The scary tricks of recurring payment changes are no treat

The process of switching financial institutions tends to be scary for members. Realizing your billing information is out of date can haunt a member, and getting hit with several months worth of delinquent bills is a fright. In the case of recurring payments, there will come a time when billing information needs to be updated, and unfortunately, updating it can be a nightmare. This may shock members because the whole reason they chose a recurring payment method is for convenience, and ironically, updates are anything but. If a credit union wants to be a member’s primary financial institution, which most if not all do, updates to the recurring payment process should be easy. Here are some things to consider about recurring payments to avoid spooking your members.

Ease of Use
It’s no surprise that one of the most important aspects of any technology is ease of use. This consideration goes not only for members, but staff as well. It’s not uncommon for members to call and verbally update their payment information with the expectation that their member service representative will update it for them. The update should also be reliable and error proof. Taking the time to fix something and finding out the next day that it’s still broken is a first world problem nightmare.

 

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