My original plan for this blog was to craft an article offering guidance to EPCOR member institutions and their business account holders on the creation of a payment strategy. However, as the profound economic and societal impact of the COVID-19 virus grows with each passing day, writing about payments strategy became far less important compared to the primary task now at hand for us all—ensuring the health and well-being of ourselves, our families and our fellow Americans. Around the world, hundreds of thousands are battling the virus and medical professionals are on the frontlines, fighting to prevent a wider spread. Countless small businesses are shuttered as Americans forego economic activity and social contact in a collective effort to stem an overwhelming surge of new infections.
The final physical and economic toll remains uncertain, but we know our country is facing one of its greatest challenges since the Great Depression and World War II. The financial services and payments industries must navigate uncharted waters and work together to maintain their critical roles in meeting the needs of local communities. Banks and credit unions that were once reluctant to offer remote-working arrangements must now adapt quickly to provide uninterrupted services to account holders and to continue serving as trusted advisors to clients and members. Even under the worst conditions, payments cannot stop.
In time, as the nation endeavors to restore commercial and social activities, there will be opportunities to reassess your payment products and systems and create plans to improve them. More likely than not, the pandemic will lead to more companies embracing online payment technologies, contactless card readers and mobile apps with integrated digital wallets. Other methods that require more person-to-person interactions, such as cash, will probably witness declines, at least for now. Once the storm passes and you are ready to start evaluating your payments strategy, EPCOR is prepared to help with every step along the way.
Through this difficult period, the EPCOR staff remains focused on delivering payments education, audits and advisory services that support your financial institution and account holders. Soon after the first emergency declaration and the initial efforts to move more employees to remote platforms, EPCOR quickly developed a free webinar to review important work-from-home considerations, such as information security. And, as we continue to navigate this unprecedented time, EPCOR is committed to providing you with the payments education you want and deserve. To view our full list of webinar offerings, click here.
And as always, if you have any questions, Member Support is here to help. Reach out by dialing 800.500.0100, emailing memserve@epcor.org or chatting with us on our website. Additionally, please remember that your peers are an excellent resource. We encourage you to start a discussion post to chat with fellow members today.
Lastly, do what’s most important right now – stay safe. We’ll get through this together.