Payment Systems

Altura Credit Union Gets Greener, More Efficient
Altura Credit Union in Southern California was looking for ways to reduce costly check and invoice processing, improve reporting, and achieve easier and more reliable spend tracking. And as part of its strategic initiatives, Altura was looking at ways to reduce paper and become more environmentally responsible. Through its relationship with WesCorp, Altura took the next step and introduced in late 2007 WesCorp's Purchasing Card solution. “We were very satisfied with our relationship with WesCorp and wanted to strengthen that relationship, and on top of that, Purchase One’s rebate schedule was much more favorable than others we were researching,” said Hugo Silva, Altura’s CFO.

The Purchase One program uses cutting-edge technology by Works that integrates with a credit union’s accounting systems. Because the technology is web-based, IT involvement is almost zero, the Altura team said. Vendor payments are electronic, and upload directly to Altura’s financial systems that have resulted in a significant decline in general ledger mis-posts. Silva noted that Purchase One has become their preferred payment method over both checks and ACH because with those payment methods, “You don’t get the workflow, rebate or float advantage that you get with Purchase One, and reducing costs, improving efficiency and earning rebate impacts our bottom line and our members ultimately benefit.”

Altura has seen significant measurable improvements in just the program’s first year, particularly in reducing monthly checks cut from 500 to 235 (a 53 percent decrease) and in monthly invoices processed from 750 to 250 (a 67 percent decrease).The credit union also estimates that the Purchase One saves at least two hours per day on average.

Taking huge steps in its first year with Purchase One has brought it in line with a strategy to streamline the accounts payable processes and migrate to a paperless environment. “Purchase One is a great tool to get us there,” remarked Silva. Altura’s plans for next year involve rolling the program out to other departments and utilizing the program for all travel and entertainment. “We want to get to $10 million as soon as possible… and earn that $100,000 in rebate!”

To speak to an account executive today, call (512)346-6666 , or e-mail here.

 

Holiday Cash Ordering Update
Before you know it, the 2008 holiday season will be upon us! WesCorp will make every attempt to obtain holiday currency as long as requests are received within the deadlines below.

If you wish to place a holiday currency order, it must be called into our Member Call Center for fulfillment. Holiday currency orders cannot be placed on WAVE.

It is important that your credit union make the appropriate transit accommodations, as no orders will be held over to the following week.

Federal Reserve Banks (FRB) will have two processing periods:

  • First order period -- The week of October 31 through November 6. Your courier must pick up order on or before Friday, November 7 at the dock.
  • Second order period -- The week of December 5 through December 11. Your courier must pick up order on or before Friday, December 12 at the dock.

Wells Fargo Bank: Ordering date was closed on October 14.

Union Bank of California will have one final processing period:

  • Final order period -- Today - November 28 for delivery dates of December 11 through December 17.

Currency needed for the Chinese New Year should be ordered in conjunction with these deadlines. If you have any additional questions, please contact one of our member service representatives in the Member Call Center at (800) 772-2243.