January 28, 2000
First Independence National Bank of Detroit has partnered with the Michigan Retailers Association (MRA) to provide credit card processing for the bank's customers.
The agreement is part of MRA's year-old program to offer low-cost credit card processing services to business customers of community banks in Michigan. More than 20 community banks now participate in the program, which is an extension of the bankcard service MRA has been providing member retailers for more than three decades.
First Independence President William L. Fuller said the arrangement has strong potential to bring more business customers to the bank's four branches, all located in Detroit. "Through MRA we are able to offer a top-quality service at a low price that we couldn't offer otherwise," he said. "It should work out very well for us because First Independence provides the customer base and MRA brings the resources - technology, experience and service."
MRA is the oldest non-bank credit card processor in the United States and the only one in Michigan to process transactions for all four major cards: Visa, MasterCard, Discover and American Express.
MRA's community bank partnerships provide mutual benefits for both parties, according to Larry Meyer, chief executive officer of MRA. "The banks can give their business clients a key service at a lower cost than would be possible on their own, and MRA is able to expand participation in the bankcard program more and pass on even greater cost savings to participants because of increased volume," Meyer said.
The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation's largest state trade association of general merchandise retailers. MRA's more than 5,000 retail business members operate more than 12,000 stores across the state.