6 Benefits of Core-Integrated Card Payment Solutions for Credit Unions

By Preston Packer |

May

24

Credit cards play a critical role in credit unions' consumer lending strategies, but many credit unions have hesitated to switch to in-house cards. This has mostly been due to the unique characteristics of credit cards and inadequate core systems. However, today's credit unions must rise to the challenge and implement an efficient card management system, which will ultimately benefit both their CU and its members. Throughout this article, we'll show you the top six key advantages of a core-integrated card payment solution.

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Eliminate Debt and Simplify Card Payments for Your Credit Union Members

By Preston Packer |

May

18

Did you know that, according to 2021 fourth-quarter data from the Federal Reserve Bank of New York, Americans have over $856 billion worth of credit card debt? The amount rose tremendously from the third quarter of 2021, increasing by $52 billion. It is the most significant quarterly increase the U.S. has seen within the past 22 years and the third and only spike since the start of 2020.

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Setting Up Small Businesses For Success With Merchant Card Services

By Preston Packer |

May

10

As a credit union, it's imperative that you offer merchant card services to local small businesses. Why? Because credit card payment processing is at the very core of small-scale companies, and of course, one of your credit union's goals should be to help them prosper.

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Differentiate Your Credit Union with a Differentiated  Card Payments Strategy

By Preston Packer |

May

05

Today, consumers have access to more ways than ever to pay for goods and services. Whether it's convenient Buy Now Pay Later (BNPL), Cash App, Venmo, PayPal, or embedded payments—they all represent easier, frictionless payment methods for consumers. But that's not all they share in common: they all pale in comparison to the popularity of credit and debit card solutions.

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Innovative Credit Union Payment Trends to Watch in 2022 - Part 1

By Preston Packer |

Mar

01

The world of payments is on a fast-paced roller coaster to an all-digital destination. The already speeding locomotive received a jolt of energy via COVID-19, which further increased the demand for digital, online, contactless, frictionless, and speedier payments. While most generations show an interest in digital payments, it comes as no surprise that the largest push is being generated from the rear.

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A Cashless Society: The Pros and Cons

By Preston Packer |

Aug

25

"Cash or credit?" Is that statement becoming a phrase of the past? New technology and tools that support cashless payment options such as tapping a smartphone, waving and paying with a card, or sending an online Peer-to-Peer payment have hastened this process along with changing societal norms and consumer preferences. It feels as though we truly are on our way towards a cashless society.

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The Future of Credit Card Reward Programs

By Preston Packer |

Dec

02

When it comes to the use of credit cards, the pandemic has kicked the rate of behavioral and technological change into high gear. We may be entering a new era of cashless transactions. Credit card reward programs are changing at a rapid pace, too. The future of such programs includes an enhanced user experience, improved accessibility, and expanded options – and the future is already here.

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COVID-19 Advancing Loan Due Dates

By Preston Packer |

Apr

02

 

This global situation is forcing all businesses to make some drastic changes that only weeks ago they wouldn't even consider, and credit unions are certainly not immune. Pending debt is a major topic of concern as more people are struggling to keep their jobs and employers make hard decisions necessary for the continued health of the business. It's a time that requires both shrewd business calculations but also compassion. Part of the credit union difference is a human connection, so that compassion is a call they need to heed. To that end, the NCUA issued guidance encouraging credit unions to work with affected borrowers. One of the suggestions to help is to allow members to defer or skip loan payments, in particular those for open-end credit, like credit cards.

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Members Stepping Out on You? Time to Embrace the Card Payments Evolution

By Preston Packer |

Apr

01

Credit unions have long held a reputation for excellent member retention rates. Members are genuinely loyal to their credit unions. Yet, while they maintain their loyalty in the form of a car loan or mortgage, members are increasingly seeking out different FI's for their primary provider. While historically credit unions have been heavily focused on consumer lending by providing the lowest rates to members, it's time to step out of the past, and look beyond the present. Look beyond the lending department and consider the payments opportunity. In the top 3 US banks, for example, credit cards represent roughly 26 percent of loan volume, whereas for credit unions, cards represent just a little over 6 percent! It's time for CU's to look at how their members' lifestyles and spending habits have evolved, and evolve along with them.

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Members Can't Get No Cardholder Satisfaction?

By Preston Packer |

Mar

25

You may try, and you may try, and you may try... but members can't get no satisfaction from a credit card that doesn't offer rewards and easily understood benefits. According to a J.D. Power 2019 Credit Card Satisfaction Study, rewards are what drive member satisfaction with credit cards, as has been the case for several years now. Issuing credit unions have continued to improve upon rewards programs but often struggle to find the right rewards offering for their member base, as well as a simple approach to understanding and redeeming rewards. The same JD Power study found that only 66 percent of members fully grasp their reward program offerings, and only about a third say they completely understood all the benefits available to them.

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