C. Myblog

Strategic Planning for Payment Options

November 12, 2015

We all know there is tremendous uncertainty with respect to the payments battle. There are numerous players in this market. Just a few are shown below.

Payment options

It is not enough for credit unions to just add multiple payment options for members. If credit unions want to be able to generate revenue in this environment they must think through, early on, a critical component of the payments strategy—figuring out how to get the credit union’s card to be used, and hopefully be THE CARD that is at the top of members’ wallets (including in-app purchases).

While it may be obvious that credit unions need to market their payment options and get employees to enthusiastically tout the benefits to members, quite often when we ask “what are your initiatives to get members to set your card and forget it?” the response is, “that’s a great question.”

Think about the opportunities you’ve had to get your members to use your card exclusively—in other words, it is not likely that your members think about which card to use, since there are so many options available to them. For example:

  • The Apple Store
  • Amazon Prime
  • Amazon Dash Buttons
  • Starbucks
  • Netflix
  • Uber

The list goes on and on.

Any roll out of new payment options is incomplete without a strategy to convince members they should regularly use your credit union’s card with the new payment option.

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