RANCHO CUCAMONGA, Calif. (August 13, 2014) - Seeking operational efficiencies and lower processing costs for its credit card program, McGraw-Hill FCU has expanded its relationship with CO-OP Financial Services by contracting for in-house credit services.
"We partner with CO-OP on a variety of payment services, so this extension of our relationship provides an opportunity to gain additional back-office and economic efficiencies," said Cathyann Frank, Vice President, Member Experience Branch Operations, for McGraw-Hill FCU. "We are also looking to CO-OP for enhanced fraud protection, improved reporting to better identify and service our members and drive higher member engagement through a highly competitive rewards program."
"CO-OP has a demonstrated high-level of service and commitment to meet our business needs on our schedule," said Frank. "This is an opportunity to further align with an organization that has the same credit union movement values that we do."
In addition to the agreement for CO-OP In-House Credit, McGraw-Hill FCU is also now contracting with CO-OP for signature debit processing. Previous agreements have CO-OP providing PIN debit processing and ATM terminal driving (control). McGraw-Hill FCU also calls upon CO-OP to help ensure convenient account access for its members via the nationwide CO-OP ATM and CO-OP Shared Branch networks, as well as call center support through CO-OP Member Center.
As an aggregator of payment processing services to credit unions, CO-OP offers lower processing expenses to its clients through volume and/or relationship pricing discounts.
McGraw-Hill FCU of East Windsor, N.J. (www.mcgrawhillfcu.org), has more than 20,000 members and $310 million in assets under its control. The credit union has more than 3,800 credit card accounts among its membership; in June, members used their cards for about 18,000 transactions and a purchase amount totaling about $1.6 million.
Using CO-OP In-House Credit, the credit union carries credit card loan receivables and handles back room services, such as cardholder member servicing, statement generation, payment processing and collections. CO-OP provides 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 also offers Full-Service Credit, in which credit card program processing is entirely outsourced, through its partnership with The Members Group of Des Moines, Iowa.
For more information on CO-OP Full-Service and In-House Credit Processing, visit www.co-opfs.org/solutions/card-payments.
About CO-OP Financial
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.