Moving Into The 21st Century With The Latest Payment Services For Credit Unions

In today’s modern age, smaller credit unions are facing many unique challenges. These include an ever-aging membership that struggles to find sufficient capital to put into investments in technology and marketing and increased competition from bigger financial institutions. Added to these issues are the negative perceptions that credit unions are facing from younger people about what a credit union is and what it can offer. Finding ways to overcome these challenges is becoming ever-more important for credit unions. Therefore, it comes as no surprise that they are looking at how they can bring their organizations into the 21st century, often by partnering with providers of payment services for credit unions that can help them to offer the breadth of services and facilities that today’s modern consumer demands.

A “small” credit union is defined as one that has less than $100 million in assets. At the present time, there are more than 4,000 credit unions across the United States that fall into this category. They are now facing increasing pressure to stay competitive and to find ways to offer a similar standard of service as the big global banks. Needless to say, this is no mean feat.

Taking On Board A Payment Services Provider

While credit unions may not be able to match the extensive range of products that can be found at an international financial institution, they can still harness the latest technology to improve their members’ experiences exponentially. By partnering with a high-quality, reliable provider of payment services for credit unions, even smaller institutions can bring their facilities up to date and offer members the convenience and online functionality that they demand in today’s highly digital environment.

The latest innovative payment solutions have been designed with the needs of credit unions in mind and give them the capability of streamlining payment processes while boosting their members’ overall satisfaction with the level of service that they are receiving. Today’s consumers are used to having access to web portals in order to manage their user accounts and pay for goods and services. So, it does not take a huge leap of the imagination to recognize that they are looking for a similar level of engagement when dealing with their financial institutions. While the larger banks all offer online banking and card payment services as standard, credit unions have traditionally not offered such accessibility. This is holding them back in the digital age. It is now high time for credit services to move forward into the future and to embrace innovative solutions that afford members old and new the convenience and flexibility that they seek from their financial services providers.

An Enhanced Payment Experience

By adopting the most cutting-edge payment services for credit unions, it is possible for even the smallest provider to offer the facility to accept both debit and credit card payments when it comes to making loan repayments, as well as the functionality to accept ACH payments. By putting in place a 24-hour, seven-day-a-week payment portal, credit unions can go a long way toward improving the experience that their members expect and help to attract younger members to sign up for their services – an essential factor if organizations want to remain relevant in the future.

A Simple Solution

User-friendliness is also the key when adopting a payment solution for members. Finding a provider that can offer easy-to-use solutions that improve the number of payments accepted overall and that can offer an outstanding level of customer support and service, will make sure that there is an effective foundation from which to build a strong future for credit unions. They must guarantee full compliance with all of the required legislation and ensure absolute security when it comes to the protection of members’ personal details and financial transactions. This will also go a long way toward improving the reputation of a credit union and help to build its profile as well. In addition, it will attract a new generation of members who are looking for a highly secure and compliant financial institution that can offer them the services and functionality that 21st-century consumers demand.

BillingTree – The Perfect Credit Union Solution

Credit unions that are looking for the perfect payment services provider to suit their needs should look no further than BillingTree. As a leader in the financial sector, BillingTree offers tailored solutions that are designed to specifically meet the needs of credit unions and small financial institutions. BillingTree’s payment services for credit unions harness the latest innovations and cutting-edge technology for a fully integrated system that maximizes the number of payments received. It also simplifies the process of making payments for members through a host of convenient options. Fully compliant and entirely secure, BillingTree’s credit union solutions are convenient, user-friendly, and customized for optimal member satisfaction and greater appeal for a whole new generation of members.