10 Things to Consider When Choosing a P2P Mobile Payments Solution
September 29, 2020
The demand for digital services has increased exponentially since the beginning of the year — and experts say it will only continue to rise. In fact, the pandemic has bolstered mobile payment adoption by Gen Zers, Millennials, Gen Xers, and Boomers alike and is resulting in a rise in demand for real-time payment solutions for credit unions.
Choosing the right person-to-person (P2P) mobile payments app can be tricky — there are many factors to consider and a variety of options. Does it even matter which one your credit union chooses? The answer is an absolute yes. So, what should a credit union look for in the best app?
Catalyst Corporate Federal Credit Union serves nearly 1,400 credit unions nationally with innovative core financial services, including payment solutions. Below, Catalyst Corporate shares 10 factors credit unions should consider when picking a mobile payments provider.
- Community-first: Look for products and services that are aligned to support community interests.
- Mobile-friendly: Offer an app that provides convenient mobile payment capabilities that will enhance your credit union’s image.
- Stand-alone app: Research shows consumers prefer their payment apps to be accessible in stand-alone form to keep others from seeing their personal/financial information in their mobile banking app.
- Branding: Members trust you and the products and services that carry your logo. Find an app that displays your name and logo from the get-go.
- Risk: Some apps will move funds out of the member’s share draft account and hold them in a digital wallet, creating risk. A strong P2P app will keep funds safe in the member’s share draft account.
- Secure payments using FI channels: Your P2P application should use the credit union’s secure and trusted channels for payments.
- Member data protection: Select a solution that complies with data protection requirements to keep your members’ data safe.
- Ease of use: Getting started and onboarding should be as easy as possible. This includes installation, hardware and software upgrades, and training.
- Technology management: Choose a solution that is supported by a correspondent or solutions provider to eliminate the need for additional overhead.
- Customer support: Use a provider that offers 24/7 customer support.
Catalyst Corporate will soon launch its brand-new P2P mobile payments service, PayMoli. Stay tuned for details in the coming weeks.
Visit Catalyst Corporate’s virtual booth at the Strategic Link Trade Show to learn more about its services and solutions. Join during live hours on every CU Learning TRAXX session day, 11 a.m. – 1 p.m. PDT, to chat directly with the team.
Catch Catalyst Corporate’s SVP, Chief Investment Officer, Mike McGinnis, in the recent CU Learning TRAXX session, Financial Strategy: Seeking Capital, where he and other investment gurus discuss what investors look for when making placements and what yields they expect. The session is now available for on-demand streaming.