credit union and core processor, and when it comes down to the efficiency of your CU, this might be the relationship that matters the most. However, you may have many third parties crowding your space and taking away from time that should be devoted to activities which more directly impact your members. Vendors, suppliers, agents, brokers, specialists, consultants, and more are constantly vying for your attention as a credit union leader, and managing these relationships can be a job in and of itself. Leveraging third parties can help your credit union gain significant efficiencies, but managing them can be burdensome.

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2+1 Reasons to Consider Card Management Within the Core

By Preston Packer |

Jun

13

Consumer lending has many forms and credit cards are increasingly a profitable one for credit unions. Historically, the industry has looked to outside vendors for credit card management due to its inherent risks and complexities. As core processors catch up to technology advancements and credit unions acknowledge technology to be of crucial importance to survival, in-house card management is a reality for many credit unions. Below are two of the main reasons that credit unions are jumping on to the in-house credit cards trend, and one reason your members will love you for it.

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We Told You So... Why The Chip Didn't Solve Credit Card Fraud

By Preston Packer |

Dec

08

We hate to be "that" person, but we told you so. As predicted, Card Not Present (CNP) credit card fraud continues to rise since the establishment of EMV technology (chip cards) last October. CNP transactions include any payment made where the card is not physically present, online, over the phone or mobile. While card present fraud experienced a 43% decrease, according to Visa, CNP fraud experienced a direct increase. The US Payments Forum 2017 report stated that the increase in security of chip cards forced fraudsters to focus their attention on an easier target: CNP transactions. The report concluded that this trend will continue into 2018 and consumers can expect fraud dollars to exceed $6 billion.

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Using Social Media to Prevent Card Fraud

By Preston Packer |

Nov

10


Spending money is almost certainly a daily event, and those credit and debit cards surely get a workout. In an environment where card fraud and security risk is increasingly prevalent, is your card management product ready for all that action? More importantly, how are you marketing your card controls to your members? Recent card control developments have come about that can not only help your members get a grip on all that activity but also allow them to more closely monitor exactly what is happening with their accounts. However, if members are not aware that they exist, and are therefore not using them, what good do they do? Take a queue from a Utah credit union who infused humor into their social media feed to illustrate to members the capabilities of their mobile banking app to protect them:

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Put Yourself in Members' Shoes During the Holiday Shopping Season

By Preston Packer |

Nov

08

As Christmas decorations begin to fill the aisles and ads flood our news feeds, we embark on another holiday season. From holiday exchanges to presents for the kids, purchases are being made at an escalated rate. Even the most stubborn scrooge finds themselves frivolously spending during the holidays. Whether your members are early bird Black Friday shoppers or those who run through Target aisles on Christmas Eve, it's easy to forget budgets and overspend. As a credit union, it's important to keep your members in mind during the festive season and offer them the tools to keep their assets in line.

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Preventing Cyber Fraud as Black Friday Approaches

By Preston Packer |

Nov

02

Following the shopping season of 2016, the U.S. set a new record for mobile phone and tablet shopping on Black Friday with over $1.2 billion in purchases, as reported by Adobe. It was a 33% increase from the previous year, and if the trend continues, we could expect to see upwards of $1.6 billion in purchases this coming year through smartphone and tablet purchases. With all this money exchanging digital hands, you want to ensure that your members feel confident using their credit card account information while shopping online and that their private financial information is protected and secure. Be sure you are providing your members with the best credit union cybersecurity tools, such as remote control debit and credit cards.
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3 Secrets to Boost Non-Interest Income through Debit Cards

By Preston Packer |

Jun

28

 
Non-interest income can keep a credit union afloat in times of economic decline. Credit unions must always be looking for ways to drive non-interest revenue to help maintain positive expense-to-income ratios. In order to drive this income forward CUs should better product offerings, and improving your portfolio of debit card services can help. Offering advanced card maintenance options for member's debit and credit cards is one way to do this. Here are 3 secrets to boost non-interest income specifically through debit cards:
 
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The Credit Union, Credit Card Difference

By Preston Packer |

Dec

13


College students and teens are the number one target for credit card companies. Rightly so, since they represent a large part of the consumer market eager to build credit (or just consume), while many parents are willing to bail them out of a jam. Studies have found that over 80% of graduating college seniors have credit card debt before they even land their first job, with one in four leaving college having more than $5,000 in debt and one in 10 with over $10,000 in debt.1 It can be a high-risk business for card issuers, and it would be wise as a credit union to pay particular attention to your credit card management policies and programs, especially when it involves younger members.

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How Credit Card Fraud is Driving Card Security

By Preston Packer |

Oct

25

In  the months leading up to October 2015, there were many questions in the payment card industry, from issuing banks and credit unions, to processors, to merchants and all the way to consumers.  The main question on everyone's mind was "How will EMV and the chargeback liability shift impact me?" While the U.S. transition to EMV or chip card technology, has not always been smooth sailing, a year later one thing is certain: EMV has made a lasting impact on credit card fraud, but it is not enough to take on the task alone.

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