As a result, PSCU will begin providing credit processing services and support for the credit union’s 32,000 members beginning this fall.
A press release states that, when TEXAR began looking for a credit card processor, it wanted one that could offer a “wide variety” of services and focus specifically on credit unions. The company met with several prospective candidates and determined PSCU was the one they’d go with.
Dena Ashby, vice president of services for TEXAR, said it was evident that PSCU was “extremely knowledgeable” about the credit card process and said they were impressed with the company’s expertise and leadership.
TEXAR was formed in 1951 as a community-first credit union, serving people in the Texarkana area.
Today, TEXAR boasts seven offices and 100 employees and has $344 million in assets.
Scott Wagner, EVP and chief revenue officer for PSCU, said he hoped for a mutually beneficial relationship between the two companies.
PSCU supports 1,500 credit unions and oversees more than 3.8 billion transactions annually.
Another recent cooperator with PSCU is the Westby Co-op Credit Union (WCCU), which decided on the CUSO after a review process described as comprehensive. WCCU’s credit processing services will begin this fall as well.
PSCU recently reported that debit and credit card sales had spiked higher than expected during the last holiday season. Using stats from owner credit unions, PSCU reported that debit sales volume grew by 8.76 percent, debit transactions grew by 7.4 percent and credit sales and transactions both grew by 6.4 percent.
In addition, PSCU observed that 18 percent of the spending on Black Friday, Thanksgiving and Cyber Monday occurred at retail stores, and that during the overall holiday season, the average online transaction amount spiked by 10 percent on debit and 11 percent on credit.