We are exploring vendors out there that would provide us with merchant card services and allow us to let members make payments to their loans with us using their other institution issued cards (visa, MasterCard, debit or credit). We'd like members to be able to do this directly on our website (not through home banking) and/or by phone.
We currently use Total Merchant Concepts for our Visa cash advances in our lobbies but the cost quoted to us was a bit shocking. We are looking into other vendors to see if that cost is the 'norm'. OR if there are other payment options we could implement.
We do not do ACH origination (yet) and we won't have the time to allocate on this project in the near future. I'm looking for something a little easier to implement and meet our member needs of making payments (especially our indirect lending members).
Thank you in advance for your time and input 😊
I would be interested as well so if someone posts would appreciate them posting to the group. Thank you.
Karla Hanna, Executive VP - Innovation & Quality 1741 S Cleveland Avenue | Sioux Falls SD 57103 | 605.977.8320
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We use SWBC, but there are others and some might integrate with your core better.
Community Plus Federal Credit Union
We use SWBC and so far it's been working great. We don't charge when the member does it himself online or the first time we show them. After the initial transaction we charge for staff assisted payments.
Executive Vice President
Good morning, We have paid a patronage dividend the last couple of years; a flat dollar amount. We are discussing continuing this but want to set criteria/financial goals, etc upon which to base this dividend being paid and possibly calculating a total from some criteria. I have a couple questions: 1. Would you be willing to share what criteria you use to establish if and amount of bonus or patronage dividend? 2. How do you determine the amount per member? Services used, share/loan interest percentage, etc. Thank you!
Karla, we pay a loyalty bonus each year as well. The criteria really depends on what our goals are for the year. But in the past, it has been open, active checking accounts, super power users of debit cards / credit cards, loans, real estate loans, etc. We usually paid a flat amount for each product the member has with us. Essentially we are looking for products and services that deepen the relationship with the member. We will be paying out a bonus this year as well but haven't locked down the criteria just yet.
We treat it as an expense. We accrue for it each month depending on income.