Financial institutions can help make our community strong.
Almost no business has come out unscathed by the COVID-19 pandemic. However, every dark cloud has a silver lining. With every defeat comes an insight into a business’s weaknesses and strengths. Many companies, for that reason, are doing some self-reflection and seeing what they can stand to improve. Financial institutions, such as credit unions, are no exception to the rule and have already begun improving their preexisting methods.
There are some ways in which these institutions can demonstrate their strengths in these uncertain times as well. Specifically, as the country begins to emerge from lockdown, small businesses will need the help and support of these community institutions.
Here are just a few ways in which you can show your strengths and improve your digital offerings to support small businesses as a financial institution.
Adapting to challenges is the mark of a good business. Many companies have seen the areas where they need to improve, and they are mostly digital. Without proper digital operations, businesses are susceptible to the obstacles presented by COVID-19.
If you’re using an outdated system, it’s time to make the switch to a simple and efficient payment processing platform that your customers can use with ease.
Giving your customers a range of options in which to manage their payments, web portal, IVR, SMS/text payments, gives them the power to pay how they want, whenever they want. At the same time, it eases the burden on your staff, especially if you had to cut back your employees due to the economic strain of the COVID-19 impact.
These payment channels make it easy for your customers to login and manage their payments, even setting up recurring payments (something that will be desperately needed in the coming months) is a simple task.
Debit/Cash to Credit
As with most economic downturns, people look to credit to ease financial stress. That means your financial institution will see a huge transition toward more credit card payments than ever before.
Staying up to date with the latest regulations and offering a simple way to manage credit card payments is a must if you want to succeed post-COVID. If you’ve found your system weak, outdated, or not secure, we highly suggest looking toward a payment provider that offers more ways for your customers to pay efficiently and conveniently. BillingTree proudly offers PCI, SSAE, HIPAA, and NACHA compliance, all within a user-friendly platform.
With increased credit comes increased risk. There will likely be an overwhelming increase in fraud and delinquency as your customer’s credit card usage continues to rise. The country has seen an unprecedented rate of unemployment spikes, and that’s going to leave people in vulnerable positions.
Having the latest software monitoring systems and a support team dedicated security and underwriting will help you minimize those losses as you continue to grow your audience during this period of revival. It’s critical to offer your customers the support they need while ensuring your own business’s financial well-being.
All businesses, including financial institutions, need a fast and reliable payment processing system if they want to help customers through this difficult period in our country’s history. While major banks often overlook small businesses, especially during times of crisis, we know that community institutions are there to do the heavy lifting and pick up the slack.
At BillingTree, we are here to support those critically important institutions by offering a powerful suite of products to make the payment process fast, simple, and safe. Reach out to learn more.