Credit Card Processing: Is It Time to Bring It In-House?12.02.2019
Has the time come to bring your credit cards in-house? How do you know? Credit unions today are proactively evaluating their credit card program needs with the goal to have more control of both member services and cost. While there's a lot to take into consideration, the right core processor can make it seamless and efficient. It gives the credit union the ability to better protect data, while also providing a better experience for members.
Credit unions have long realized that by offering credit cards they can further deepen member relationships. They serve as another point of contact and open up another line of business, while also delivering high yields. Moving credit cards in-house means being able to eliminate third-party processing, which reduces expenses and delays. The key to being successful when moving credit card processing in-house is to work with a technology vendor that can handle the day-to-day activities efficiently, while providing capabilities that are cutting-edge and keep you competitive and relevant.
When considering a core processor, ensure the basics are covered: 360-degree view of members, on-line and mobile access, deep card integration, document management and also enable staff to efficiently provide excellent member services. Additionally, a great core processor can provide your members with remote controls for cards, which allows members to control the status of their debit and/or credit card through the credit union’s mobile app, such as when they don’t recognize a charge or lose a card. It can also provide real-time balance information on both debit and credit cards.
Moving your credit union’s credit cards in-house is no longer something to consider for the future – the future is now. Choosing the right core processor is a decision requiring some forethought and research, but ultimately will provide you with an efficient system designed to improve member relations and increase profitability.
Preston Packer is director of sales and marketing at FLEX Credit Union Technology, which provides core system software solutions for credit unions. To learn more, download the FLEX card management e-book.