While credit unions are offering small business credit cards, a new CUSO, Procura LLC, has created the Purchase ONE Visa, designed specifically for credit unions to make their own purchases. CUs can use Purchase ONE to make business purchases from any merchants or vendors that accept Visa, Procura said.
The new product integrates a CU's procurement rules and limits and offers an online record of every cleared transaction. Transaction and reconciliation data can be viewed online at any time.
CU accounting departments receive both consolidated and detailed statements summarizing and itemizing activity for all individual accounts on the Purchase ONE program. Plus, credit unions pay for all Purchase ONE transactions once a month instead of individually.
Teachers Credit Union in South Bend, Ind., will be among the first to use the Purchase ONE Visa purchasing card solution. TCU CFO Amy Sink suggested the interchange rebate on each transaction is "like buying everything on sale. The more you use the Purchase ONE card, the higher your rebate will be."
Procura LLC is CUSO formed by WesCorp and jointly owned with Credit Union Financial Services Limited Partnership, Member Development Company, PSCU Financial Services.
