What’s Holding Your Credit Union Back from In-House Card Processing?

By Preston Packer |

Aug

11

The power of plastic. It has advantages to both the members that swipe for purchases, and also for credit unions that issue and control processing in-house. Federal Reserve data released in 2014, found that 72 percent of consumers had at least one credit card.1  So, what’s the best option for your credit union when it comes time to deciding whether to outsource or process cards in-house?

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So far so good? EMV's Impact on Credit Unions

By Preston Packer |

Aug

02

Last year at this time, news feeds for credit unions featured information about the Chargeback Liability that was taking place in October of 2015. Among the highlights were the importance of educating your members on chip technology and deciding when to issue chip enabled credit cards. Not to disappoint, new deadlines were set for October of this year that have received similar attention. The new deadline for ATMs to accept EMV chip cards from MasterCard is set for October 2016. Before the details, here's a look back on how EMV has impacted credit unions in the past 10 months.

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Choosing Visa Alerts That Will Improve Your Credit Union Card Services

By Preston Packer |

Jul

05

EMV acceptance at ATMs is not the only looming deadline for October 2016. Effective October 14, 2016, Visa Rules will require all U.S. issuers of consumer class Visa credit, debit and reloadable prepaid cards to provide an option to enroll in transaction alerts to their consumers. These alerts will enable cardholders to quickly identify suspicious purchases on their accounts when the chosen method of notification is received (text message, email, or in some cases, in-app push notifications on smartphones). The motivating factor behind this rule is Visa concluded that alerts are a proven method to mitigate fraud after conducting an internal study that found transaction alerts can reduce fraud by up to 40%.1

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Persona Card Management, a Lesson from Amazon

By Preston Packer |

May

31

Have you ever felt like 'big brother' is watching you? Have you visited a website and seen an advertisement for a product you were shopping for on Amazon earlier that week? How is it that the website you visit knows you were shopping for that item? Did Google tell them?

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Iron Man’s idea of a debit card: One with remote controls

By Preston Packer |

Apr

28

We were featured on CUInsight last week for our article Iron Man’s idea of a debit card: One with remote controls. If you happened to miss it in their news feed, here is the article:

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6 Ways to Keep a Healthy Pulse on Credit Card Portfolios

By Preston Packer |

Apr

14


Even for those credit unions not interested in selling off credit card portfolios, it's advisable to keep them attractive in case the time arises to sell them. Valuing a credit card portfolio can be a thorny situation. We've found a list of six red flags that should help identify problems as soon as they arise so you can better track the pulse of your portfolios.    

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How to be the EMV Expert for your Members

By Preston Packer |

Mar

15

It is no secret that with the many changes facing the payments industry, consumers are growing confused and irritated. When it comes to mobile wallets for example, last year proved to be a year where big promise was projected for the likes of Apple Pay, yet adoption numbers are now reported to be lagging, coupled with the fact that 47% of users had experienced unexplained failed transactions. But the biggest source of frustration in 2016 for payment technologies is proving to be EMV.

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Watch for These 5 EMV Trends in 2016

By Preston Packer |

Mar

03

It's been reported that 70% of the daily transactions at Walmart and Target are made with chip cards.  No doubt there has been a rise in the number of merchants accepting chip cards. But still, only 41% of overall merchants are ready to accept EMV payments. So, what does the future hold for an EMV card holding consumer? 

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Sorting Thru the EMV Chip Card Confusion

By Preston Packer |

Feb

09

Credit unions are all too aware that there is a consumer revolution in how credit cards are used at point-of-sale (POS) terminals. Over the 2015 holiday shopping season, consumers armed with new EMV chip cards faced a situation at checkout that was often confusing. Most terminals didn’t accept chip cards and still required the cardholder to swipe. Other checkout systems had a slot for chip cards and a swipe mechanism, but it was up to the clerk to point out which to use. The terminal may have had the ability to insert an EMV card, but was not yet enabled to accept the EMV payment. Other POS machines still allowed for the swipe, but beeped loudly at consumers who had chip cards to use the slot instead.  The result was confused consumers, confused clerks, and an overall sense of annoyance (not to mention increased transaction time).

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Who Really Pays when it Comes to EMV?

By Preston Packer |

Dec

01

CUNA reported earlier this year that 36% of credit unions don’t anticipate full EMV functionality until at least the end of 2016.  CUNA also noted “Nearly six in 10 credit unions will rely on a rolling reissue as magnetic stripe cards expire, while 27% elect for a complete, simultaneous reissue. Only 7% of credit unions have no plans to convert to EMV."  The Credit Union Times ran a recent survey, in conjunction with CSCU, which found 78% of credit unions have yet to implement EMV cards as of November 19, 2015.  

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