Payment Industry Insider

Is your credit union looking for ways to attract your members’ businesses? Here are four ideas on how to attract, retain and grow the relationship you have with businesses.

1. Offer Merchant Processing. Being able to accept credit and debit cards as payment for the goods and services your members offer is critical to their success. If you provide merchant processing, you’ll likely have the entire deposit account and more.
2. Provide Payroll Solutions. Your member businesses need easy, reliable and cost effective methods of paying their employees. Payroll cards are a great way of providing this service and earning additional interchange for your credit union.
3. Business Credit and Debit Cards. Providing card processing options tailored to your small businesses is a must to retain and attract small businesses. Aggregating purchases through a specific debit or credit card helps a member’s business manage expenses, track purchases and use this information to negotiate better rates with their key suppliers.
4. Host a Best Practices Lunch. Invite all of your small businesses to a lunch where they can meet and greet you, your staff and each other. Provide value by giving them best practice information on how to better manage their business. Maybe a local accountant could speak about tax issues or a marketing firm could speak about effective use of advertising dollars.