Amortization Deep Dive: The Rule of 78s
As we talked about previously, there are many reasons why understanding amortization methods is helpful for financial professionals. Today, we’re...
Have you heard? GOLDPoint Systems offers debit card funding in both GOLDTrack PC and CIM GOLD.
Debit card funding allows your institution to disburse funds directly to a debit card or prepaid card. This feature is easy to set up and use, saves time and money for your institution, and leads to more satisfied customers. With benefits like that, you might wonder why you’re not using debit card funding yet.
When was the last time you wrote a personal check? These days, many of us can’t even remember. The financial world has gone more and more paperless, and that’s true for your customers as well. So, just imagine how frustrating it must be for them when they have to wait for a paper check to arrive in the mail, and then run down to the local bank to cash or deposit it before they can access their funds. With debit card funding, your customers get near-instant access to those funds through their debit card.
Plus, more satisfied customers lead to more customers. When a borrower is deciding between an institution with debit card funding and one with check funding, debit card funding is bound to win out. That’s a real-world competitive advantage that you can implement today.
Disbursing funds directly to a debit card means you don’t have to print or process paper checks, so it cuts down on both paperwork (time) and paper (money). In addition, since you are disbursing funds to the borrower’s existing debit card, you don’t need to print new cards—saving even more time and money. So, to recap: Less paper, less printing, less paperwork, less physical cash, less card printing, less time. What’s not to love about that?
Debit card funding is available in both GOLDTrack PC (GTPC) and CIM GOLD. In GTPC, it's found on the Loan Disbursements screen, and using it is as easy as 1-2-3. Just:
Easy peasy! Plus, you can copy the card holder’s information from elsewhere in the system (so you don’t have re-enter all that info). PLUS, if the borrower’s card information is already in the system, the process is even easier, since you can choose Get Existing Cards in step #2 and choose the card from a list.
It’s just as easy to use debit card funding in CIM GOLD. Start by selecting the Loans Check Printing Checks screen. Then:
And that’s it! You now know how to use debit card funding in both GTPC and CIM GOLD.
Good news: This feature is already programmed and ready to implement! To set up debit card funding for your institution, speak to your GOLDPoint Systems account manager. Be sure to let them know whether you want to use it in GTPC, CIM GOLD, or both.
In fact, three of our institutions are already using debit card funding, with more testing it in beta. Among those that are using it, about 50% of monthly transactions are debit card funded, and that number is climbing all the time. As of December 2022, GPS has run more than 320,000 debit card transactions, totaling more than $780 million—and that’s just this year! Isn’t it about time you joined them?
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