If you are looking to evaluate your credit or debit card program, there is no reason to be overwhelmed. You may wish to work with an outside firm to get an evaluation. (NOTE: Companies like Alliance offer complimentary credit and debit card program evaluations – there is no need to pay for this kind of service.)
It is a simple and fast process, and here is all you will need when working with a company like Alliance on your credit card program evaluation:
- Your month end (December) credit card performance reports from your current credit card processor for the last three years. You will need to provide this for each card type, example: Visa Classic, Gold and Platinum.
- Your current rewards program liabilities or total points currently earned by your rewards card holders.
- The last 3 months credit card processing invoices.
- If possible, the date when your contract with your current credit card processor expires.
Here is what Alliance would need to do a debit card program evaluation:
- Past three months of detailed transaction reports for both pin and signature activities.
- Last three months of processing cost invoices.
- Number of ATMs you have.
- Who drives or owns the ATMs.
- What processors may be linked with your debit, EFT or ATM services.
- If there is a separate provider for pin and signature debit services, provide the above reports from each.
- When does your debit card processing contract expire.
The combination evaluation, of both your credit and debit card processors, will yield significant cost savings and provide your credit union with the opportunity to greatly improve the operations and profitability of your card programs.