Latest news with #Vancity
National Post
4 days ago
- Business
- National Post
SONA Announces Strategic Alliance with Vancity
Article content VANCOUVER, British Columbia — SONA, a leading payments company in North America, is excited to announce a strategic alliance with Vancity, one of Canada's largest credit unions. This new strategic collaboration is rooted in shared values, a unified vision, and common goals to drive meaningful, lasting change in the financial services industry. Article content This alliance brings together two purpose-driven organizations committed to innovation, transparency, and community impact. Just as Vancity empowers members to build healthy communities, SONA is redefining what it means to be a responsible leader in the payments space. Together, the relationship is built on a powerful alignment: driving positive transformation while delivering the best in technology, service, and support. Article content 'When I founded SONA in 2016, it was with a vision shaped by years of working alongside Canadian credit unions—organizations rooted in community, transparency, and service,' said SONA founder Ryan O'Leary. 'Our new collaboration with Vancity reflects a powerful alignment of these values. Together, we're committed to delivering a seamless, trustworthy, and community-focused merchant services experience for small and medium-sized businesses.' Article content Vancity members can now access a more personalized, community-focused approach to merchant services through a service partner that shares their values. SONA combines local insight with national capabilities, offering transparent, consistent, and competitive pricing—free from surprises. With a best-in-class technology platform and a consultative, hands-on approach, SONA delivers flexible payment solutions tailored to the unique needs of each business, from retail to professional services. This relationship ensures members receive the right tools, the right support, and a better overall experience. Article content SONA is a North American company focused on delivering transparent, flexible, and community-minded merchant services. With a national reach and a local approach, SONA supports businesses of all sizes through advanced payment solutions and industry-best support. Acquired by Nashville, Tennessee-based Celero Commerce in 2024, SONA leverages the leading-edge technology, strategic partnerships, and business intelligence of one of North America's largest non-bank payments processors. Article content Article content Article content Article content Article content Contacts Article content Media Contact Article content Article content Article content Article content
Business Wire
4 days ago
- Business
- Business Wire
SONA Announces Strategic Alliance with Vancity
VANCOUVER, British Columbia--(BUSINESS WIRE)--SONA, a leading payments company in North America, is excited to announce a strategic alliance with Vancity, one of Canada's largest credit unions. This new strategic collaboration is rooted in shared values, a unified vision, and common goals to drive meaningful, lasting change in the financial services industry. This alliance brings together two purpose-driven organizations committed to innovation, transparency, and community impact. Just as Vancity empowers members to build healthy communities, SONA is redefining what it means to be a responsible leader in the payments space. Together, the relationship is built on a powerful alignment: driving positive transformation while delivering the best in technology, service, and support. "When I founded SONA in 2016, it was with a vision shaped by years of working alongside Canadian credit unions—organizations rooted in community, transparency, and service,' said SONA founder Ryan O'Leary. 'Our new collaboration with Vancity reflects a powerful alignment of these values. Together, we're committed to delivering a seamless, trustworthy, and community-focused merchant services experience for small and medium-sized businesses." Vancity members can now access a more personalized, community-focused approach to merchant services through a service partner that shares their values. SONA combines local insight with national capabilities, offering transparent, consistent, and competitive pricing—free from surprises. With a best-in-class technology platform and a consultative, hands-on approach, SONA delivers flexible payment solutions tailored to the unique needs of each business, from retail to professional services. This relationship ensures members receive the right tools, the right support, and a better overall experience. About SONA Powered by Celero SONA is a North American company focused on delivering transparent, flexible, and community-minded merchant services. With a national reach and a local approach, SONA supports businesses of all sizes through advanced payment solutions and industry-best support. Acquired by Nashville, Tennessee-based Celero Commerce in 2024, SONA leverages the leading-edge technology, strategic partnerships, and business intelligence of one of North America's largest non-bank payments processors.
Global News
07-07-2025
- Business
- Global News
B.C. residents spending less in the U.S. by an ‘astonishing' amount: report
A new report says British Columbians are changing their habits when it comes to spending money in the U.S. or with U.S.-based companies. The report from Vancity used data from enviro™ Visa spending patterns, which showed a 'significant drop' compared to the same period last year. The credit union found that these findings reflect caution among consumers and an early sign of changing priorities. In-person spending in Washington state declined 47 per cent compared to the same period in 2024, according to the report and online spending at U.S.-based retailers fell 14 per cent with clothing purchases showing the sharpest drop — down 26 per cent. Online bookings for U.S. hotels and cruises also fell by 28 per cent. However, Vancity said the total value of Mexican peso wire transfers from Vancity members nearly quadrupled but there was no rise in the number of wires, which could suggest an increase in high-value purchases, such as vacation properties. Story continues below advertisement 1:56 Blaine border behind the scenes 'These numbers show a behavioural shift in how members are spending their money this year,' Wellington Holbrook, Vancity's president and CEO, said in a statement. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Whether it's cross-border shopping or U.S. travel, we're seeing a notable change as people are being more deliberate with their spending, and in many cases, looking closer to home.' In an interview with Global News, Holbrook said these numbers are 'astonishing.' 'When we hear that Canadians aren't spending in the U.S. they're really meaning it.' The most recent numbers from Statistics Canada show that cross-border travel by British Columbians was down 52 per cent in May, compared to May 2014. Holbrook said the data also showed people are spending the same amount of money but it is being spent at local businesses or local merchants. Story continues below advertisement 'When the trading relationship normalizes, maybe some of the emotion falls out of it, but I would expect to see a rebound, but from this level of significance, it's hard to see it come all the way back anytime soon,' he added. 'Thirty-three per cent, that's one out of every three dollars that was being spent in the U.S. has disappeared. I don't imagine it coming back in a matter of months.' Holbrook added that based on the data it did appear that the peak drop happened in April. Transaction data was collected on all personal Vancity Visa purchases from January 1, 2023 to June 1, 2025. Vancity has 600,000 members, although not all of them have a Visa card. Participating merchants disclose the country in which the transaction occurs, and any merchant with a location in the U.S. was defined as 'U.S.-based'. Merchant category codes were further grouped into categories to observe trends.
