Corporate One expands cards solutions to include prepaid cards

Flexible, customizable program will fuel revenue and membership growth

Corporate One is excited to announce we have expanded our Cards Solutions to include prepaid cards. Through our relationship with PSCU Financial Services, Corporate One is able to provide our members access to one of the fastest-growing segments in the cards industry: prepaid cards. Nearly two out of every three consumers have purchased prepaid cards in the last year. And, according to a 2010 Mercator Group study, the total load volume of all U.S. prepaid cards is forecasted to reach $672 billion by 2013. Prepaid cards offer a great opportunity for our members to increase revenue, build brand loyalty and reach and attract new members.

 

Read more white papers at pfcufs.com

This prepaid cards opportunity includes Visa® disposable gift cards and reloadable cards with turnkey features, including:

• Flexibility for credit unions to choose which fees to leverage, such as initial purchase fees, maintenance/dormancy fees, reloadable fees and lost/stolen fees
• The ability for credit unions to collect interchange income
• Advanced fraud monitoring
• The ability for credit unions to brand the cards with their respective logo and choose multiple designs
• 24/7 access to card balances
• Complete, dedicated member care, including lost/stolen support, charge-back processing and IVR (supporting both English and Spanish)
• Comprehensive reporting
• Access to free marketing and promotional materials
• In-depth training and settlement package

The value of prepaid cards is in the opportunity credit unions gain by attracting new market segments while increasing member satisfaction and loyalty. Through gift cards, otherwise known as the “perfect gift,” credit unions can create awareness of their prepaid offerings, while reloadable cards can be used to attract new members, such as youth and the underserved. Reloadable cards are a great cash alternative. They can be used to provide a convenient payment tool for personal or small-business travel, teach budgeting to teens and help the underserved. They are safer than cash and do not require credit checks nor the hefty fees associated with traditional payday lenders.

Thanks to our partnership with PSCU-Financial Services, Corporate One was able to have the PSCU membership fee and start-up implementation fee waived, saving any of our members interested in taking advantage of this prepaid cards opportunity thousands of dollars from the start. Interested credit unions are encouraged to speak with Amy MacMullen, Corporate One’s Director of Cards Services, at 866/MyCorp1, ext. 9339 or amacmullen@corporateone.coop.