Vanco Electronic Processing

Description

Overview

CU*Answers has partnered with Payveris and Vanco to establish a program that allows our clients to receive electronic payments from members in the network! We can help your credit union receive bill pay transactions, processed by Payveris, electronically rather than in the form of a paper check. We expect that this partnership will help improve your member’s lending experience with the credit union.

The electronic payment setup has two payment options:

• Option 1 – No Charge
  • Transactions processed exclusively through Payveris will be received electronically by the credit union.
• Option 2 – Vanco Charges Credit Union
  • Transactions processed through any Bill Pay vendor, partnered with Vanco, will be received electronically by the credit union.
  • Costs: $300 Setup Fee (one time) $30 monthly, $0.14 per transaction.

By partnering with either option, your members will be provided with the convenience of having your credit union listed as an electronic payee. The processing time required to pay the bill will be reduced because they don’t have to send your payment through the mail.