Credit card’s have been the primary consumer payment method for the second month in a row, according to First Data Corp.’s SpendTrend report for June 2011.
June Transaction Growth:
Credit — up 6.8 percent
Signature Debt — up 8.8 percent
PIN Debit — up 3.8 percent
Check — down 12.3 percent
June Dollar Volume Growth:
Credit — up 10.7 percent
Signature Debt — up 8.5 percent
PIN Debit — up 6 percent
Check — down 12.6 percent
Full article here
It’s no secret, todays lending market is in a turbulent state, making creating a successful card program no easy task. Doing so is now a 24/7 process, and because of this, Credit Unions need to take an active approach to implementing one. One way to start doing this quickly is to offer your cardholders 24/7 service.
Other ways include taking a look at your current card processor vendor by conducting a thorough review – are they doing the most they can for you? While doing this review, take stock of the resources you currently have, and what other ones would be needed to improve card performance.
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