How can a contract review benefit my financial institution?
A regular audit of your vendor contracts, especially if you’ve never had a third-party review, can give you valuable insight into not only significant savings opportunities, but improved contract terms and service upgrades. Also, depending on the type of contract or agreement there may even be increased revenue potential. Overall, for many of our clients getting our expertise provides th
em great peace of mind when making such important purchase decisions.
How we get results
Get more out of your vendor contracts
Our team negotiates with vendors every day, which offers a unique perspective and knowledge
Success Rate in Achieving Contract Savings
Ideal time to start negotiations
For an Initial Appraisal
“My goal was to achieve greater savings than we could on our own and have JMFA bring more creativity to the negotiation process than we knew how to.”
The credit union wanted to make sure they were getting the best deal compared to their peers—and JMFA’s extensive knowledge of what vendors charge other credit unions for services gave them the best possible leverage to do so. All in all, JMFA helped the credit union save $3.2 million over the course of the three contracts.
Types of contracts we negotiate
Negotiating your service contracts can be time-consuming and intimidating if you don’t have hands-on expertise for finding new savings opportunities. We take the task off your plate. Our team negotiates with vendors every day, which offers a unique perspective and knowledge.
Here are some of the contracts and agreements our team will negotiate on your behalf:
Debit & Credit Card Processing >>
Finding the right partner in payments is critical—it needs to be with a vendor that will collaborate with your team to provide the best and most robust solutions and services for your staff and account holders. It can be easy to trust that partner is giving you fair pricing, but how do you really know? After all, card processing can end up costing your organization hundreds or even thousands of dollars in extra fees per month. We review every single line item to negotiate competitive rates for signature and PIN card transactions, ATM fees, card account file management, fraud scoring, and more.
Card Branding Agreements >>
There is fierce competition between the major industry networks, Visa, MasterCard, and Discover—they each believe they are the right match for your financial institution. But what more can they offer you than just their network? Our team has experience with all of them to provide the insight you need to know the payment and growth solutions available for you today and in the future. We understand it’s important that the card brand on your cards is the best solution for your account holders.
Internet/Mobile Banking >>
Our program review includes all of your digital solutions options—online banking, bill payment, and mobile banking elements—all of which to ensure you have the most robust solutions packaged with the most competitive pricing.
Credit Reporting for Consumer Loans >>
This is often an area many overlook. It’s more than just what you are paying per credit pull. We can help ensure your credit reporting vendor helping accelerate your business. Our team will uncover the best pricing and solutions to match your needs.
Core Data Processing >>
Our team will take a deep dive into the pricing and systems set up. Plus, we can help you continue to build a prosperous relationship with your current vendor or search among the many vendor options out in the marketplace. By understanding your needs and goals, we will ensure that you are taking full advantage of your core’s technology. We are by your side to help uncover areas that need improvement, such as teller platform, account opening, loan origination, cross-sell features, marketing, exception handling, and internet banking connectivity. JMFA will optimize your core contract.
ATM/ITM Maintenance >>
Identifying all of your ATM/ITM expenses can be challenging. And selecting the right equipment for your environment takes time and preparation. We can help you select the vendor(s) that closely meet your objectives for functionality, activity, and pricing. If you already have the right vendor, then cost is the next concern. We thoroughly review the costs for hardware and software, maintenance and service (including armored car, on-site technical support, and upkeep), plus terminal driving, cash management and ATM monitoring, and more.
EFT Network Processing >>The setup of your networks can affect your interchange income and overall bottom line. We will help you with your network arrangement and analyze your members spending categories to determine the ideal setup based on your location and vendors. We have experience with many providers, including Pulse, Star, NYCE, Cirrus, Plus, Visa, Mastercard, Discover, American Express, Accel/Exchange, AFFN, Quest, Star, and others.
Item and Image Processing >>Technology continues to evolve and improve for item processing, check imaging, and electronic clearing space. It’s more than negotiating competitive rates—we are here to help you attract new customers and ensure you stay competitive.