Payment Systems

A Creative Way to Increase Returns
There is no better time than now to streamline operating procedures by reducing manual invoice processing and eliminating checks--while getting cash back on payables on a regular basis. An accounts payable and purchasing card program like Purchase One (through Procura, LLC) is a great opportunity to give your balance sheet a healthy boost.

The Purchase One program allows you to:

  • Earn the highest rebate (100 bps) on payments to your existing vendors, based on spend
  • Automate your transaction-reconciliation workflow
  • Optimize cash flow; increase float time on funds
  • Improve visibility into spend activity for better forecasting, budgeting and planning
  • Deepen relationships with SEGs and increase rebates by remarketing Purchase One
As reported in the ©2007 RPMG Purchasing Card Benchmark Survey Results:
  • From 2005 through 2007, the annual purchasing card spending in North America grew from $110 billion to $137 billion.
  • 68 percent of organizations report real reductions in the manpower required to conduct the Purchasing and Accounts Payable activities.
  • Purchasing card use is generating overall transaction cost savings of more than $34 billion per year in North America. . . . a cost savings of $69 per transaction when compared to the traditional process.
If you are looking to enhance your business product line to better compete with banks, Purchase One Business Builder is a great way to resell the program to your business members, sponsor and SEGs. As an added bonus, you can dramatically increase your rebate earnings potential.

And implementation is rather simple. The technology is web-based so there is no IT hardware or software to install, nor any recurring expense. You also are welcome to the assistance of a development manager to optimize your program based on a long list of prior successes. Click here for a few examples of other credit unions that have enjoyed the program.

Should you wish to hear more about how purchasing card programs can help your credit union or be added as a business services product offering, please e-mail Amanda.

 

Gain Efficiencies Through Lockbox Services
Looking to reduce your operational expenses and create new efficiencies? Then why not take a look at WesCorp's Lockbox Services.

In the ever changing world of paper conversion, WesCorp is continuing its pursuit of providing you with increased efficiencies and maintaining lowest possible operating expenses.

WesCorp's Lockbox service is your data capture, image capture, image and ACH presentment, and archive solution for deposits, coupons and all types of payments. Streamline remittance processing, speed up collections, improve audit trails, improve control of funds with timely informative reports, and reap the benefits of a central image repository with image exchange. Lockbox enables you to maximize your cash flow, optimize funds availability, reduce collection float, view and print images online, and accelerate collection of receivables.

Accounts Receivable Conversion (ARC) is a process where retail lockbox paper checks are converted into ACH items for clearing electronically through the ACH system. Significant efficiency gains and cost savings can be achieved through ARC conversion including reduced clearing times and processing fees, along with fewer returned items.

How does this affect you?
If you have consumer loan payments mailed to a central office for manual processing, then you are losing critical time on your funds availability. What's more, the manual processes consuming your staff could be better spent on member-centric enhancements and support. By leveraging WesCorp's technology to process your consumer loan payments through ARC, you can take advantage of the efficiencies and cost savings in an economical climate where every measure taken towards profitability is a big win.

Paper check collection fees are continuing to rise and credit unions will continue to see this in 2009. With ARC conversion, you could save over a nickel per item over traditional paper processing of lockbox items.

If you are already a lockbox participant, then all you have to do is let us know that you want to be an ARC participant. We will help you through the implementation and provide you a guide to aid your credit union in the process.

If you are not taking advantage of WesCorp's Lockbox Services and would like additional information or a cost analyst prepared to show the cost benefit. Please give us a call at (800) 442-4366, ext. 6449.