Three Reasons Why Negotiations With Vendors Is Not A Level Playing Field (Podcast)

When financial institutions partner with outside parties to provide mission-critical services, they are making long-term commitments. Because many of these services directly touch members, it makes choosing the right vendor for your credit union a high stakes decision. This podcast if the first of a two-part series on best practices in vendor contract negotiations and focuses on why vendors have three key advantages in negotiations that too many organizations underestimate. 

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EXPERT PRESENTER

bob koehlerBob Koehler, Executive Vice President, Strategic Resource Management

Bob has more than 16 years of experience guiding hundreds of financial institutions through vendor selection and contract negotiations. His proven approach for increasing revenue and efficiency while cutting costs has benefitted institutions in many areas, particularly payments processing.

As Executive Vice President with Strategic Resource Management, he goes beyond bottom line benefits to help clients understand the full array of payment options, including debit, credit and PIN/POS processing. He’s an expert at helping financial institutions define and execute payments strategies. From cost, revenue and service structures to rebates and card benefits, Bob’s vast knowledge of the payments space helps institutions choose partnerships that maximize revenue and service based on their size, complexity and overall goals. Bob is a pioneer in card branding negotiations, one of the first consultants to help define the field. 
An active participant in the payments industry, Bob regularly tracks new developments to analyze how they interrelate with the current market—and how those market advancements affect his clients. From finding ways to benefit from new advancements to minimizing the impact of detrimental developments, he cuts through Fintech jargon to understand the latest apps and ideas. Then he translates it all into actionable ways to enhance—and protect—the bottom line. 

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Strategic Resource Management (SRM) is the NAFCU Services Preferred Partner for vendor cost benchmarking and contract negotiation services. More educational resources and contact information are available at www.nafcu.org/SRM/