Comparing Your Interchange to the Competition
It is becoming more common for community financial institutions to struggle with understanding their interchange income and how it compares to competitors. The Copper River Group utilizes a resource that may be a great benefit to your financial institution, and it is only one click away. Please use the following link for the study: Federal Reserve 2018 Study.
The Federal Reserve conducts an interchange study that you can use to compare your EFT vendor to the competition down the street. In 2018, the Federal Reserve released the study (Above) that shows the average debit card income by payment card network.
This is a great resource that provides third party non-biased information. It allows you to compare your debit card portfolio to the industry average, and also shows you what your interchange could be if you were to switch your EFT vendor.
The Copper River Group uses the Fed Study frequently throughout our EFT Reviews. We want to share this resource with you so you can stay informed and give yourself the best competitive advantage.
Feel free to reach out to us for more tips and tricks in the industry. Call us any time!