5 Reasons for Credit Unions to Offer Instant Issuance

Your members are on-the-go and have many options in accessing their accounts. Whether they conduct most of their business through digital banking or routinely use a digital wallet, they may not be visiting their local credit union branch in-person very often. Ensuring their experience is positive and memorable has never been more important.

Instant Issuance Solutions from Synergent provide credit unions with the ability to deliver a MasterCard® or Visa ® debit card to their members in near real-time.

“Credit union members demand instant access to their funds,” explained Karen Martin, Product Owner – Payments for Synergent. “One of the ways that credit unions can exceed member expectations is by offering instant issuance. Whether it is a new member obtaining their first debit card from the credit union or a long-time member who needs a replacement card, being able to provide a card in near real-time to members improves member satisfaction, increases interchange, and helps credit unions stay top-of-wallet.”

5 Beneficial Reasons to Offer Instant Issuance

  1. Member Convenience: Whether you’re serving a long-time member who needs a replacement or a new member who needs a new debit card, offering instant issuance provides members with near real-time access to funds.
  2. Increased Revenue: Implementing an instant issuance solution increases interchange by accelerating member access to their accounts. By having an instant debit card, they can start transacting sooner.
  3. Flexibility: One size does not fit all. Finding the right instant issuance solution for your credit union is imperative to the program’s success. Credit unions who partner with Synergent have three instant issuance options to choose from, allowing them to select the solution that best meets their unique needs:
  • Reseller Program
    Synergent has partnered with Thales to offer an instant issuance solution that bundles in the needed hardware and software to issue permanent debit cards on the spot. With the reseller program, Synergent acts as the implementation project management team and serves as your ongoing support team. For credit unions who wish to have one point of contact, one centralized billing team, and a dedicated ongoing support team, the Reseller Program is a strong option.
  • Referral Solution
    With the Referral Solution, credit unions manage instant issuance solutions directly with a third-party provider that Synergent has vetted and recommends. The selected referral partner would be responsible for all the project implementation, support, due diligence, and determination of compatibility. Credit unions who choose this option do not need to be a Synergent Payments customer.
  • Temporary Debit Card Program
    The Temporary Debit Card Program is unique in that it allows for instant issuance without requiring any hardware or third-party software. This solution provides cardholders with an EMV or magstripe card instantly that can be used for a set amount of days (usually 15-30 days) while they await a permanent card in the mail. A stock of ordered plastics is housed at the credit union in a secure vault in an inactive state until they are needed. To select this option, the credit union must be a Synergent Payments customer. Through Synergent, the program implementation and support is a one-stop solution.
  1. Access Trusted Solutions: Credit unions who partner with Synergent in any of our service areas (Payments, Marketing, and Technology) have peace of mind knowing the products and services they access are vetted, tested, maintained, and recommended by a team of experts who work with these solutions day-in and day-out. This holds true with our Instant Issuance Solutions.
  2. Offer a Backup Program (Temporary Debit Cards): For credit unions that offer an instant issuance option to provide members with a permanent card instantly, Temporary Debit Cards can be an attractive, just-in-case backup solution. This ensures card issuance is never down, no matter what!

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To learn more about Instant Issuance Solutions from Synergent, please contact us today!

Learn More About Instant Issuance Solutions