Amazon wasn’t the only company to see a boost in sales during this year’s Prime Day. A new report from payments credit union service organization PSCU revealed that its owner credit unions saw banner results from the promotional programs offered through PSCU’s Advisors Plus during the two-day shopping event.
Founded in 2004, PSCU’s Advisors Plus offers consulting services for credit unions to help growth and achieve financial and business goals.
The company offered a variety of promotions during this year’s Amazon Prime Day, including cash-back incentives at around 2 percent for cardholders making purchases using their credit union-issued debit and/or credit cards. As a result, PSCU owners saw a more than 23 percent boost in transactions for credit cards and 37 percent for debit cards during Amazon Prime Day year over year, while sales volume for both credit and debit cards increased by around 46 percent.
“Amazon Prime Day is an exceptionally visible event with broad marketability — and it gets bigger every year. With the overall increase in transactions taking place online, it is imperative that credit unions be part of the online shopping experience, and we wanted to help our Owner credit unions better compete and benefit from events like Amazon Prime Day,” Glynn Frechette, senior vice president of PSCU’s Advisors Plus, said in an emailed press release. “We are very pleased to see that the ‘Top of Wallet’ programs we put in place with our Owners helped lead to a marked increase in transactions and sales volume for this year’s Amazon Prime Day. With back-to-school and holiday shopping seasons around the corner, PSCU and Advisors Plus will continue to work with our credit unions to optimize transactions, increase sales volume and remain in the top-of-wallet spot.”
PSCU’s Data and Analytics team looked at information from credit unions for debit and/or credit processing during both the 2019 and 2018 shopping events in order to compare the data year over year.
“At PSCU, we find it is not only important to arm our Owners with the tools they need to market offerings to their members, but also to provide quick reporting and analysis for Owners to see firsthand how these programs impacted their operations and bottom lines,” said Jeff Carelli, senior vice president of Data and Analytics at PSCU. “This data is key for credit unions to leverage when determining the types of programs and initiatives they want to offer their members in the future.”