Before you buy a used car, you take it to a mechanic. When you’re under the weather, you go to a doctor. When you face a dilemma, you consult a trusted friend. We’re all accustomed to getting a second opinion for the simple reason that we don’t know what we don’t know.
So, when it comes to negotiating vendor contracts for your credit union, looking for a second opinion should absolutely be part of the process. A third-party review by experts who know the ins and outs of vendor contracts will give you reliable advice, along with confirmation for a number of significant concerns, such as:
- Am I getting the best deal?
- Am I getting the best terms?
- Am I missing out on signing bonuses?
- Are there other vendors I should be looking at?
- Are other financial institutions negotiating more aggressively and getting better concessions?
- Can I consolidate line items or bundle services to save money?
- Am I leaving any additional incentives on the table?
When you get a second opinion, you arm yourself with more complete information and a different perspective Read this case study on how we helped Garden Island Federal Credit Union get more out of their service contracts.
Are you leaving money on the table? Get that valuable second opinion on your vendor contracts to confirm just how much you could be saving your financial institution.
Look to JMFA for that second opinion. One of the best things about the JMFA Contract Optimizer program is it’s 100% contingency based: if we don’t save you money, you don’t owe us a thing. In other words, it’s risk free. And with a 98% success rate in finding savings — sometimes in the form of six-digit savings over the term of a contract — it’s likely you could be missing out on some serious savings. To learn more, contact me at Kelly.Flynn@JMFA.com.
[x_alert heading=”About John M. Floyd & Associates (JMFA)” type=”info”]For the past 38 years JMFA has been considered one of the most trusted names in the industry helping community banks and credit unions improve their performance and profitability. Whether it’s recovering lost revenue, uncovering savings opportunities, serving your account holders better, finding the perfect personnel fit or delivering a 100% compliant courtesy pay program, JMFA has the right solutions to help you not only meet, but exceed, your goals. We are proud to be a preferred provider among many industry groups, including CUNA Strategic Services. To learn more please visit www.JMFA.com or call (800) 809-2307.[/x_alert]
