PSCU Financial Services Positions Reloadable Prepaid Cards As ‘Gateway’ Product for Other Services
PSCU Financial Services, Inc.
St. Petersburg, FL, Sept. 21, 2010 – PSCU Financial Services’ Director of Marketing Antonio Hill urges credit unions to use reloadable prepaid cards as a gateway product for Gen Y, the underserved and others who cannot qualify for a checking account. “Regulation E Opt-in regulations are blurring the lines between prepaid and debit cards but the opportunity is clear. Credit unions that market prepaid and debit cards to the right target segments can increase both membership and non-interest income,” he said.
Hill will speak on a panel that discusses debit and prepaid cards at the 18th annual ATM, Debit & Prepaid Forum being held Oct. 3-5, in Phoenix, Ariz.
Reloadable prepaid cards are an ideal way to target Gen Y and adults who cannot qualify for a checking account, Hill explains. “Credit unions can use reloadable prepaid cards as a starter card to teach financial responsibility to young teens. These cards also provide adults who do not qualify for a checking account with a ‘second chance’ to demonstrate responsible financial behavior. The goal is to develop a relationship with both target groups and ultimately offer them a checking account, debit card and eventually other products that produce higher revenues.”
While a checking account remains the driving factor for establishing a primary financial institution, Hill says prepaid cards are an excellent way to attract new members. “Debit cards offer much greater revenue potential than prepaid cards, but credit unions can use prepaid cards to attract members and earn their loyalty.”
In addition to its successful debit platform, PSCU Financial Services has issued more than 1 million prepaid cards. More than 140 credit unions use the CUSO’s prepaid product, which includes both gift cards and reloadable cards.
PSCU Financial Services
Based in St. Petersburg, Florida, PSCU Financial Services is the nation’s largest credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 640 member credit unions representing over 14 million accounts and 1 million online bill payment subscribers. Its Contact Centers handle more than 17.4 million inquiries a year.
PSCU Financial Services offers 24/7 member support through four Contact Centers: its Eastern operations center in St. Petersburg, Fla.; a Western operations center based in
Phoenix, Ariz.; and two call centers in Detroit, Mich. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders and online bill payment subscribers.
Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit PSCU Financial Services’ website at www.pscufs.com.