Card Processing Is More Than Just Procedures
Too many credit unions put too little thought into their relationships with their credit and debit card processors and should concentrate on getting more out those partnerships.
That is one of the recommendations Lesley Hastings, director of member partnerships at The Members Group, shared in “When the Grass Really Is Greener: Evaluating Your Processing Partner at Renewal Time,” a new white paper on the topic.
“It’s important to do a bit of research into your processor’s history to understand how it may approach the days and years ahead,” Hastings wrote. “Ask your partner how long the company has been in the business and what their plans are for the short- and long-term futures. Watch for potential red flags, like frequent turn over and sudden changes to the management structure.”
April Remnant, card services manager for the 55,000-member, $600 million Ventura County Credit Union, and Linda Rossi, senior vice president for special projects for the credit union, largely agreed with paper, particularly with the analysis of the relationship with one processor that the credit union decided to leave in favor of another.