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Written by Karl Kaluza
on March 07, 2018

The days of sitting down and writing out checks to pay your water or electric bill are gone. Living in an era of technology, people expect the ability to pay their bills anytime, anywhere digitally. Find out how your credit union can compete with emerging payment solution platforms by offering online bill pay to your members. 

Credit unions are no longer just competing against other financial institutions when it comes to products like online bill pay. Other non-financial companies are entering the market trying to capture this growing trend. In fact, a survey found that one in three consumers would consider switching their accounts to Google or Amazon if they offered financial services.

With over 56 percent of bills in the United States now being paid online, it is no surprise that non-financial companies are interested in breaking into this popular technology. Member Access Pacific (MAP) offers online bill pay solutions specifically designed for credit unions to help you compete with not only other financials but non-financials as well.

 By investing in online bill pay, you can offer your credit union members convenience, better control, and security of their online payments. Bill pay allows you to pay all your e-Bills with one platform anywhere, at any time. This technology has evolved from strictly a desktop service to a mobile experience that can match the busy lifestyles of your members.

 MAP’s online bill pay can be easily integrated with your online and mobile banking solutions -- giving your members a greater sense of control. Now they can monitor their accounts as well as any bills from the convenience of their trusted financial partner’s app and online banking platform.

 In addition to convenience and control, online bill pay offers robust security features. MAP’s risk management solutions will help prevent fraud with your members’ accounts and bill pay transactions saving you and your members' money while providing peace of mind. MAP’s team will work with you to establish and implement fraud policies as well as strategies that make sense for your credit union.

 Studies have found that credit union members that utilize their financial partner’s online bill pay are over 15 percent more profitable than those who do not use the product. Along with increasing your profitability, you will also increase your member loyalty and retention by offering online bill pay. Another added benefit of the frequent use of this product is that your credit union will remain top of mind with your members.

 Don’t miss out on a chance to increase your credit union’s revenue and member loyalty to non-financial competitors. Online bill pay is quickly becoming a cornerstone product in the financial world, contact MAP today to learn how to bring this technology to your credit union.

 

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