Credit unions and their members have had to adjust to a new normal. With the majority of branch lobbies closed due to social distancing, remote solutions are being sought and used as a necessity to continue completing transactions during the COVID-19 pandemic. Is your credit union able to process card or ACH payments quickly and efficiently to best meet member needs?
In general, members are used to completing fast, easy, card-based transactions. While it sounds simple to remotely process loan payments, if the infrastructure is not in place, it is anything but.
Are you experiencing either of the following scenarios?
- My frontline staff is taking card information over the phone or through email. It isn’t the most secure way to pay and it takes a lot of time to process these types of payments.
- A manual cash advance is sometimes needed to pay a loan. This is time-consuming, involves high-touch steps, and is an imperfect process that leaves room for error.
We’re all in this together, and Synergent can help. If these statements sound familiar, you aren’t alone, and we are pleased to provide a solution. Through our partnership with SWBC, we now can connect your credit union with a payment portal that easily and securely allows loan payments to be submitted via multiple channels, 24/7/365. With the ability to scale according to a credit union’s evolving business needs, implementing this solution sets the stage for success as credit union operations continue to evolve.
Payment Channels
This web-based remote payments module allows members to make loan payments using ACH or card-based transactions. Core integration expands a credit union’s ability to originate, track, and process these ACH and card-based payments. Whether it is a member of your staff assisting a member in making a payment through the integrated platform, or your members accessing self-service channels, payments are ultimately settled through a single, automated process.
Members can make a payment through the following channels:
- Bacon Loan Pay Web Application & PayPrompt™ SMS
- Interactive Voice Response (IVR)
- Custom APIs
- Home Banking
Benefits & Security
Save time, worry less and focus on other to-dos on your list. With this offering, SWBC manages the merchant processing and ensures that the solution remains in compliance with payment processing rules and guidelines. This solution is secure, reliable, and PCI compliant. Advanced encryption generates and saves NACHA-compliant disclosures.
Regardless of how a member chooses to make a payment, interactive reporting modules highlight pending and failed transactions, settlement transactions, and balance and current transmittals. With real-time core integration and same-day ACH settlement and batch posting of files, account information is promptly and accurately updated.
SWBC Payments offers a solution that is touchless for staff and members, which during these unique times, is a major benefit for all.
Member marketing opportunities exist from within the portal, so credit unions can choose to cross-sell additional product and services.
Get Started
This solution is available to Synergent users. Want to learn more? Please contact your Account Relationship Manager, or email ARM@synergentcorp.com.
New to Synergent? Contact Account Executive Fred Barber at fbarber@synergentcorp.com.