Customers are tremendously optimistic about companies that issue their debit and credit cards and smart card systems have the potential to develop incomprehensible opportunities for company expansion and sustainable revenue streams. This might as well put into perspective all the elements that would compound to the ultimate goal.
Once a company has the mechanisms compliant with their infrastructure, they should be eligible to provide added value to their customers and credit union where the system architecture of the credit union would assist companies to provide their card products with the features that customers have come to expect; including transaction data, payment history, and card status management through remote controls.
Here are some features that streamline the management of your card products:
Customizable Annual Payments
There are no two credit cards alike. Some offer airline rewards, while others offer better interest rates and cash return incentives. Depending on the target audiences, different strategies will be used to attract new business to each card class. Some cards are best matched for a monthly charge based on your prices, and others are better suited with no fee.
With the Federal Funds Rate fluctuating, a variable rate credit card policy can become variable. The best credit union applications will enable you to manage your variable rate card items more efficiently. Variable rates are regulated by an index (prime rate), which allows credit unions to modify the margin as rates rise.
Adjustable grace days: Grace days are the number of days the member has until getting a finance fee from the same billing period. Your credit union will advertise to members more effectively by customizing the grace day climate. To capture market share, the credit union’s card management system can accommodate flexible grace periods.
Customizable Statement Messages
Customized credit card statement notifications or explanations encourage you to send separate messages to different participants depending on the situation. Communication with the various rate holders is the most frequent use for personalized statement messages.
Benefits of Smart Card Management System
- Fraud and risk assessment are integrated.
- Assists in the registration of vendors.
- Certificate generation and key management
- Limits fraud on combined data and allows for comprehensive MIS reporting on smart card use.
- Effective management of misplaced cards, card deletion, and card information modification.
- Effortless smart card procurement, whether contact or contactless.
- Passwords for safe network access are included.
In the modern day, people prefer to operate a business using online transactions and other payment methods. The chances of being attributed to a variety of financial frauds are significant. Nonetheless, the smart card management system allows the integration of an automated cash ecosystem that removes the need for coin handling and accounting and is a versatile and effective management tool in itself.