Transforming the Credit Union Member Experience with Realtime Payment Solutions: The Meriwest Credit Union Story

Credit unions face unique challenges as they strive to meet their members’ needs for secure, flexible payment options. Meriwest Credit Union, a well-established financial cooperative with deep community roots, is a prime example. As a member-focused institution, Meriwest sought a payment processing solution that would increase convenience, reduce operational complexity and align with its commitment to member satisfaction.

Read on to learn how Meriwest partnered with REPAY to update its payment processes to not only improve member satisfaction but also set a benchmark for other credit unions looking to modernize their payment systems.

Meriwest Credit Union: A Tradition of Community and Innovation

Founded in 1961, Meriwest Credit Union began as the IBM Credit Union, providing financial services to tech professionals in California’s Bay Area. Over the decades, Meriwest has grown to serve approximately 80,000 members, with a strong focus on community involvement and innovative solutions. Its history of mergers and expansion has helped it become a progressive, member-centered financial cooperative with a diverse service offering.

At the heart of Meriwest’s mission is its dedication to providing a modern and secure banking experience. With a strong emphasis on digital services, Meriwest is continually adapting to meet the needs of a tech-savvy member base, particularly younger members who seek fast, flexible and user-friendly payment options. This focus on convenience and accessibility is what ultimately led Meriwest to explore a new payment processing solution.

Challenges with Legacy Payment Processing Systems

Meriwest, like many credit unions, faced challenges with its previous payment provider. Its legacy payment system had limitations that affected both efficiency and member satisfaction. For instance:

• Service Downtimes and Delays: Frequent downtimes disrupted end-of-month payments, creating stress for members and operational hurdles for Meriwest. These delays also impacted credit reporting, adding an extra layer of frustration for members trying to reliably manage their finances.
• Shared Branch Reliance: Members frequently relied on shared branches to complete transactions, a solution that was less convenient for younger, digitally inclined members. This reliance on physical locations clashed with the expectation for simple online services, especially for members accustomed to digital experiences in other areas of their lives.

These issues represented more than just technical obstacles; they were roadblocks to member retention, efficiency and the ability to provide a truly member-centric experience.

The REPAY Solution: Flexible, Realtime Payments for a Modern Credit Union Member Experience

Seeking to overcome these challenges, Meriwest selected REPAY as its new payment processing partner. REPAY’s payment acceptance solution stood out for its commitment to realtime processing, 24/7 availability and the member experience. These features were pivotal for Meriwest’s goals of improving member satisfaction and increasing operational efficiency.

Key improvements delivered by REPAY’s solution included:

• Realtime Payment Processing: With REPAY, Meriwest achieved instant payment posting. This realtime capability eliminated delays in credit reporting, which was crucial for members who relied on timely payments to maintain or improve their credit standings.
• 24/7 Availability: REPAY’s always-available platform allowed Meriwest members to make payments anytime, without the need for branch visits. This 24/7 accessibility was especially valued by members with demanding schedules and those managing auto loans through Meriwest’s indirect lending channels.
• Streamlined Refund Process: REPAY’s faster refund capabilities simplified refund transactions, a feature Meriwest members welcomed as an improvement over the often lengthy refund processes of the previous provider.

Putting it all together, REPAY not only met Meriwest’s immediate needs but also aligned with the credit union’s forward-thinking approach to member service, catering especially to younger members who preferred digital payment solutions over traditional banking.

Positive Outcomes for Credit Union Member Services

Since partnering with REPAY, Meriwest has seen clear improvements in its payment processing, which have translated into real benefits for its members. Some of the notable outcomes include:

• Increased On-Time Payments: With reliable realtime processing, Meriwest has seen a rise in on-time payments, reducing the need for follow-up on overdue accounts and supporting members’ financial health.
• Higher Member Satisfaction: Feedback from members has been overwhelmingly positive, with many expressing appreciation for the flexibility to make payments on their own schedule. Members particularly valued the option to handle payments online or through mobile devices without the inconvenience of a branch visit.
• Better Staff Efficiency: The REPAY system has also benefited Meriwest’s staff, who now spend less time troubleshooting payment issues and more time focusing on value-added services for members. This improved workflow has contributed to a more positive internal environment, aligning with Meriwest’s values of employee satisfaction and member engagement.

Lessons for Other Credit Unions

Meriwest’s success story highlights a powerful truth for credit unions: investing in modern, member-focused payment solutions can be a differentiator in today’s competitive financial landscape. For credit unions striving to retain members, realtime payment capabilities are becoming essential.

Some key takeaways for other credit unions include:

• Realtime payments are a competitive advantage: Instant processing is not only a convenience — it’s a tool for member retention. Members who know they can rely on accurate, timely payments are more likely to stay engaged and satisfied.
• 24/7 accessibility meets modern expectations: Members today expect banking services to be as accessible as other digital services. Payment solutions that are available 24/7 resonate particularly well with younger members, who may otherwise be drawn to larger, more digitally savvy institutions.
• A reliable partnership helps future-proofing payment processes: By choosing a provider like REPAY, credit unions can build a reliable foundation that allows them to expand into more innovative solutions over time, knowing they have a partner that understands and supports their unique needs.

Partnering with REPAY: A Path to Future-Proofing Payment Processes

Meriwest’s journey with REPAY underscores the importance of a forward-thinking approach to payment processing. By embracing realtime, flexible and secure payment processing options, Meriwest has improved its member experience, become more efficient and positioned itself as a leader in digital financial services for its community.

For credit unions looking to remain competitive and better serve their members, REPAY’s digital payment processing solutions offer a clear pathway to modernizing payment systems. With REPAY, credit unions can achieve the flexibility, security and convenience that today’s members expect, all while keeping a firm hold on their foundational values of community and personalized service.

To learn more about how REPAY can support your organization’s goals, explore our tailored solutions for credit unions.