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CO-OP's Full-Service Credit clients receive cardholder payment solutions

Thursday 26 March 2020 13:29 CET | News

CO-OP Financial Services has announced a series of programs for its Full-Service Credit clients to help them address the financial stress as a result of the COVID-19 outbreak.

The Full-Service Credit clients are those credit unions using CO-OP to fully outsource the processing of member credit transactions. Via the cardholder payment relief solutions, they will be enabled to adopt one or more plans to ease payment schedules for cardholders. Also, those clients acting on the opportunity by 10 April 2020 will be able to implement the cardholder payment relief solutions in time for the May statement cycle. The following solutions can be implemented by CO-OP on behalf its clients, allowing them to remain concentrated on their members’ needs:

  • Skip Payment – allows the cardholder to ‘skip’ making the Minimum Payment Due (MPD) on their credit card account. 
  • Interest and Fee Relief – allows cardholders to forgo any new interest and fees while this program is in effect. 
  • Fee Relief – allows cardholders to forgo any new Cash Advance, Late and Returned Check Fees while this program is in effect. 

Other cardholder settings that Full-Service Credit client credit unions can be put into action immediately on an individual cardholder basis, via CO-OP’s Springboard app – a simple-to-use application that gives credit unions real-time access to cardholder account information. The self-service actions credit unions can take to bring payment relief to cardholders include:

  • Deferred payment – delay the Minimum Payment Due by one month;
  • Temporary credit line changes – increase a cardholder’s credit line for a specific timeframe;
  • Stop interest accrual – prohibit fees and finance charges from posting to an account;
  • Update minimum payment due – quickly update Minimum Payment Due for an account;
  • Hold correspondence – temporarily stop the delivery of statements;
  • Update miscellaneous fields – making it easier to track impacted accounts;
  • Credit bureau reporting – update an individual cardholder’s credit bureau reporting.

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Keywords: CO-OP, payments, cardholders, credit, financial activities, coronavirus, credit unions, account, credit bureau, finance charges, transactions
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce