ProPay, ETA's 2010 ISO of the Year award recipient and industry leader in End-to-End Payment Security, credit card processing, and electronic payment services, announced today that it has been selected by Mountain America Credit Union to enable members to make house payments, car payments and even fund accounts using any Visa, MasterCard, Discover or American Express card.
By implementing ProPay's LenderPay solution, MACU was able to provide its members an additional method for making loan payments. In addition, MACU estimates annual realized savings of as much as $20,000 by completely eliminating their transaction fees and costs associated with these payments.
"This is a concept whose time has come. Consumers expect to be able to pay everything with plastic these days; including their car payment. We are very excited to enable Mountain America Credit Union to offer their members the ease and convenience of making loan payments with credit and debit cards. We expect to see many progressive credit unions and other lenders following Mountain America's lead," said Greg Pesci, ProPay's Chief Operating Officer.
Borrowers are increasingly demanding payment options through a variety of channels and payment methods, while at the same time holding companies to an increasingly stringent standard of data security and privacy. LenderPay was designed to meet the specific needs of banks, credit unions and other financial institutions seeking a cost-effective, secure way to enable alternative payment methods for their members and borrowers. "Members contact our call center every day to make car payments on time and earn rewards miles; this isn't just a service for past due accounts," said Kelly Hofheins, AVP Call Center & Research at Mountain America.
The addition of LenderPay demonstrates the responsiveness of Mountain America to the needs of its members. "In searching for the right partner, Mountain America sought a company that would offer convenience and compliance while completely eliminating exorbitant transaction fees. ProPay allowed our credit union to serve the needs of our members and to maintain our commitment to fiscal responsibility," said Tony Rasmussen, SVP eServices at Mountain America.
LenderPay not only introduces convenience and affordability to credit unions, but with ProtectPay, ProPay's end-to-end secure payment solution, credit unions can be assured that their members' data is securely stored in a PCI DSS compliant environment. No cardholder data is stored, processed or transmitted by the credit union. LenderPay enables institutions to offer additional payment methods, without taking on additional compliance burdens or security obligations.