CU*Answers supports Online Credit Card Servicing for FIS, JHPS, OneBridge and Vantiv!
CU*BASE can handle your credit card portfolio using a loan category – just like your other loan products.
Keeping your credit union identity for your credit card members is a key benefit. Payments can be made directly to the credit card loan through payroll, ACH, Online Banking, Audio or at your teller line! These payments are applied immediately to the loan balance. The account can also be delivered to the member in It’s Me 247, just like any other loan you choose to include.
Promotional rates and campaigns can be implemented immediately with no cost. These are a simple configuration change.
The monthly credit card statement/payment coupon is included in the same paper statement envelope to save on postage. (This feature is supported by Sage Direct. If you have a different statement vendor, it may be possible to also coordinate this feature.) E-statements are also generated on a monthly basis.
Last, but not least, we are fully compliant with all related regulation requirements.
Here are the initial tasks to prepare for your conversion to the online product:
We recommend getting cost comparisons to make an informed business decision. The Gividends EFT Team can provide a sales representative for any of these vendors.
Our experience show up to a 70% savings in your total invoice costs by using our online product.
A Letter of Intent will need to be sent to your current credit card vendor and any other third party (an example may be your League) that provides support for your credit card portfolio.
This is to notify your intent to go to CU*Answers online credit card product. Please send a copy of that letter to Gividends EFT Team at CU*Answers at gividendseftgroup@cuanswers.com, or FAX number (616)285-5735.
You must own your BIN number(s). If your Credit Union has a shared BIN you will be required to obtain a new BIN that you own for each credit card product you offer. A card re-issue will be necessary.
Our latest pricing for a new VISA BIN is approximately $100 per BIN, plus the cost of reissuing of the plastics. The cost of a MasterCard BIN is approximately $500 per BIN plus the cost of reissuing your plastics. Please verify this cost.
If you require a new BIN, a cardholder plastic reissue will need to be processed prior to your scheduled conversion date. This card reissue date also needs to be coordinated with your current vendor. Typically this is done at least one month prior to your online credit card card conversion for sufficient member notification. The Gividends EFT Team can help with coordinating this card reissue.
A targeted conversion date will be coordinated by the Gividends EFT Team. We will be contacting your existing card vendor, your new card vendor and any other third parties, and of course, you to reach this date.
Training is provided at no cost. This includes The CU*BASE configurations, reports and settlement accounting.
For questions about this product offering, please contact gividendseftgroup@cuanswers.com.
We look forward to working with you on this exciting credit card opportunity!
