Keys to Building a Trusted Payments Partnership

Today’s payments landscape offers exciting possibilities. But with these opportunities come a host of complexities and challenges, making it critical for credit unions to offer the right mix of solutions to their members.

From payment card industry (PCI) compliance requirements to EMV certification and digital provisioning, a single source provider can help manage it all. This ensures the program is built from a solid foundation, with the ability to level up to meet the credit union’s – and its members’ – needs.

The credit union movement is built on a foundation of collaboration, trust and partnership. When it comes to payments, establishing the right partnership is a crucial step in being able to deliver new payment products faster, more efficiently and cost effectively.

Below are some tips for building a successful payments program so that you can continue to adapt to your members’ needs.

Begin With a Solid Foundation

Whether starting a new card program or expanding on an existing base, credit unions must make decisions from their members’ perspectives. Today’s cardholders value convenience and choice, whether they’re transacting in-store, at a kiosk, in-branch, online or on the go. Your members want quick transactions no matter where they are, which means investing in physical cards with complementary digital solutions, including push provisioning for digital wallets.

Many members are also looking for payment options that meet their personal sustainability goals. According to a CPI consumer insights study fielded in November 2021, 73% of respondents indicated that it is important to them that their financial institution is environmentally conscious. And 93% care about protecting the environment.

Eco-focused payments are a complex and rapidly evolving field. Many issuers want to offer recycled card materials, but it’s not always as simple as it may seem. With eco-focused payments, there are many options available, each with its own benefits.

The right provider can help you meet your specific goals. But first, you have to determine which  factors are most important to your members. From there, work with an expert solutions provider who is willing to ask the right questions and equipped to provide guidance to help you navigate through the landscape of available options.

Ask the Right Questions

Card issuance is not a siloed endeavor. Each component builds upon the previous one to create a tailored experience to meet your members’ needs. Finding the right solutions team is key to a streamlined experience. Ask the right questions to understand the payment provider’s expertise and experience in the industry. Several questions to ask in your initial conversations include:

1. What’s your expertise and knowledge in the card space?

2. What kind of customer service do you offer? Will my team have access to full-service support if they need it?

3. What solutions do you offer from production through fulfillment? What is the plan for each stage of issuance?

4. What range of solutions do you offer for us to grow and evolve?

5. How can you meet my unique requests to support my brand?

Today, loyalty is driven by the ability to deliver outstanding convenience and choice in the moments that matter most. By providing a simple and seamless experience for your members, you’ll ensure they’ll remain your biggest fans.

Select the Right Solutions Partner

In a fast paced, lean environment, having a single-source payments provider that can oversee every detail of your portfolio makes clear business sense. When looking for that relationship, credit unions should identify a supplier whose culture and values align with their own. The supplier must also have the expertise to guide the program on its journey from launch to ongoing program management. An effective partner should:

• Be equipped to help reduce your operational burdens. EMV and dual-interface card production requires cryptographic key loading and programming for transport between facilities. Working with just one vendor across all your operations supports a simplified issuer experience that aligns with industry requirements. Look for a supplier that can manage all those nuances for you.
• Provide options aligned with your payment strategy. No two credit unions are the same, and your issuance programs should support your unique vision. Regardless of credit union size, options like instant issuance and print-on-demand offer great alternatives to consider for targeted or medium- to small-scale projects. A full-service personalization bureau can support a larger vision and ensure a custom experience to meet your members where they are.
• Stay in tune with the latest industry trends. Credit unions should be agile enough to adjust payment strategies as the market changes, and this requires vendor support. In your payments provider, look for a collaborative team that offers technical resources and support to help identify opportunities and threats and help you adjust on the fly.
• Help create the right positioning for your programs. Experienced, full-service payment providers should be prepared to help you develop a holistic strategy that includes components to help drive your card to top-of-wallet status. From differentiated design to more eco-focused card materials and payment choices, each element can help motivate your members to pull your card out first. This approach will help drive greater activation and usage behaviors, growing lifetime relationship value over time.
• Offer end-to-end capacity from card design to production, fulfillment and digital solutions. Most importantly, as card managers look to implement their products more efficiently, having a single resource for production to digital options helps to provide a consistent experience while also simplifying operations.

John Lowe is President/CEO of the Littleton, Colo.-based payments technology company CPI Card Group.