Problem:
The largest credit union in Houston, Texas, JSCS Federal Credit Union,
whose major sponsor is Johnson Space Center, knows that the right
payment technology can be vital in tough economic times. In 2006,
Pam McPherson, the CUs collections manager, saw her major competitors
utilizing electronic funds transactions to collect payments and knew
her members would come to expect the same one-stop-shop convenience
in JSC’s call center.
Solution:
To help JSC stay ahead of the competition, SWBC was able to offer
a software solution that utilizes ACH and credit card networks to
convert payments into single or recurring transactions from savings,
checking, and credit and debit cards within a single interface. With
quick implementation and minimal requirements of its IT department,
JSC’s call center was immediately able to take consumer loan
and credit card payments by phone. “As a collections officer,
I really like the flexibility and the user-friendly aspect of the
software,” says McPherson. Even though her staff was still logging
promises to pay, JSC now had the ability to schedule and postdate
an automatic draft from any other financial institution. With the
software’s automatic prompting of her staff to obtain and record
proper authorizations, Ms. McPherson also know her solution was NACHA
compliant.
Results:
By allowing SWBC to implement this payment technology in its credit
union, JSC increased its collection rates, reduced collection costs
and lowered delinquencies, without having to add resources. In addition,
the solution increased member self-service through these multiple
channels, improved member satisfaction and put JSC ahead of the competition.
With more accurate accounting, simplified reconciliation and greater
control over the collections process, JSC has been able to increase
cash flow and improve its overall operational efficiency.
Contact:
Julie Ring
Vice President, Marketing
P: 866-438-7922
E: jring@swbc.com
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