Networks, Processors, Gateways. It’s a lot to keep track of. How do you know if you are partnered with the vendor that is best for your bank or credit union? Are you as efficient as you can be? Do you know what you are spending on EFT? Is your EFT network integrated with your core? More often than not, we find an EFT plan is not a priority to community banks or credit unions. If that’s the case, you’re leaving money on the table! We know it’s a lot to manage. We consider ourselves experts in this particular space. Give us a call to day for a free contract review.
TCRG can help you create an effective strategic plan for your community bank or credit union, that is relevant to the market. We know the vendors, and we can help.
Interchange Income Review
Your debit card portfolio should NOT be an expense to your community bank or credit union. We can help you optimize interchange income. AKA, make you more money. We analyze your current EFT and debit card set up to find out if you are set up for success. Ask us for a case study. We'd love to share your references! Click to find out more!
Brand Agreement Review
We will analyze your debit card portfolio to find out your current spend, penetration rate, and how many active debit cards you have on your system. From there, we can determine if processing on Visa to Mastercard or to Discover would be best for your bank or credit union.
Ever go to the POS terminal at a store and you are not prompted for your pin? Do not assume this is processed as a signature transaction! This means it is processed as if you entered your PIN to prove it is in fact you at the POS. Pinless debit also takes away your chargeback rights as a bank of credit union. This is a big deal as far as fraud is concerned. Not to mention you do not receive the benefit of the higher signature interchange income.
Our CEO Dan Fisher has written several blogs on this topic. Feel free to click on the Beyond The Bank tab to check out all of his articles, or a few are listed below:
- Dan Fisher Calls Out Debit Card Networks on PINless Debit Transactions
- Pinless Debit Needs to be Taken Seriously by the ABA, CUNA, & ICBA
- Dan Fisher Publishes a Community Financial Institution Network Operating Rule Bill of Rights
- Understanding Payments & Pinless Debit
It's OK to be skeptical. We would be too. Ask us for proof! We will gladly share one of our case studies with you. Debit card usage is up, therefore income goes up!
Are my debit cards profitable?
Why is my interchange income going down?
Is Pinless Debit affecting my bank or credit union?
What network am I even processing on?
These and many more questions can be answered by the Copper River Group.
We know there's a lot of vendors out there, how do you know which one makes sense for your institution? We know who can make you the most interchange income, save you the most money, and overall be a partner for your community bank or credit union.
Federal Reserve Interchange Report
Take a look at the Federal Reserve Interchange Study to get started. If you have questions, give us a call. We are here to help.
The Copper River Group can assist in the creation of a long-term bank strategic plan or short-term tactical steps. That includes not only core, but EFT.