COLUMBUS, Ohio (2/24/15)--Corporate One FCU, Columbus, Ohio, reports that over the past three years the number of its member credit unions offering their small business members or select employee groups (SEGs) ACH origination services has more than doubled, increasing to more than 100 business originators at year-end 2014 from 48.
"We took a look at the numbers a few years ago, and realized there was a lot of market share to be had for credit unions in the ACH origination space," said Kay Moon, Corporate One's senior vice president/chief operating officer. "Combine this with the fact that ACH is one of the fastest growing payment options among consumers, and it was clear to us that with ACH Origination credit unions could provide an effective and desired payment option to their small business members/SEGs, while also strengthening their bottom line.
Moon said the Corporate One made a concerted effort to provide educational opportunities to its members and enhanced service offerings. "We also launched a promotion to encourage credit unions to consider ACH origination as a viable addition to their service offerings to businesses, offering free ACH origination accounts for capitalized members' new business originators through July 31, 2015," she added.
Offering ACH origination to business members provides many benefits to credit unions and their business members alike. Credit unions are able to expand and deepen relationships with their business members, while earning additional revenue that comes from having a new line of business.