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CorporateServicesatUnionSavingsBank
Introduction
UnionSavingsBankinDanbury,Connecticut,isa
communitybankdedicatedtothegrowthandprogressof
itscustomersacrossConnecticut.Establishedin1866,the
bankisrootedinthetraditionsofprovidingthebestservice
tocustomersandgivingbacktothecommunity.Notonly
doesthebankencourageits
staffmemberstovolunteer,it
alsodonated$1.6millionin2011tocharitieswithinits
footprint.
UnionSavingsBankcurrentlyhas29branches,6,500
businessDDAsandassetsof$2.5billion.
The Challenge
Throughtheyears,UnionSavingsBankworkedwith
differentvendorstoprovidemerchantprocessingservices
fortheirbusinesscustomers.WhentheBankacquiredFirst
NationalBankofLitchfieldin2010,themanagementteam
decidedtopickbest‐in‐breedvendorstocoincidewiththe
merger.“Bothbankshaddifferentplatformsfor
merchant
processing,sowedecidedtoputtogetheranRFPtohelpus
makethebestchoice,”saidJimRusiecki,SeniorVice
PresidentofCorporateServicesatUnionSavingsBank.“We
wereverydeliberatewiththeprocessandwantedittobe
fair.Wewerelookingforatruebusiness
partnerwhocould
helpusmaximizeourincomepotentialaswellasprovide
solidtechnologyandcustomerservice.”
AstheRFPresponsescamein,Rusieckiputtogethera
committeetoreviewtheresponsesandultimatelypickthe
merchantservicesvendor.“Intheend,wedecidedto
contractwithElavonand
ElavonFinancialInstitution
Solutions,”saidRusiecki.“Wehadahistorywiththe
companyandagoodrapportwithDianaBarhorst,
RelationshipManager.BecausewehadworkedwithElavon
inthepast,wewerealreadyfamiliarwiththeirsystemand
knewtheywouldprovidegreatservicetothebankandto
our
customers.Oneothercriticalpoint:Elavonwasbig
enoughthatthebankwouldnothavetobeinvolvedin
everydetail.Thesalesrepresentativecouldanswer
comprehensivecustomerquestions.”
The Solution
Elavon’sMerchantServicesprogramoffersfront‐end
authorizations,back‐endsettlementandallcustomer
supportfunctions,providingclientswithonesourceforall
oftheirpaymentprocessingneeds.Inaddition,value‐added
processingserviceslikecorporatepurchasingcards,PIN‐
baseddebit,fleetcards,electronicgiftcardsandelectronic
checkconversion
areallavailable.
UnionSavingsBankimplementedtheElavonMerchant
ServicesprograminJune,2011.“Thetransitionwassmooth
andseamlesstoourbranchesandbusinesspartners,”said
Rusiecki.“Liketheimplementation,thetrainingwasvery
professional.”
Elavon Merchant Services
UnionSavingsBank
–
ElavonMerchantServices CaseStudy
2
Oncetheimplementationandtrainingwerecomplete,
Rusiecki’sCorporateServicesteamworkedwiththeBank’s
retailbankingandmarketingdepartmenttogettheword
outaboutthenewoffering.“We’vegotanexpertatthe
bankwhohelpsuswithourmarketingcampaigns,and
we’vetakenadvantageofvariouse‐marketing
opportunities,”saidRusiecki.“Withelectroniccampaigns,
wecanprepareallthemessagingandeverythingwithina
fewdaysandmakesurewetargettheri ghtpeople.Our
approachhasbeenmoreconsultativethansales‐focused,
andeachtimewedoacampaignwegetbacksixtoeight
qualifiedleads.
Allreferralscometothebankfirstsowe
cantrackthemandmakesurethecustomeriscontacted
quickly.”
Alongwithe‐marketingcampaigns,UnionSavingsBankhas
alsohadinternalpromotionstohelpraiseawarenessof
theirmerchantservicesoptions.Giftcardsprovide
employeeswithmoreincentiveto
understandandsellthe
solution.“We’reconsciouslytryingtofindtherightfitwith
thenumberandtypeofpromotionssowedon’toverwhelm
thebranches,”saidRusiecki.“Andwe’reworkingclosely
withourcommerciallenderssotheycanbecompletely
comfortablewiththisproductandrefercustomers.”
Salesand
MarketingSupport
Elavonprovides:
• Asuiteofonlinetoolstohelpyoumanage
yourportfolio,trackmerchantapplications
andviewresidualreports
• Developmentassistanceforleadgeneration
programsatyourinstitution
• Developmentassistanceformarketing
materialstosupportyourpromotions
Elavon gives financial institution partners the power to meet all their
customers’ payment processing needs. Elavon provides
management and customer service while assuming risk and full
compliance responsibility for the program.
The Results
FromJunethroughDecember,2011,UnionSavingsBank
reached$10millioninnewbusinesssalesthroughthe
merchantservicesprogram.“Oursalesgoalsfocusedon
openingacertainnumberofaccountsaswellasdriving
residualincome,”saidRusiecki.“Wewereluckytoopen
somelargeraccountslastyear,which
drovethesales
figuresup.”
Beyondincreasedsales,thebankmeasuresthesuccessof
thisprogrambypersonallyreviewingcustomersatisfaction.
“Wecontactourcustomersperiodically,”saidRusiecki.
“Maybeit’snotspecificallytoaskaboutmerchant
processing,butwegenerallybringitup.Thereareno
instancesofcomplaints.Everyone
Ihaveheardfromis
happy–especiallywiththe24/7service.AllElavon
representativesarecarefultoaddressconcernsrightaway
beforetheybecomeproblems.”
