9 Ways to Increase Credit Card Income without Cranking up Rates

By Preston Packer |

Jul

06

Everyone loves a warm, sunny day, but there is a threshold for tolerance before it becomes too hot to handle. As the summer sun cranks up the heat, people seek ways to escape the extreme temperature. People also love the convenience of credit cards and are willing to pay interest to buy now, but they too have a limit on how high you can crank those interest rates up on your card products before they run for alternatives.

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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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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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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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Credit: What's In Credit Union Member Wallets?

By Preston Packer |

Sep

22

Has the past month in the global economy brought to mind memories of the financial crisis? Today we tend to ‘sign-post’ things in terms of the great recession. There is news in consumer credit along those lines, according to Fair Isaac Corporation (FICO): The average FICO credit score is now 695 – the highest that average has been in a decade. 

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How Changes in Payment Technology are Impacting your Credit Union

By Preston Packer |

Jul

16

From EMV to Apple Pay, rewards programs to increasing fraud, the payment technology industry is changing daily, and members of your credit union have questions. It is imperative for CU's to educate their members to give you the advantage over banks. In previous blogs we have discussed how credit unions have a significant advantage over banks due to the element of trust. Credit union members display a greater level of trust in their financial institutions than bank members, and this is key to credit unions gaining market share. Displaying a willingness to understand and educate members on the dynamic world of payment cards is your opportunity to gain even more trust.  Here is a great article to read up on: The changing face of payment technology: What members need to know (but probably don’t):

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Where Will Mobile Wallets Be One Year From Now?

By Preston Packer |

Jun

18

In short, mobile wallets will still be with us and will be a normal part of our daily life one year from now. Research indicates this new form of payment will become part of marketing programs across all channels and industries.  An article published earlier this week, Where Will The Mobile Wallet Industry Be 1 Year From Now?, addressed this question for merchants considering making the shift to accepting mobile wallet payments.  Once merchants embrace this new form of payment, consumers will surely follow, and it is up to issuing credit unions to convince their members to link their credit cards with their Apple Pay, PayPal, Google Wallet, or other mobile wallet accounts:

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"Watch" For the Latest News on Apple Pay

By Preston Packer |

May

28

It has been over a month since we last discussed Apple Pay on the blog, yet it continues to be a hot topic in our discussions with credit unions, especially now with the release of the Apple Watch.  Solupay, a card processing company, recently discussed "What's the Latest News on Apple Pay?"

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Avoid These Common Mistakes When it Comes to EMV and Your Members

By Preston Packer |

Apr

30

Two weeks ago, our blog "EMV: The Chargeback Liability Shift and How It Impacts Credit Unions" discussed in detail what credit unions need to know about the EMV chargeback liability shift coming in October 2015. This topic is generating a lot of interest and concern among credit unions and their members. Today, we are sharing a post from CO-OP Financial Services, a FLEX partner, that provides more informative detail on how to communicate EMV to your members:

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