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eZforex.com, Inc.
New Podcast!
Foreign Exchange Services for Credit Unions, with eZforex.com CEO, Evan Shelan
Overview
eZforex is NAFCU Services' Preferred Partner for Outsourced Foreign Exchange Services.
Credit union members are traveling the globe in record numbers and conducting business globally. Offering a convenient venue for members to purchase foreign currency or send a wire to Europe in minutes is a value-added service to credit union members that generates new revenues.
The average amount of foreign currency purchased overseas is roughly $200 per person each day. Thus, $68 billion is exchanged annually. Credit union members traveling for seven days spend an average of $1,400 to $3,500 combined cash and credit cards while abroad. And yet, currency exchange is most prevalent in banks rather than credit unions. This creates a multi-billion dollar industry virtually untapped in the credit union industry. Announcing the sale of foreign currency to its members, a credit union instantly realizes a share of this large market.
Products/Services
eZforex is a web-based technology that provides a quick, safe, secure, and efficient method to sell foreign currency, foreign drafts, foreign travelers cheques, and foreign wires. Members may choose to purchase from over 100 foreign currencies, or send foreign wires to virtually anyone, anywhere.
How the Sales Process Works: NAFCU members have three (3) methods to sell foreign currency:
1. Point-of-Sale - Tellers are trained by expert personnel on eZforex’s web based point-of-sale technology. Transactions are consummated in less than two minutes. After a transaction, the teller debits member’s DDA or savings, places the web based secure order and the currency is shipped same or next day via insured UPS overnight delivery.
2. Web Transactions - Credit union creates a splash page with a buy button. Member may buy anytime online from credit union web site (see related links below). Once an order is completed, an e-mail message is sent to the credit union’s manager for debiting the member’s account and processing.
3. 24/7 IVR Enhanced Tracking & Ordering (Coming March 2007) – A specific 800 number is provided by eZforex to the credit union to promote through various marketing venues including its web site. The credit union member may call the 800# anytime including 24/7, 365 days a year while an automated attendant talks the member through the order, then connects to a live agent who can answer questions or place additional orders.
Tracking the Order After the Sale – After the member places the order by either one of the preferred ordering methods, the member may trace an outstanding order by calling the special 800# provided on the credit union’s web site.
eZforex provides the following training:
• Recorded web based training – No charge
• Telephone conference call training – No charge
• On site teller, manager, and marketing training – No charge except travel expenses
Benefits
Competitive Advantage: Offering foreign currency covertly prohibits credit union members from visiting competitive venues, such as banks, thus retaining while attracting new members.
Expand Growth: eZforex is a service product that reaches out to credit union members which enhances greater credit union growth.
Compliance: eZforex is fully compliant with the Bank Secrecy Act.
Secure Technology: Sensitive information is encrypted and protected with the best encryption software in the industry - SSL. eZforex’s servers are stored and operating underground for added natural disaster protection.
Currency Price Protection (CPP): Members are truly protected against unscrupulous overseas Money Exchangers as they are able to purchase CPP during the buying process. Members may purchase a designated amount of currency and return any amount at the same exchange rate as originally purchased, thus saving the member 15% to 20%.
Company
eZforex was established in 1991 and has evolved as a service provider for credit unions, airlines, and travel related portals including RailEurope.com, AbercrombieKent.com, and Continental.com. The vision in 1991 was to be the largest retail foreign exchange company in the United States. We are now well on our way with over 1,200 affiliate locations throughout the United States and hundreds coming online in 2005 and 2006. Our affiliates include banks, credit unions and travel agencies.
Related Pages
Example Affiliates:
The State Department Federal Credit Union
Webster First Federal Credit Union
Yolo Federal Credit Union
NAFCU Member Credit Unions register here.
David Frankil Welcomes eZforex (Quick time Movie)
NAFCU Member-only Benefits
Start-up fee waived
News
November 1, 2007 -- EZforex and NAFCU Services Offer Free Podcast on Income Opportunties in Foreign Exchange for Credit Unions |
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“How Credit Unions are Capitalizing on a $68 Billion Foreign Exchange Business"
