CO-OP Introduces PIN POS Service, Opening 2 Million Point-of-Sale Terminals
August 16, 2012
August 16, 2012
CO-OP Financial Services, the largest credit union shared-branching network, has now expanded ATM availability even further through the introduction of CO-OP Network PIN POS. The service, powered by First Data, gives debit cardholders of participating credit unions can access to nearly 2 million STAR Network point-of-sale locations nationwide.
“CO-OP has considered offering PIN POS for many years, but only now have the right circumstances come together,” said Stan Hollen, CO-OP Financial Services president and CEO. “In cooperation with First Data’s STAR Network, our business partner for nearly 30 years, CO-OP can provide our clients with unmatched national PIN POS coverage and value.”
CO-OP Financial Services has also signed a contract renewal extending its electronic funds transfer network access agreement with the STAR Network.
CO-OP Network PIN POS service offers nationwide coverage that gives credit union members greater convenience and more options for debit card use, and the company said in a statement that the new service will “strengthen credit union relationships with members, especially those accustomed to big bank accessibility.”
According to the statement, the agreement will also result in “greater choice in payment method, easier access to money and superior PIN debit fraud protection. The added POS revenue stream benefits all participating CO-OP members and, in the case of CO-OP shareholding credit unions, the POS transaction volume will also increase annual patronage (dividend) opportunity.”
CO-OP Financial Services combined operations with Financial Service Centers Cooperative (FSCC) on Jan. 1, 2012, consolidating the two largest credit union shared-branching organizations. The company expects to implement the extended PIN POS service with existing clients beginning Oct. 15, 2012.
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