How to rebound after getting burned by a vendor

You’ve done your due diligence. Your credit union leadership has interviewed, researched, and consulted on your top options for a service provider to meet your needs. You made your pick, and it all went downhill from the day you signed the contract. Your credit union started out optimistic, but you never really know what you’ve got until you’re in the thick of it. And now you’re in too deep with no way out.

Does this sound familiar? If so, chances are you’ve been there and done that. So, how can you ensure you’re working with a true business partner that will work with your credit union and provide a stress-free experience?

Here are a few things to keep in mind when looking to partner with a new vendor for a project – big or small.

  1. Talk with your peer credit unions, whether that’s in asset or membership size, geography, field of membership, or services offered. Ask for references and recommendations on what companies your peers have used in the past. Did they have a positive experience? What would they have done differently? Hindsight is always 20/20 and getting that perspective for someone who has been in your position could be invaluable.


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