Rusieckihasgatheredalotofpositivefeedback.“Pricing
flexibilityisonebenefitourcustomersreallyappreciate,”
hesaid.“Ithelpsthemtocompete
inachallengingmarket.
Theyalsolikesomeoftheotherperkswecanoffer,suchas
giftcards.Nowsmallerbusinessescanoffergiftcardsthat
helpbuildcustomerloyalty.”
Withaccesstonewpaymentprocessingsolutions,Union
SavingsBankcustomerscansolverealworldproblems.“I
loveto
hearstoriesabouthowwemakeadifferenceforour
customers,”saidRusiecki.“Forexample,wehaveahome
heatingoildistributercustomerwhowastakingquiteafew
checksthatwouldthenbounce.Weworkedwiththeowner
toshowhimitwasworthittoacceptdebitorcredit
cards
sohedidn’thavetochasepeopledownforpayment.We
setupwirelessterminalssocustomerscouldpayon
delivery.”
UnionSavingsBank
–
ElavonMerchantServices CaseStudy
3
Likemanybanks,UnionSavingsBankstrivestosecurethe
wholerelationshipwithacorporatecustomer.“Wewantto
beafull‐serviceproviderforcustomers,”saidRusiecki.
“Merchantprocessingisanothertoolthathelpstoround
outourproductmixandcontributetothebottomline.
Customersseethisas
afeeforaservicetheyneed,
somethingthathelpstheirbottomlineaswell,notjusta
penaltyfee.”
The Next Steps
WhatdoesthefutureholdfortheElavonMerchant
ServicesprogramatUnionSavingsBank?“Wehave
aggressivebankgoals,”saidRusiecki.“Wewanttogrowour
portfolioby15%overthenext12monthsanddrive
residualincome.Wecanachievethisinpartbycontinuing
withoure‐marketing
program.We’vehadgoodsuccessbut
haven’ttappedourfulldepositbase.Ilookforwardto
workingwithElavononnewideas.Wehavegottensuch
greatcustomerservicefromthecompanyandwehavean
excellentrelationship.It’satruebusinesspartnership.”
UnionSavingsBank2011MerchantServicesProgramGrowth
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
June July August September October November December
NewAccounts
UnionSavingsBank
–
ElavonMerchantServices CaseStudy
4
TheElavonMerchantServicesProgramisonlyoneof
themanyproductsofferedbyElavonFISolutions.If
youhaveapaymentprocessingneed,wehavea
solution.
FinancialinstitutionswhoworkwithElavonFISolutionscanofferafullsuiteof
merchantpaymentservicestotheirbusinessclientsincluding:
• VirtualMerchantMobilesupportspurchaseandauthorization
transactionsviaSmartphones
• Credit&DebitCardPaymentProcessingenablesstorestoacceptand
processcreditanddebittransactions
• MerchantConnect,amerchant’sonlinewindowintotheirpayment
processingaccount
• ElectronicGiftCardsencouragerepeatbusiness,attractnewcustomers
andboostsales
• Phreesia,aself‐servicepaymentsystemforhealthcareproviders
Elavon’send‐to‐endprocessingnetworkisone‐of‐a‐kindinthe
industry.The
paymentprocessingsolutionscanhelpimprovecashflow,minimize
collectionsrisk,andbetterserveyourbusinessclients,allwhilemeeting
stringentsecuritystandardstoprotectcardholderdata.
“Pricing flexibility is
one benefit our
customers really
appreciate. It helps
them to compete in a
challenging market.”
‐
JimRusiecki
Elavon Financial Institution Solutions
Related Solutions
TheExchangeisanonlinedestinationforfinancialinstitutionsthatpresentsbestpracticesand
future‐forwardstrategicthoughtleadershipinacollaborativeformat.TheExchangeisyour
site,yourforumandyourplacetobeheard.Jointheconversationat
www.TheExchange4FIs.com
For more information on Elavon Financial Institution Solutions,
contact us at ask@elavonfis.com or call 1-866-576-0760.
You can also visit our website at www.elavonfis.com.
. December
NewAccounts
UnionSavingsBank
–
Elavon Merchant Services CaseStudy
4
The Elavon Merchant Services Programisonlyoneof
themanyproductsofferedby Elavon FISolutions.If
youhaveapaymentprocessingneed,wehavea
solution.
Financialinstitutionswhoworkwith Elavon FISolutionscanofferafullsuiteof
merchant payment services totheirbusinessclientsincluding:
•. Solution
Elavon s Merchant Services programoffersfront‐end
authorizations,back‐endsettlementandallcustomer
supportfunctions,providingclientswithonesourceforall
oftheirpaymentprocessingneeds.Inaddition,value‐added
processing services likecorporatepurchasingcards,PIN‐
baseddebit,fleetcards,electronicgiftcardsandelectronic
checkconversion
areallavailable.
UnionSavingsBankimplementedthe Elavon Merchant
Services programinJune,2011.“Thetransitionwassmooth
andseamlesstoourbranchesandbusinesspartners,”said
Rusiecki.“Liketheimplementation,thetrainingwasvery
professional.”
Elavon Merchant Services
UnionSavingsBank
–
Elavon Merchant Services CaseStudy
2
Oncetheimplementationandtrainingwerecomplete,
Rusiecki’sCorporate Services teamworkedwiththeBank’s
retailbankingandmarketingdepartmenttogettheword
outaboutthenewoffering.“We’vegotanexpertatthe
bankwhohelpsuswithourmarketingcampaigns,and
we’vetakenadvantageofvariouse‐marketing
opportunities,”saidRusiecki.“Withelectroniccampaigns,
wecanprepareallthemessagingandeverythingwithina
fewdaysandmakesurewetargettheri
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