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Products
Sweepstakes boosts PayLynx subscriptions
ST. PETERSBURG, Fla. (10/14/09)--PSCU Financial Services, a credit union service organization, reported a 16% increase in new PayLynx subscribers. It enrolled among 142 enrolled financial institutions during a promotion that ran June 1 to July 31. There was also a 7% increase in subscribers making more than three online payments per month, the company said. The promotion, which offered grand prizes of $10,000, a $1,500 travel certificate, and two Garmin global positioning system (GPS) units valued at $500 each, increased 73% in participation compared with a similar contest last year. PayLynx is an online bill payment product that has more than 913,000 subscribers at 454 financial institutions, including credit unions. There was no cost for the program and each participant earned $100. Each subscriber who made three online bill payments during the promotional period was entered into the contest. “We achieved a 19% lift in total online bill payments and grew our subscriber base by 21.6% during the 2009 promotion,” said Wayne Schneck, associate vice president of marketing and business development at McCoy FCU, Orlando, Fla. McCoy earned the $10,000 grand prize. Visterra CU, Moreno Valley, Calif., won the $1,500 prize. Bank Fund Staff FCU, Washington, D.C., and Georgia’s Own CU, Atlanta, each earned a GPS. “A sweepstakes that offers a $10,000 grand prize certainly attracts members’ attention and is an excellent way for financial institutions to expand subscriber growth and activation for our PayLynx program,” said Cindy McGinness, PSCU Financial Services director of e-commerce relationship development. “We also helped financial institutions promote the sweepstakes by providing marketing files for use on websites that were created in partnership with Fiserv.” Fiserv, based in Brookfield, Wis., powers the PayLynx platform.


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