Payment Systems
$1 Million in Rebates Rewarded to Purchase One Members
The efficient payment and purchasing card solution through Visa continues to exclusively help credit unions slash accounting costs as Purchase One surpasses the $1 million mark in rebates given back to members in the first quarter of 2008. Not only has the program shattered the rebate milestone for 71 credit unions to date, the program was the second fastest growing North American Purchasing Card portfolio in 2007. What’s more, WesCorp is now #21 amongst North American Purchasing Card issuers (up from #23 last year).*
The recent economy has dictated that business leaders become more cautious and cost-control oriented, which brings a heightened value to products and services that provide greater efficiencies and cost reductions. Purchase One combines the latest web-based technology and expert advice to streamline A/P processes and reduce laborious paperwork. Members enjoy the increased control over purchasing management, accurate reporting and increased float on funds. On top of all that, they can gain rebates up to 100 basis points based on total card spend and the employee efficiency benefits are typically three to four times rebate earnings.
The program can also be extended to credit unions’ business partners to reinforce membership value and increase aggregate rebate earnings within their Purchase One spend. Gaining efficiencies in accounting not only makes sense to a credit union’s bottom line, but also provides another way to help members gain an edge through technological efficiencies.
To find out more information on how to take advantage of the Purchase One program, call (512) 346-6666, or click here to quickly view a case study, white paper, demo or ROI analysis.
*Statistics are from The Nilson Report, 2008, No 904, June 2008.
Mexican families united across borders gain easy access to transferred funds
Last May, Kern Central Credit Union in Bakersfield, Calif. hosted a unique community outreach to launch Directo a Mexico, an international remittance program that allows U.S. credit unions and banks to easily transfer money through the regional banks and cajas (credit unions) of Mexico.
Mexican family members, connected via LIVE webcast, were given the opportunity to discuss their origination of a Directo a Mexico transfer with other local family members in Xoconostle, located in the Mexican State of Guanajuato. With the assistance of WesCorp, the Federal Reserve Bank, and BANSEFI, we were able to identify a significant concentration of remittances from the Bakersfield area to Xoconostle, in Mexico.
In attendance was the Consul of Mexico in Fresno, Martha E. Rosas, as well as financial officials and community members from the U.S. and Mexico. Representatives from the Mexican credit union Caja Popular Cerano also participated in this unique event on the eve of Cinco de Mayo celebrations. Kern Central CU presented several educational workshops focused on establishing credit history, and home loans.
In 2006 alone, more than 60 million money transfers valued at $23 billion USD were sent from the U.S. to Mexico. Private wire services usually charge more than $10 per transaction, plus additional fees for large transfers and for claiming money in Mexico. Through the Directo a Mexico program, Kern Central Credit Union will not charge any fees for members. The “Credit Union Difference” also means that local Mexican families will have access to continuing financial education, thus improving the quality of life on both sides of the border. This community outreach event was the first of several that will take place around the U.S., focusing on corridors between specific cities in the U.S. and Mexico, bridging financial communities and families with a low-cost, secure remittance program. Sponsoring organizations for this event included Kern Central Credit Union, Caja Popular Cerano, WesCorp Federal Credit Union, Federal Reserve Financial Services, and BANSEFI (Mexican Banking Organization).
For more information on Directo a Mexico, contact Art Villa at (800) 442-4366, ext. 6561, or e-mail him here.
WesPay symposium looks at future processing issues
The Western Payments Alliance will present its seventh annual Payments Symposium on September 7-9 at Harrah’s Hotel and Casino in Las Vegas. Topics for Payments Symposium 2008 “Payments in Transition” will include the future direction of electronic payments, International payments, ACH developments, and Building a Strategic Payment Plan.
Payments Symposium 2008 will present keynote addresses, panel discussions and topics of the day. More than 250 senior payments professionals and approximately 25 corporate exhibitors are expected to participate.
For more information, visit WesPay, or contact (415) 433-1230.