The adage "cash is king" dates back to the 80s but does that statement remain true today? Credit and debit cards have continued to grow in popularity due to their convenience and ease of use. Does your credit union have the right payment option mix for your membership?
Debit and credit cards offer consumers a convenient way to make payments without having to make a trip to the ATM or financial institution to get cash. In fact, a study found that 80 percent of people surveyed used a card for all of their everyday purchases. So does that mean cash is dead?
While the research shows, more and more people are using their cards, especially the younger generation, the amount of cash in circulation around the world continues to increase. In countries like Japan, China and the U.S., there is still a significant amount of money in circulation. In the United States alone, there is $1.67 trillion in circulation.
Due to varying member preferences, it is essential to have the right payment option mix at your credit union. Member Access Pacific (MAP) offers card programs, ATM services as well as digital payments to meet the payment needs of your entire membership.
MAP has partnered with Visa to offer credit and debit card options. All of our cards come equipped with chip card technology and provide the latest in security features. Our suite of risk management tools will help reduce the chance of fraud and protect your members’ peace of mind. In addition to fraud detection services for your credit union, your members can set custom alerts for their cards to be notified of any potential fraud.
ATM services are an investment that can quickly become costly to your credit union. MAP offers ATM services that help reduce costs by processing all your debit and credit card transactions, surcharge support and minimized downtime. The ATM Campaign Management Suite also makes cross-selling to your members simple through the ability to update campaigns without interrupting the service of your ATMs. With this powerful tool, you can create and deliver graphics and messages based on the time of day, language preferences and cardholder type.
Digital Payment Options
While card payments are increasing in popularity so are digital payments. Our Mobile Payment app not only allows members to check their accounts from their smartphone but also make payments. The app can be branded to match the look and feel of your credit union, creating a positive user-friendly experience for your members.
Person-to-Person (P2P) payments is another payment option popular with younger members. P2P payments allow your members to securely send money to another person with a valid email or cell phone number.
Are you interested in learning more about MAP’s payment solutions? Contact us today.