Advantages of a single processing partner

As a credit union, you are competing for your members’ business every time they visit an ATM, swipe a card or sign on the dotted line. To make sure payment transactions are fast, easy and secure for members, you rely on a complex array of processing technologies.

And if you have a proven track record with different vendors for debit, credit and ATM payment processing, you may be reluctant to “mess with success.” However, maintaining this multi-vendor paradigm may be holding you back.

According to Lynn Kneebone, director of national sales for CO-OP Financial Services, credit unions don’t typically contract multiple payment processors by design. More often than not, it is a dynamic that occurs over time.

continue reading »