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 Electronic eBP Midwest Corporate is proud to introduce you to our eBP partner, MYCU Services, LLC (MYCU), a wholly owned CUSO of Mid-Atlantic Corporate FCU. This service provides member credit unions the opportunity to provide eBP services to their members at a very low cost whether you need just "back office processing" (Remittance Processing Method) or you need a complete start to finish solution (Front-End Method). Both methods are "turn key" and can be implemented within 60 days. Quality Control A step above the status quo. MYCU's eBP high quality standards are what you would expect from a corporate credit union. MYCU Services Does Not Hold payments for float income. Submit check and list remittances (the practice of submitting one check to a merchant with a stub containing the names and accounts of several individuals.) MYCU Services Does Include payment information on each check and stub to ensure accurate credit. Mail one payment per check per envelope. The Corporate Credit Union Difference While service is key to the success of our eBP service, our uniqueness lies in the fact that this is a credit union system solution for eBP. Like you, we are a member owned institution dedicated to providing the services credit unions need at a price they can afford. Interfaces It is MYCU policy to interface with the internet financial transaction services company of your choice. Remittance Processing Method Remittance processing is the root of MYCU's bill payment services. At this level, MYCU operates in the background to process the payment of bills for your members. It's a perfect alternative for credit unions who wish to use the internet transaction service provider of their choice or those already offering an internet financial transaction services system with bill pay capabilities, but are seeking a credit union source for back-end processing. Processing and Settlement Every night, MYCU will receive a file of payments to be processed the following business day. This file will be received from the internet financial transaction services provider your credit union uses for bill payment, and may contain verified funds payments or files for which members' accounts have not yet been debited. Once you have verified the funds, payments are sent to the merchants, and your Midwest Corporate settlement account is debited. If your internet financial transaction services provider does not pre-debit your members' accounts, MYCU will generate a file of bills to be paid in an ACH format, and either transmit it to your credit union or make it available for you to download. Pricing Set-up fees range from a minimum of $750 to a maximum of $1,000. Set-up pricing may include special offers and is subject to change without notice. Monthly fees average $2.70 per user (based on an estimate of 8 bills per month per user). Front-End Method Extending the services offered under the Remittance Processing Method, the Bill Payment Front-End Method offers credit unions a generically branded electronic bill payment system that allows members to submit payments via the internet. This method is designed for credit unions currently offering an internet financial transaction services system without bill payment capabilities, or those seeking a stand-alone electronic bill payment interface. The MYCU's role is to work behind the scenes handling back-end processing of payments requested. MYCU's "Front-End" can be branded to suit your credit union. This allows MYCU to process requested payments "behind the scenes", so that the bill payment system you offer to your members is uniquely yours. In addition the system is front-end independent. This means it can easily be integrated with products offered by any internet financial transaction services provider, or it can function as a stand-alone product. Processing and Settlement Your members use the system by signing on and scheduling payments at least one day in advance. MYCU will generate a file of bills the next morning to be paid in an ACH format and will either transmit the file to your credit union or make it available for you to download. Once you have verified the funds, payments are sent to the merchants, and your Midwest Corporate settlement account is debited. Pricing Set-up fees range from a minimum of $1,750 to a maximum of $2,000 ("branding" or "private labeling" will be at a higher set-up fee). Set-up pricing may include special offers and is subject to change without notice. Want to know more? Just call Doug Wolf at (800) 852-2677. VIEW DEMO |