Your Future Prepaid Cardholders are HispanicPosted by Miriam De Dios Woodward on November 20, 2012
Looking at numbers, it’s easy to see the question isn’t will Hispanic members be a part of your future, but how soon. By providing dignified financial services to Hispanics, your credit union will not only achieve successful growth for your cooperative; you’ll also make a difference in the lives of your neighbors. Competition for this growing segment is heating up. This is why it is incredibly important for your credit union to offer prepaid products that focus their marketing power on differentiation, and understanding how Hispanic cardholders will use your prepaid card products is key. Hispanic cardholders may want to use their prepaid card as an affordable way to share funds with family members abroad so it’s important that your prepaid card offering does not limit the amount of cardholders on the account to two persons. Prepaid cards like the Coopera Card, which not only offer cardholders cash loads via in-branch, online, direct deposit and Visa ReadyLink merchants, also allow cardholders to request up to six additional cards for family, whether stateside or outside the country. For cardholders looking to use prepaid cards as an alternative to money transfers, presenting an option that charges less in foreign exchange rates, like the Coopera Card that currently offers a foreign exchange rate of one percent compared to the two percent other cards charge, can go a long way toward attracting cardholders to your credit union. Also, do not underestimate the strong need for language and cultural relevance with your prepaid card offering. Consult with a specialist who can double check the cardholder’s entire user experience, as well as your credit union’s marketing approach and message to be sure they are relevant. Prepaid cards configured to support the cultural and lifestyle nuances of your target membership, can be incredibly influential in developing long-term members for your credit union. Now is the perfect time to begin outreach to the Hispanic community, and prepaid cards can be just the door-opener you need to begin courting this market. The content of this blog is based on the Coopera white paper “Prepaid Cards Are Not Created Equal.” Download the paper for free today. Leave a commentPrepaid Cards Perfect for Consumers Fed Up with Soaring FeesPosted by Miriam De Dios Woodward on November 13, 2012
Because prepaid cards can be used much like debit cards, to pay bills or make purchases, as well as to withdraw and transfer funds and account information with ATM and text-messaging services, they have become a strong alternative to costly check-cashing services and money transfer services. With a focus on fair fees – and more importantly, disclosure of those fair fees – many prepaid card vendors, including Coopera, have voluntarily adopted a fee-disclosure box that makes it easier for consumers to compare prepaid card fees and choose the one that best fits their needs. For credit unions, the potential exists to provide a prepaid card that goes beyond simply access to funds via plastic. It is an opportunity for your credit union to build a long-term relationship with the underserved, as well as to convert disenfranchised big-bank customers into loyal members. The content of this blog is based on the Coopera white paper “Prepaid Cards Are Not Created Equal.” Download the paper for free today. Leave a commentDo Homework Before Choosing a Prepaid Card ProductPosted by Miriam De Dios Woodward on November 6, 2012
To protect underserved consumers, scrutiny of prepaid card products is on the rise. In fact, financial regulatory organizations, like the Consumer Financial Protection Bureau (CFPB), are under enormous pressure to crack down on all manner of so-called predatory services targeting the underserved. If your credit union plans to offer a prepaid card product as part of your strategic growth, this is something you need to keep an eye on. Monitoring the situation is not just to protect your business, but it is also so you understand the competitive advantage you can leverage with the right prepaid card product. Before you partner with a prepaid card vendor, do your homework — know the differences in the available options (fee structures, terms and conditions, as well as disclosures). To make sure you are bringing the safest, most reliable and best-suited product forward, find the prepaid card that is tailored to match the financial behaviors of your members. The content of this blog is based on the Coopera white paper “Prepaid Cards Are Not Created Equal.” Download the paper for free today. Leave a commentCoopera Card Ranks 5th on NerdWallet.comPosted by AnnaPeña on October 16, 2012
The Coopera Card is also the only prepaid reloadable card in NerdWallet.com’s top five ranking that was specifically designed for the Hispanic cardholder and provides a seamless cardholder experience in the language of choice of the Hispanic cardholder. Because no two prepaid card products are exactly the same, especially when it comes to fees, like monthly, ATM or transaction fees, NerdWallet.com built an interactive prepaid card comparison tool to help consumers standardize prepaid cards’ disclosures, fee structures and terms and conditions. The tool gives consumers a tailored, at-a-glance understanding of each card’s cost structure and ranks a prepaid card’s affordability based on: One of the ways the Coopera Card keeps costs low, and its ranking on NerdWallet.com high, is by offering fee-free cash loads at the cardholder’s credit union, by direct deposit of payroll checks or through online transfers from an existing checking or savings account, as well as from other credit or prepaid cards. And for the cardholder’s convenience, Coopera Card cardholders can also load cash on their cards via Visa ReadyLink merchants for a fee. To see how the Coopera Card compares to other prepaid cards, visit: http://www.nerdwallet.com/prepaid Leave a commentSet Your Prepaid Products Apart from the RestPosted by Miriam De Dios Woodward on October 2, 2012 Prepaid card options are popping up all over the place. But with very little regulatory oversight, these cards’ disclosures, fee structures and terms and conditions are all different. This can make choosing the right card option difficult for your Hispanic members. To differentiate your prepaid card from stand-alone options that are issued directly to Hispanics consumers, you need to do more than simply sell it. Hispanics, particularly non-English speaking or immigrant members, can find the U.S.’s financial services intimidating, confusing or culturally irrelevant. This is not an insurmountable hurdle for your credit union; it’s an opportunity. Take advantage of where your competitors may be falling short — offer an education component to your card’s services. A major fear among many underserved, Hispanic and non-Hispanic alike, is that prepaid-card fees will rob them of their hard-earned money. Another fear is that a prepaid card may open them up to the risk of debt. Prepaid cards are designed to do the exact opposite, and it’s vital that your staff be prepared to confront these misconceptions by educating cardholders on the features and benefits of your prepaid card option. Not only do you want to make sure cardholders understand the terms and conditions of the card, but you also want to teach them how to connect the product to their daily financial habits. Remember, your goal is to lead your Hispanic members down a path to financial responsibility, and ultimately, convert them into long-term, viable and contributing members of your credit union. The content of this blog is based on the Coopera white paper “Prepaid Cards Are Not Created Equal.” Download the paper for free today. Leave a comment |
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