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Posted: Sep 19, 2018
Categories: Credit Cards, Marketing
Comments: 0

[Editor’s Note: This article was previously published in the CU Today, and has been modified.]


It’s no surprise that card issuers are pursuing the affluent consumer with their credit card offerings. These cardholders generally contribute 60% more spend than non-affluent cardholders and their monthly spend is 3.6X greater than cardholders with traditional credit cards. Therefore, these consumers are spending and transacting more frequently, which equates to higher revenue for the issuer.

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Posted: Sep 12, 2018
Comments: 0
Author: Lou Grilli

Debit Push Payments Will Revolutionize Getting Paid, Instantly

[Editor’s Note: This article was previously published in the Payments Journal, and has been modified]

Using a debit card to pay a merchant, in a store or online, is standardized and intuitive. But getting paid is neither. Receiving and depositing a check, getting the money “Venmo’d” to you, by ACH (including direct deposits), and of course, cash, are all options. These options require the payee to wait - until they receive the check, wait until the ACH clears or wait until the Venmo payment can be pushed to a bank account. There is an alternative: debit push payments. The “rails” that debit transactions use to make a purchase from a merchant can be used in the reverse direction, that is, the same rails can be used to push a payment to the debit cardholder’s account, pretty much instantly. Visa calls the capability “Visa Direct” and Mastercard calls it “Mastercard Send”. Both work the same; to allow funds to be pushed by a financial institution or a business to a cardholder knowing only the debit card number; no more having to provide the credit union’s routing number and checking or saving account number.

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Posted: Sep 4, 2018
Comments: 0
Author: Lou Grilli

Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C. at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response. Part 1 focused on what is at risk; what causes breaches, and the fact that breaches are inevitable. Part 2 focused on planning and documentation for the inevitable. This Part 3, will explore three areas that require special attention: the legal considerations regarding breach notification; the contracts an organization has with vendors who have access to data; and having the right insurance coverage.

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Posted: Aug 28, 2018
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[Editor’s Note: Content from this article was previously published on CUToday, and has been modified]

For as long as payments have been around, there has been constant opportunities to invest in card programs to remain relevant by increasing member engagement and attracting new members. Given the continuous rise in the costs of running a successful card program, it is essential to make the time to complete an in-depth review periodically to ensure a smooth running and profitable program.

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Posted: Aug 22, 2018
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[Editor's Note: This article was previously published in CUInsight, and has been modified.]

Depending on the part of the country you are located, back to school shopping is beginning and will continue through September. Gleefully, and somewhat melancholy, Fall 2018 marks the first year since 1993 that I will not be buying back to school supplies, as my three children have now completed K-12 and college. No more shopping for back to school supplies or education needs and wants. 

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