3. CU Direct
Credits Unions Provide More Lending Opportunities to Members,
Merchants, Service Providers.
+ Provides a Conduit of Financial Lending Systems to Credit Unions
and Merchants and Service Providers.
Builds Relationships and Public Good
Add Members to Credit Unions
Captures Lost Revenue Opportunities from Banks
4. Need:
A system or process to allow Merchants of different
specialties (such as Auto repair, Medical, furniture, etc) to do
on site lending for products and services the customer would
normally would have to go to their bank or credit union
branch for a loan.
5. Reason:
Allow the credit unions to stay competitive in the market place.
Outside banks or financial institutions already have this type
system in place using the revolving credit (also known as
charge cards).
6. Effect:
Maintain the relationship with the member by allowing them
to get fast service at the merchant and streamline the
process. Less hassle, for the member and the merchant can
maintain the customer in house and they don’t leave with the
concern they will purchase somewhere else.
7. Previous homework:
Determine what merchants the credit unions already may
have relationships with or merchants the credit unions would
like to foster and build relationships with. Gather information
on if this merchant uses their credit union frequently for
these types of loans, etc. Do they use another source to offer
on-site financing to the customers?
Interview merchants to see if they are in need or would be
interest in this type of service. Do they currently use a source
for financing, who and how does it work?
8. Process:
Merchant will submit the information through the CUDL
system, get approvals or counter offers through CUDL.
Once approved, merchant will have the customer sign the
contract and gather any other type of information the credit
union requires.
Merchant sends the signed paperwork to the credit union for
funding. The credit unions funds the loan within 24 hours
(providing all paperwork has met the credit unions standards)
straight to the merchants account via EFT/ACH.
9. Why Recreate The Wheel
Re-engineering, re-packaging, and re-position existing and
emerging products will increase revenues, market share, and
services to your constituents.
10. I’m Shelley Facos…… I teach Credit Unions, Merchants,
Service Providers and Credit Union Members how to fully
engage in the Credit Union Business Market Place by creating
useful, convenient, easy to use, affordable and community
based resources for people to have the lifestyle they deserve.
If you have questions about how you can re-create
your organization’s financial products please call:
802 839 8791 – Sichauvin@aol.com
