Agile Payments Blog

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Pay by Text Virtual Terminal for Credit Unions

Feb 4, 2021 8:08:17 AM

Many banks and Credit Unions now offer drive through only service to their customers and members.  This has created a spike in the number of in-bound phone calls for Credit Unions. For many this has resulted in a less than ideal member experience.

On top of this most Credit Unions have seen loan delinquencies rise as well, with the current economic challenges many are experiencing.

One option that can address both of the challenges is to employ a Pay by Text Virtual Terminal.

Pay by  for Credit Unions

The Virtual Terminal offers Credit Unions the ability to communicate with members in a non face to face environment. 2-Way messaging means your office personnel can text members and interact using their computer screen ( Virtual Terminal) like their cell phone. 

Text messaging offers 98% open rates and  98% read rates so it’s easy to see why Text Payment Solutions and communication using a Virtual Terminal are such an attractive customer billing and service option.

A member services representative is able to log into a secure website. This website offers a dashboard with simple navigation and becomes the control center for originating texts and 2-way communications. The Credit Union could promote their dedicated texting line. When a text is received the member rep can leverage templates with FAQ’s that can be customized with the member’s information.

It’s possible to load the system with all member details and quickly pull up member ID, loan number etc.

If the Credit Union wanted to simply leverage the solution for payment collection the representative would initiate the outbound text advising the member of the loan delinquency. This is easily done by creating an Invoice, again templates are available.

The member can securely make payment by clicking on the link provided where they are taken to a branded, secure web page. Payment is made and the member and Credit Union receive notice. If the member wants to address questions, they can text with the Credit Union rep.

An extremely important part of collecting payments is reconciliation. Consider a multi-location Credit Union with centralized billing and collections. Having the ability to reconcile revenue to the correct location is crucial. The Pay by Text Virtual Terminal offers the ability to establish hierarchies. Once the member rep is in Virtual Terminal they can simply choose which location the payment should be recorded to.

Typical costs for leveraging the Pay by text Virtual Terminal are primarily based on payment collection fees. An example would be 2.9% and 30 cents. 

ACH Payments are also supported.

Convenience fees may be assessed as well. The customer would pay the payment processing fee and you can employ the solution at zero cost.

Topics: sms payments

Wayne Akey
Written by Wayne Akey

Wayne Akey works collaboratively with SAAS providers whose clients have recurring billing needs to create innovative payment solutions and new revenue streams. He has partnered with dozens of software providers to create integrated payment solutions that solve recurring billing problems and generate significant recurring revenue. He has experience in: ACH Processing | Payment Partnerships | Payment Gateway Integration | Credit Card Decline Mitigation | Payment Aggregation. Wayne is the author of “Explode SAAS Revenue by 84%: A Guide to Geometric Growth using Integrated Payment Processing”. To learn how your software application can become a billing solution for your users as well as generate additional revenue streams, contact Wayne today at We guarantee you will learn how to improve revenue per client by at least 10% or we will donate $500 to the charity of your choice.

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