For many credit unions, EMV conversion means adding new vendor services and re-evaluating others. But when pricing transparency is hard to come by, it's hard to know how much is too much to pay for services such as plastic and processing, leaving many credit unions wondering whether the guy down the street is getting a better deal.
People in the vendor management business have the unique perspective of knowing what everyone else is paying. They negotiate pricing with vendors on behalf of credit unions, and often they only get paid when they find savings for their clients (a 30% cut isn't unusual). CU Times asked three of them where credit unions tend to overpay and what they can do about it. Here are a few of their secrets to getting better deals from vendors, especially during EMV conversion.
Don't assume price is final.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
