CHICAGO — More than 550 executives from 329 credit unions, CUSOs and other firms have gathered this week at the Swissotel in Chicago.
Jeff Russell had steered TMG Financial Services in Des Moines, Iowa.
Just when it might become more important than ever to be able to track the interchange that debit transactions generate for credit unions, many, if not most, may have not begun to uncover their debit programs’ bottom lines.
Awareness and ownership, risk vs. reward and know thy members. All this can pay off in the card portfolio, these experts say.
Shareholder distribution from big CUSO jumps 73% from year before.
A new policy and fee structure from Visa are having a significant impact on the already complicated debit interchange market and, in some cases, are making that market more difficult for credit unions to navigate, according to payments executives.
Consultant, TMG exec say appreciation for profit center needs to be shown in management attention.
Credit unions that adopt the TMG product will sign contracts directly with TMG, who will be responsible for sales, implementation, support and invoicing.
Doubt has been swirling around the potential widespread use of near field communication, or NFC, a technology that links consumers’ mobile phones to merchants’ point-of-sale terminals, enabling instant mobile payments. Apple released the iPhone 5 without an NFC chip, leaving millions of consumers out of the NFC equation.
PSCU, CO-OP Financial Services and The Members Group have partnered with MasterCard to make the new technology available to credit unions.