At Citizens Bank of Las Cruces, our mission is to provide and deliver the best financial services the first time, every time, but when it came to our business card program, we were in a stagnant state of growth. We had a great foundation in place, but we lacked the modern draws of robust rewards programs, detailed expense reporting, and the ability to issue employee cards with customized spending limits.
So, when the program came up for review, Rhena Leitermann, our chief operations officer, made the recommendation to switch over to an agent issuing program with TCM Bank, N.A., the wholly owned subsidiary of ICBA Payments. This change allowed us to both reduce our overall program risk, and also up our game when it comes to business benefits.
As part of the agent program, TCM Bank does the underwriting and assumes the risk, while also delivering the experience our business customers seek in today’s environment. In return, we participate in a revenue share around card transactions. So, while the initial card revenue may not be quite as high as with our individually administered, or direct issuing, program, we believe that it is well worth the investment so our bank assumes no risk, and we can offer our customers top-notch benefits with their cards. Plus, TCM Bank helps provide marketing support to secure new card relationships, launching us into a more active card program and driving new card revenue.
Program growth
In the short time we’ve been live, we have already added 25 new business clients. Our customers have been drawn to the robust offering, with tools that help monitor expenses, simplify bookkeeping, and maintain greater visibility into company spending. In addition, we now provide enhanced fraud monitoring, transaction alerts, and account management tools, giving business owners the confidence that their accounts are protected, while allowing them to quickly identify and address potential issues. They also benefit from streamlined application processes, enhanced account servicing, valuable rewards options, and dedicated support designed to meet their needs.
Our customers are our top priority as is true for all community banks, and our business card program offers one more way to offer stellar personal service and deepen relationships. We continue to act as our customers’ trusted financial advisors, and a business card program aids in that effort by helping them address their cash flow objectives, purchasing habits, employee spending needs, and growth plans, and be involved in the strategic discussions that drive their card decisioning. Because as their community bank, our goal is not simply to offer a card and walk away, but to support them in operating more efficiently, managing growth opportunities, and contributing to the economic vitality of our communities.
Business credit cards play a crucial role in business funding and support, and we see them as a non-negotiable offering. Fortunately, ICBA Payments offers a first-class program that allows us to meet our business goals and support our customers with a state-of-the-art product, with limited risk to our bank. With our card program, TCM Bank helps us achieve our mission, one business customer at a time.
For more information on TCM Bank’s Total Card Management Program and all ICBA Payments’ credit card issuing options, visit icba.org/cardprograms.
Ruth Christopher is ICBA Payments chairman and chairman for Citizens Bank in Las Cruces, N.M., and its holding company, Amador Bancshares Inc.