Problem:
Texas Dow Employees Credit Union (TDECU) is always looking for opportunities
to grow its business. So when it spotted a trend the CU took notice:
TDECU members came in person to the credit union for loans on tractors
and lawn mowers that they wanted to buy from a local John Deere dealership.
From there, it became clear that an opportunity existed to offer financing
at the point of sale for retailers and service providers in the community.
Solution:
Already using the Teres Solutions SAIL® lending management platform,
TDECU discovered that Teres Solutions was testing a new module, called
SAIL® Merchant Lending. This particular solution was specifically
designed to allow credit unions and financial institutions to help
members apply for retail loans over the Web from any merchant location.
“One of the reasons I chose the SAIL Merchant Lending module
is it is a powerful and easy-to-use platform that allows merchants
to submit applications for customers via the Web,” says Lance
Wortham, VP business services at TDECU. “We were able to get
the exact features and functions we wanted so that loan applications
followed the standards we already had in place.”
Results:
TDECU’s move into the retail lending market has proven lucrative.
In addition to securing new loans for member retail purchases, it
has helped the credit union tap into new business lending and deposit
relationships as well. “Lending to a merchant’s customers
has also allowed us to capture the merchant’s business. Our
team has already brought on two commercial accounts that have refinanced
their business property mortgages with our credit union.”
Contact:
Ashley Brannon
Marketing Manager
P: 512-218-4200 Ext. 749
E: Ashley.Brannan@TeresSolutions.com
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