4 Things Credit Unions Should Know about Processing Payments
One universal necessity of every organization — or in this case, credit union — is the need for payment processing. It’s something that’s used by everyone. But once you drill into the specific needs within various industries, it becomes more important to find a custom-tailored payment solution. For instance, a credit union might favor a payment solution that offers members a higher level of convenience, a smoother customer experience, or most likely both
Whatever your payment processing goal might be, there are a few basic things you need to know before signing up.
What should credit unions know about payment processing?
Credit unions are all about member satisfaction, and offering comprehensive payment options helps organizations align more closely with what today’s consumers expect from their financial institution of choice.
- Payment options: Offering several different payment options — like credit cards, debit cards, checks, and ACH — allows members the flexibility to choose their preference with each transaction. Ideally, the right payment processor will offer these options across POS terminals, online interfaces, and mobile devices.
- Security: A good payment solution features data security as a top priority. All sensitive data should be protected by encryption and tokenization, along with meeting other PCI compliance regulations.
- Support: A top-notch payments solution should include personalized assistance from a live support team that helps beyond the initial setup. Establishing a relationship with support staff can prove helpful if you run into questions or concerns.
- Reporting: Powerful reporting helps you gather data about transactions, chargebacks, reversals, and more. This information helps credit unions make decisions about payments that can affect the future of members.
How can credit unions use payment technology?
Though credit unions work similarly to and offer many of the same services as banks, the latter is known to utilize technology in a way that some credit unions may not yet have access to.
Many bank customers enjoy online banking via a computer or mobile app. But that’s not something that has to be limited to banks. With the right payments provider, credit unions and their members can also enjoy the convenience of mobile payments on any device, along with many more features within the growing field of payments.
That is to say, a credit union with access to industry-leading payments technology stands apart from the competition and keeps pace with larger banks.
When it comes to payment processing, many businesses and institutions have a similar set of basic needs. Though fine tuning the details takes a more personal touch in order to line up with an individual organization’s needs.
Forte Payment Systems offers customized payment solutions for all industries, including credit unions. Visit our website or call us at 866-290-5400 to see why we’re a leader in payments.