Originally posted on Vantiv’s Blog.
Guest post written by Bob Long, Senior Vice President, Vantiv.
Vantiv is the NAFCU Services Preferred Partner for ATM, Debit Card & Gateway Processing; Credit Card Processing & Servicing; Merchant Services.
Many factors over the past few decades have driven credit and debit to be ubiquitous payment types today. But one thing is for sure: debit and credit cards did not grow by themselves. It took a commitment by issuers, acquirers, consumers and merchants to make the life-cycle of the card transaction work.
Through my experience, I’ve found that the word “commitment” summarizes those member financial institutions that move from good to great. This is best accomplished through a focus in three important areas:
Management Commitment: The management of your card program requires the proper resources and knowledge. Balancing risk, measuring growth, equating the increased non-interest income with card usage, focusing on growing the yield of your revolving balances – this all takes time. Seek out ways to take the complexity out of your credit program. Unsecured lending can be complex enough, and when you tie underwriting methodologies to multiple card product types, it gets even more complex. Use the resources of your credit union with those of your processing partner and commit to a collaborative, consultative approach.