Unlocking the Door of Opportunity in Today’s Economic Environment

Good times breed routine evaluations for efficiency gains – tough times mandate efficiency improvements as a life-line. What is your credit union doing? Are you looking at technology to improve your back office operations?

 

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Are you looking to improve bottom-line savings or intensify focus on working capital? Good times breed routine evaluations for efficiency gains – tough times mandate efficiency improvements as a life-line. What is your credit union doing? Are you looking at technology to improve your back office operations?

Transitioning from paper-based payment and reconciliation methods to electronic payment and reporting can be a key source of new process efficiency and cost savings. Additionally, industry research shows that the fully-allocated costs when using a commercial payment card versus traditional paper-based payment and reconciliation methods are reduced by 78 percent, resulting in actual average cost savings of $69 per transaction.

The value of commercial payment cards, specifically the purchasing credit card, is becoming more apparent when it comes to streamlining the management of an organization's cash flow and related payment processes. A robust purchasing card program, combining an industry-leading credit card brand with technology that delivers automated business process options and advanced controls, is proving to be an effective way to help maintain higher levels of working capital and improve liquidity.

In any difficult economic environment, improved purchasing terms become a high priority for buyers and better payment terms take on added significance for vendors. This is where a flexible card program helps meet the needs of both buyers and vendors much more easily than traditional paper-based payment and reconciliation methods.

Enhanced visibility into company spending and the ability to better analyze expenses can contribute to cost reduction and more efficient operations. It is important to have a clear, detailed and more holistic view of what employees are buying, from whom they are buying and at what price. And it becomes increasingly important that employees are making purchases from preferred vendors and that the company is taking full advantage of negotiated pricing and payment terms.

Purchase ONE is a payment and procurement solution that meets these needs, has a proven track record and is a product designed for credit unions. Purchase ONE is offered by Procura, LLC, a credit union service organization (CUSO) jointly owned by MEMBERS Development Company, LLC, Callahan Financial Services Limited Partnership, WesCorp, and PSCU Financial Services. And an added dimension to the product is that you may resell the program to your sponsor, SEG or business members. There is a rebate component to the program based on spend and that grows exponentially when you resell the program.

If you would like more information about Purchase ONE, call (512) 346-6666, or email amanda@wescorp.org .

 
 

Sept. 7, 2009


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