Peoples Bank Implements CorServ’s Modern Credit Card Program

In a strategic move towards modernizing their credit card services, Peoples Bank has partnered with CorServ, a leading company specializing in empowering banks and fintechs with innovative payment programs. This collaboration marks a significant step in enhancing the bank's credit card offerings across various customer segments, including commercial, small business, nonprofit, local municipalities, and consumers.

 

The need for credit card modernization

Peoples Bank, a reputable financial institution with assets totaling $8.8 billion, operates as a full-service relationship bank, headquartered in Marietta, Ohio. With an extensive presence across six states—Ohio, Kentucky, West Virginia, Virginia, Maryland, and the District of Columbia—Peoples Bank has positioned itself as a trusted partner for individuals, businesses, and communities.

 

Recognizing the need for change, Peoples Bank began their shift toward innovation, moving away from an agent bank program to CorServ's innovative credit card program. It represents a substantial enhancement compared to the limitations experienced under the previous Agent Bank program. This implementation empowers the bank to take control of credit card profits and losses while leveraging their deep customer relationships to make informed credit decisions. Peoples Bank's staff will also experience significant improvements as a result of this collaboration. They will gain 24/7 access to CorServ’s customer support call center, in addition to support tools designed to serve their customers locally.

 

CorServ’s program minimizes the disruption, cost and resources needed for typical card programs and gives Peoples Bank the payment card features that compete with the largest banks while serving the specific needs of their communities. The ability to provide the services that are in high demand, all while providing a personal experience for all customers, makes Peoples Bank a strong competitor in the credit card issuing market.

 

The power of a successful credit card issuer processor

CorServ is dedicated to providing modern credit card issuing services to financial institutions. The turnkey credit card issuing program equips Peoples Bank with a diverse range of 14 credit card products, tailored to meet the unique needs of their various customer segments. These offerings include commercial and business cards, traditional rewards cards, a low-rate card, a high-rewards world card, and secured cards for those looking to build or rebuild their credit.

 

The financial performance potential is also compelling, with CorServ's bank partners boasting an impressive average Return on Assets (ROA) of 7.7% from their credit card programs in the previous year. This suggests that credit cards will become a high-performing product in the Peoples Bank portfolio.

 

For commercial and business customers, CorServ's program introduces newfound control capabilities through an intuitive business administrative interface. This feature empowers these customers to issue new cards, set spend controls, and facilitate faster vendor payments through virtual cards—a significant advantage for businesses looking to optimize their financial operations.

 

“With CorServ’s credit card program, Peoples Bank can now serve our business customers with features like free expense reporting and detailed transaction reports that include level 2 and level 3 data,” said Steve Pentony, Director of Treasury Management at Peoples Bank. “Our new card products have competitive rewards programs while at the same time providing a long-term product for our consumer and small business customers with relationship-based APRs lower than industry average.”

 

Paving the way for growth

Peoples Bank's partnership with CorServ represents their initiative to modernize their credit card offerings and enhance their customer experience. Through this modern credit card program, banking becomes more accessible, efficient and personalized for every financial need. Embracing modernization sets new standards in the credit card issuing industry. With CorServ's innovative solutions and Peoples Bank's commitment to excellence, the future holds great promise for this collaboration.

 

Visit corservsolutions.com or contact info@corservsolutions.com for more information.

 

About Author:

Anil Goyal is the CEO of CorServ, a company that provides innovative payment card issuing solutions to banks and fintechs. CorServ’s offering combines deep credit, compliance and marketing expertise with modern API-based technology to quickly build and manage a successful card-issuing program.


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