MACU Selects ProPay to Enable Member Payment Options
By implementing ProPay's LenderPay solution, MACU was able to provide its members an additional method for making loan payments. In addition, MACU estimates annual realized savings of as much as $20,000 by completely eliminating their transaction fees and costs associated with these payments.
According to ProPay, LenderPay was designed to meet the specific needs of banks, credit unions and other financial institutions seeking a cost-effective, secure way to enable alternative payment methods for their members and borrowers. The addition of LenderPay demonstrates the responsiveness of MACU to the needs of its members.
LenderPay not only introduces convenience and affordability to credit unions, but with ProtectPay, ProPay's end-to-end secure payment solution, credit unions can be assured that their members' data is securely stored in a PCI DSS compliant environment.
No cardholder data is stored, processed or transmitted by the credit union. LenderPay enables institutions to offer additional payment methods, without taking on additional compliance burdens or security obligations, said ProPay.
Greg Pesci, COO of ProPay, said: “This is a concept whose time has come. Consumers expect to be able to pay everything with plastic these days; including their car payment. We expect to see many progressive credit unions and other lenders following Mountain America's lead.”
Tony Rasmussen, senior vice president of eServices at MACU, said: “In searching for the right partner, MACU sought a company that would offer convenience and compliance while completely eliminating exorbitant transaction fees. ProPay allowed our credit union to serve the needs of our members and to maintain our commitment to fiscal responsibility.”
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