Iowa City Community Credit Union – As part of the overall vision of the Iowa State University Credit Union (UICCU) to become one of the top 10 financial institutions in the United States, they realized that instead of processing 100% of their payments, They through checks, they need to move to electronic payments. . Stage.
They had problems with their paper payment system, including the checks missing in the mail. When this happens, staff resources must be devoted to investigating, monitoring, stopping payments, and re-issuing lost checks. Time spent by employees maintaining check balances and completing checks and invoices is also taken into account.
Iowa City Community Credit Union
In 2016, UICCU presented an opportunity to the country’s leading financial services provider, BankTEL Systems. Following the successful launch of BankTEL, BankTEL Edenred Pay offers a more innovative approach to payment efficiency through virtual card applications.
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BankTEL’s partnership with Edenred Pay began in early 2017 and their customers continue to enjoy the success of the program. The University of Iowa Community Credit Union is ready to open. Their only concern is whether sellers will embrace new trends.
During the transition, one of UICCU’s biggest selling points was the merchant registration support provided by Edenred Pay. This support includes vendor engagement with UICCU payments, which introduces the program and informs vendors of the registration process. Edenred Pay also provides all the equipment for the seller to secure the registration.
It is easy to implement and does not take much time from the UICCU team. This includes the first three calls between UICCU, BankTEL and Edenred Pay. The BankTEL ASCEND AP module is integrated with the Edenred Pay payment automation platform, so the payment process is easy.
The institution processes regular payments in TEL ASCEND and the documents are automatically sent to Edenred Pay for card issuance. Jennifer Grecian, UICCU Accounting Specialist, said: “It’s really no idea for us and the platform technology has made it easy to reconcile with the reporting functionality.”
Omni Community Credit Union
Edenred Pay also hires a communications manager, and additional training is available upon request to support seamless integration.
For the University of Iowa Community Credit Union, integration with Edenred Pay saves time. Employees are now putting fewer envelopes and sending fewer checks. Matching time is also greatly reduced, saving about 4-5 hours of total time per week.
Discounts and potential revenue growth are another big selling point for UICCU. As companies continue to grow and register more vendors, they plan to discuss how to invest excess revenue into their units and other community initiatives.
Also, eliminating ticket and paper checks saved costs. This, along with the discounts, has created a measurable addition to the company’s profits.
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“If it can work for your institution, you really need to get into it. It is a good relationship and the use of Edenred Pay payment automation system, which is part of BankTEL’s payment account system, has made us more efficient in every way.
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