"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:
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.