Promos, Premiums Drive Up Bill Pay Usage
Lockheed FCU here has signed up 1,000 new online bill payment subscribers in six weeks with a weekly promotion that afforded both current and new subscribers a chance to win up to $1,000.
The credit union uses the PayLynx online bill payment product from PSCU Financial Services, St. Petersburg, Fla. The promotion was designed to boost sign ups and encourage inactive subscribers to initiate a payment. Lockheed FCU entered all Web BillPay subscribers into a drawing every time they paid a bill online. The credit union ran each bill payment through a query program to randomly select the winners and the "free" bill. One to three winners were announced each week, and Lockheed FCU paid one bill for up to $1,000 for each winner.
To build excitement, the credit union heavily marketed this promotion on its website and with lobby posters and statement inserts. Lockheed FCU now has 6,152 subscribers to the online bill payment program, which it offers free to its members. The credit union normally gains 200 new subscribers a month, but the promotion created a 240% spike in new subscribers, according to PSCU Financial Services.
Apple Federal Credit Union, of Fairfax, Va., is currently running a similar promotion that will award the winner payment of two bills for a total of up to $1,500.
For info: www.pscufs.com.
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