Co Op Financial Services Enters Credit Processing Arena With Pass Through Processing Option
CO-OP Financial Services Enters Credit Processing Arena With Pass-Through Processing Option
"Credit unions are serious about finding ways to continue providing outstanding, customized service to their members while reducing their operating expenses," said Stan Hollen, President/CEO, CO-OP Financial Services. "We're equally serious about helping them accomplish this. By adding credit card processing to our business lines - tailored exclusively for credit unions - we become a single point of contact for debit and credit processing, surcharge-free ATM network and shared branching."
Pass-through credit processing, also known as internal credit processing, allows credit unions to maintain a high level of control and customization in servicing their clients, while implementing a less expensive processing solution than a fully outsourced processing solution.
Using CO-OP Credit Pass-Through Processing, the credit union carries credit card loan receivables and handle's back room services, such as cardholder member servicing, statement generation, payment processing and collections. As the processor, CO-OP Financial Services will provide the switch between the credit unions and MasterCard and Visa networks, exception processing services (disputes, retrievals, chargebacks) and authorization, scoring and fraud detection with 24/7 case management.
CO-OP Financial Services will provide the credit unions with MasterCard and/or Visa sponsorship and will secure Bank Identification Numbers (BINs) as required. BINs acquired on behalf of the credit unions will be defined for exclusive use by a singlecredit union.
As CO-OP Financial Services will process credit transactions through the same switch as the company uses for debit transactions, the CO-OP Credit Pass-Through Processing solution provides maximum operational efficiency for its client credit unions. Benefits include:
- Cost savings: Lower processing expenses for credit unions are realized through volume and/or relationship pricing discounts with CO-OP Financial Services.
- Simplicity: Single source provider for debit, credit and ATM processing services. This ensures operational efficiencies, resulting in lower credit union expenses through delivery of single back office processes for debit and credit.
- Credit union-centric solution: CO-OP Financial Services is a credit union-owned cooperative dedicated to meeting the needs of credit unions only and providing them with operational effectiveness, lower costs and high level of service.
- Credit and debit processing will be delivered over a single communication link, lowering communications expense.
- Consolidated, single reporting platform offers credit unions access to member information across all accounts, with the ability to produce statements for an at-a-glance, 360 degree view of the member relationship.
- Better member service as credit unions can provide customized offerings to members and faster, more complete answers to member account inquiries.
- Single point of client contact for both debit and credit through their CO-OP National Relationship Manager.
CO-OP Credit Pass-Through Processing is the first of two major credit card processing services CO-OP Financial Services will be making available to credit unions in 2011. General availability of CO-OP Credit Full-Service Processing is also planned for next year.
For more information of CO-OP Credit Pass-Through Processing, contact the Business Development Department of CO-OP Financial Services at 800-782-9042, ext. 7140, or via e-mail at: BusinessDevelopment@co-opfs.org.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., CO-OP Financial Services is the industry leader in access and convenience products for credit unions. Nearing 30 years of credit union service, CO-OP connects credit union members to their accounts through network services, payment processing, e-commerce, CO-OP Shared Branching and call center services. With a total of 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,000 shared branch locations and 160 million-plus monthly transactions, CO-OP Financial Services is the nation's largest credit union service organization, offering the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org. Follow CO-OP on Twitter at:http://twitter.com/COOPFS and keep up with industry issues via the CO-OP Insight Vault blog at:http://co-opinsightvault.com.
