Tips for Finding New Savings


Kelly Flynn |

If your budget isn’t as robust as it needs to be to achieve your planned projects and initiatives — like digital services and upgrades — don’t wait for better days ahead. Go out and find the funds to make it happen now.

It’s actually much more feasible than it sounds.

What if you could stop overpaying your vendors?   

The simple truth is, your financial institution could be paying a lot more than necessary — and missing out on signing bonuses, card brand revenue, limited price increases and other valuable perks and terms.

The reason you’re missing out on this money is that your vendor contracts may not be optimized to your benefit. The last time your contracts were negotiated, it’s possible your financial institution either didn’t know what to ask for, how to ask for it, how much to push for it, or all of the above.

It’s a tough pill that many have had to swallow. But the good news is, you can stop that from ever happening again, and start putting money back into your budget TODAY.

Bring in a ringer  

Do NFL, NBA, or MLB players negotiate their own contracts? Of course not!

It’s not in their wheelhouse. And they’re okay with that. Because they know their agents will use every strategy to get them the highest salary, best perks and most favorable terms. What you need to get the best deal from your vendors is a reputable and experienced “agent” on your side.

Bringing in a professional to negotiate your vendor contracts is the only way to go. Other community banks and credit unions do it all the time — vendors are used to it. In fact, a negotiation expert makes the process efficient on both sides of the table and can strengthen the relationship by accurately communicating what your financial institution needs and what the vendor can offer.

Savings in plain sight

With 40+ line items in a typical core processing or debit/credit card processing contract, savings can be found in so many places — you just have to know where to look.

Having negotiated hundreds of vendor contracts for community banks and credit unions, JMFA knows exactly what to ask for and how to get it while maintaining a professional and positive relationship with vendors. Contracts that we can negotiate include:

  • Core Processing
  • Debit & Credit Card Processing
  • Card Brand Agreements
  • Internet Banking
  • Check Printing Services
  • ATM/ITM Maintenance
  • and more

Financial institutions are finding five-, six-, or even seven-digit savings/additional income in their vendor contracts. Without years of experience and the right market intelligence, it’s challenging to know what a great deal looks like. It’s why having someone on your side makes all the difference.

With those extra funds, you could bolster your budget and make your plans a reality.

Start reclaiming your funds

The best time to start negotiations is 18 to 24 months before a contract is due to renew. This is when you can get the best deal.

If you’ve been thinking about how to get through a looming recession and still remain competitive, vendor contract optimization is a tried-and-true way to increase your bottom line. On top of long-term savings, in some cases you could see more immediate results in the form of retroactive pricing and/or bonuses.

It’s easy and no cost to start the process with JMFA. Just get in touch with your JMFA representative! We’ll review your critical vendor contracts and provide an estimate of how much you could be saving.

Kelly Flynn is the National Sales Director for Contract Negotiations. She leads a team whose charter is to optimize the value of third-party vendor contracts to help further the strategic vision of the financial institutions they represent.


With over 40 years of industry experience, ADVANTAGE, powered by JMFA is one of the most trusted names in financial services consulting for community banks and credit unions. By providing data-driven, consumer-focused recommendations, we devise win-win solutions that meet the ever-evolving needs of today’s financial institutions and consumers. 

Whether it is helping to enhance your overdraft service, optimize your digital solutions or boost your account acquisitions, we deliver custom consultation that mirrors the personalized service and community spirit that community banks and credit unions have always been known for. 


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