Arvest Bank Releases Credit Card Division Growth Figures – Mountaineer Echo

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Submitted by Lamor Williams

FAYETTEVILLE, Ark. (April 7, 2022) – Arvest Bank today announced that its credit card division generated record sales volume in merchant services for 2021.

Arvest Merchant Services provides a variety of solutions that enable business customers in the bank’s four states to accept credit and debit cards. In addition, local Merchant Relations Advisors provide dedicated support to their customers.

In 2021, Arvest Merchant Services recorded records in number of transactions (4.7 million) and sales volume (968.8 million dollars). Those totals are up 29.5% and 19.3%, respectively, from 2020.

“We are proud of last year’s growth, which can be attributed to a variety of factors,” said Lorrie Madden, president of Arvest’s credit card business. “One of the biggest in terms of merchant purchase volume has been the increased shift from purchases made with cash and check to purchases made with a card and, more specifically, contactless or contactless purchases. It seems that the pandemic has increased customers’ willingness to use these features and minimize the need to touch devices and let others handle their cards.

“Arvest has been offering contactless cards and wallet applications supported by our merchant services solutions for some time now and it seems that more and more businesses are taking the necessary steps to align with these customer preferences. . The trend continues this year and is reflected in further growth in merchant buying volume.

Arvest’s Credit Card Division has been providing credit card services for over 30 years, offering competitive card products and exceptional support that strives to exceed its customers’ financial expectations.

About Arvest: With over $26 billion in assets, Arvest Bank is a community financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Founded in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 individual and professional customer households by continuously investing in the digital tools and services that customers expect.

Its extensive network of more than 200 banking institutions offers loans, deposits, cash management, credit cards, mortgages and mortgage services as part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and for attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and member of the FDIC. For more information, visit www.arvest.com

About Arvest Wealth Management: Arvest Wealth Management offers wealth management services, trust services and insurance products. Investments and insurance products: not a deposit, not guaranteed by the Bank or its affiliates, not insured by the FDIC, not insured by a federal government agency, may decline in value. Fiduciary services provided by Arvest Bank.

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