Energy Capital Credit Union Picks Velera for Debit Card Processing
Energy Capital Credit Union has expanded its partnership with credit union service organization (CUSO) Velera.
Velera had already been providing credit card processing support for Energy Capital (ECCU), and it will now also provide debit card processing, the companies announced Thursday (Dec. 5).
“While reviewing its card processing partners, ECCU was looking to identify ways to maximize vendor relationships and streamline processes for both members and employees,” the companies said in a news release provided to PYMNTS.
“The credit union felt Velera was well positioned to continue as its credit card processing partner, while adding debit to enhance and elevate ECCU’s overall card services and support.”
The 90-year-old Energy Capital Credit Union serves more than 19,000 members across six Texas counties and holds nearly $250 million in assets. Velera will begin providing debit card processing support for the credit union in July of next year.
The partnership follows a similar collaboration announced last month between Velera — formerly known as PSCU/Co-op Solutions — and Mississippi-based Keesler Federal Credit Union. The two organizations have worked together for 40 years, with Velera now providing debit card processing services for Keesler.
PYMNTS spoke last month with Cody Banks, senior vice president of product enablement and growth at Velera, about the importance of simplicity in attracting new members to credit unions (CUs).
“Simple is the new loyalty,” he said during a “What’s Next in Payments” conversation.
For credit unions, Banks added, the aim is to make member experiences as simple as possible. CUs can learn a lesson from the intuitive nature of interactions with eCommerce, where it takes just minutes for customers to find and buy what they want.
“However we can make those experiences as simple as possible, not only for our clients but for the consumer,” Banks said, “that’s where we get the biggest wins … and the biggest compliment we can get is, ‘That was easy.’”
Velera, he noted, has taken a “business-in-a-box approach” when working with credit unions to simplify their operations and their applications to remain at the forefront of payments innovation.
“We’ve been successfully moving into an agile framework,” said Banks, adding that CUs must focus on delivering the right financial products and services across a range of channels — from physical branches to mobile devices to ATMs to contact centers.
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