Annual Payment Report Reveals Pandemic Taking a Toll on Credit Union Happiness

By Sarah Bendorf.
Updated Feb 28, 2022

SEATTLE (PRWEB) February 28, 2022 - 2021 MAP Happiness Payment Report from Member Access Processing (MAP), the nations leading provider of the Visa DPS Debit, Credit, ATM, Prepaid, and Mobile Processing platform, showed a significant drop in Happiness with card processing providers. While a majority of respondents stated they were Very Happy with their debit (50.94%) and credit (50.94%) programs, the credit unions Happiness with their processor dropped 10 points for debit and nearly 12-points for credit from 2020.

MAP, a credit union-owned issuer and processor, produces the Happiness Payment Report annually. The report measures how credit union executives feel about their credit and debit programs and how important those programs are to their institutions success.

The ability to adjust and respond to credit unions is vitally important to helping credit unions meet the needs of their members, said Cyndie Martini, President and CEO of MAP. The true value of a solid card processing relationship reveals itself during a crisis. MAPs enduring relationship with our clients comes from our commitment to serving the credit union staff as they would serve their members.

The reasons for the drop in Happiness with card processing providers is observable in a drop in engagement and the ease with which a credit union can talk to a provider via phone or email. In 2021, more than half of the respondents stated that their processing provider was Very Engaged towards the success of their programs, debit (54.25%) and credit (51.42%), signifying a 10-point drop for debit and a seven-point drop for credit from the prior year.

The challenge for credit unions to gain access to their providers was also substantially lower in 2021. For the first time, the majority of respondents found it only Somewhat easy to talk to their provider via phone or email for debit (47.64%) and for credit (48.11%). This represented a nine-point drop from Very easy to Somewhat easy for debit and a 12-point drop from Very easy to Somewhat easy for credit.

During the month of December 2021, the MAP Happiness Payment Report surveyed 223 credit union executives in the U.S. about their debit and credit payment providers. Respondents were executives and department directors in the areas of credit union operations, card management, risk management, Lending, Finance, and IT.

To view the studys full report, please click here.

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About Member Access Processing (MAP) Member Access Processing (MAP) is the nations only card processing aggregator of the Visa Debit Processing Service platform for credit unions. MAPs special role in the marketplace provides our client credit unions the unique opportunity to leverage the technology, security, and service of Visa for their members. MAP is a subsidiary of Currenc? Payment Solutions, a Credit Union Service Organization, with an unrivaled commitment to the credit union movement, where credit union are valued first and foremost. Working directly with Visa, MAP offers customized, turn-key Debit, Credit, ATM, Mobile, Prepaid-Reloadable, and Gift solutions all supported by MAPs five-star training, support and service.