Globe and Mail
05-06-2025
- Business
- Globe and Mail
The best time to make a lump-sum mortgage payment, according to the experts
Being mortgage free can seem like a distant goal when the outstanding balance is in the hundreds of thousands of dollars and most of your regular payments are going toward paying interest. But if you can afford it, financial experts say making additional lump-sum payments can help speed your path to being debt free. 'Making lump sum payments on your mortgage is a pretty powerful strategy to save on your interest and become mortgage free a lot sooner,' says Patty Hopper, a mobile mortgage specialist at Vancity in North Vancouver, B.C. By making a lump-sum payment on your mortgage in addition to your regular payments, you reduce the outstanding balance. This saves you cash in the long run because you'll no longer be paying interest on that amount. Hopper said a lot people don't have the extra cash flow to make an extra payment, but if you're lucky enough to receive a bonus at work or a tax refund, that can be used to make a lump-sum payment once a year. 'Any little bit is going to save you interest,' Hopper said. When mortgage rates were less than two per cent, the case for using extra cash to make additional payments instead of investing that money in hopes of making more than you were paying in interest was hard to make. But with higher interest rates combined with volatile stock markets, the case for trying to do better by investing the money versus the sure thing of paying down additional debt and saving on interest is harder to make. Mengdie Hong, a senior financial planner at RBC in Ottawa, said you want to compare your mortgage rate and expected return on the investments. 'In simple words, if your mortgage rate is higher than what you expect from your investment ... it may be best to allocate this excess cash to the mortgage, but if your expected return is noticeably higher than the mortgage, you may want to invest,' Hong said. Making lump-sum payments on your mortgage can also help keep any rise in your payments in check if you face a higher interest rate upon renewal, because your outstanding balance will be lower. And if you find yourself selling your home before you've fully repaid your loan, you'll end up with more cash in hand because of the lower amount you owed. 'You've got more cash on hand to make your next purchase or to move forward in the next leg of your journey,' Hopper said. The size of any lump-sum payment aren't without restrictions, which will vary between lenders. How much you can repay early and how often will be laid out in the documents you signed when you took out the loan. Both Hong and Hopper say extra payments on your mortgage shouldn't be made in isolation and must be considered as part of your overall financial plan. The status of your emergency fund, RRSP, RESP and TFSA contributions, and other debts all need to be considered. Hong said if you have other, higher-interest debt, such as outstanding credit card balances, that may be where you want to be making extra payments. 'So before you apply this lump sum, you may want to review all the debts that you have,' she said. Hong says paying down your mortgage and becoming debt-free sooner feels great, but you don't necessarily want to do it at the expense of flexibility. 'We always want to have flexibility and options in our financial plan,' she said.
Winnipeg Free Press
05-06-2025
- Business
- Winnipeg Free Press
Got extra cash? Here's when experts say it's best to make a lump-sum mortgage payment
Being mortgage free can seem like a distant goal when the outstanding balance is in the hundreds of thousands of dollars and most of your regular payments are going toward paying interest. But if you can afford it, financial experts say making additional lump-sum payments can help speed your path to being debt free. 'Making lump sum payments on your mortgage is a pretty powerful strategy to save on your interest and become mortgage free a lot sooner,' says Patty Hopper, a mobile mortgage specialist at Vancity in North Vancouver, B.C. By making a lump-sum payment on your mortgage in addition to your regular payments, you reduce the outstanding balance. This saves you cash in the long run because you'll no longer be paying interest on that amount. Hopper said a lot people don't have the extra cash flow to make an extra payment, but if you're lucky enough to receive a bonus at work or a tax refund, that can be used to make a lump-sum payment once a year. 'Any little bit is going to save you interest,' Hopper said. When mortgage rates were less than two per cent, the case for using extra cash to make additional payments instead of investing that money in hopes of making more than you were paying in interest was hard to make. But with higher interest rates combined with volatile stock markets, the case for trying to do better by investing the money versus the sure thing of paying down additional debt and saving on interest is harder to make. Mengdie Hong, a senior financial planner at RBC in Ottawa, said you want to compare your mortgage rate and expected return on the investments. 'In simple words, if your mortgage rate is higher than what you expect from your investment … it may be best to allocate this excess cash to the mortgage, but if your expected return is noticeably higher than the mortgage, you may want to invest,' Hong said. Making lump-sum payments on your mortgage can also help keep any rise in your payments in check if you face a higher interest rate upon renewal, because your outstanding balance will be lower. And if you find yourself selling your home before you've fully repaid your loan, you'll end up with more cash in hand because of the lower amount you owed. 'You've got more cash on hand to make your next purchase or to move forward in the next leg of your journey,' Hopper said. The size of any lump-sum payment aren't without restrictions, which will vary between lenders. How much you can repay early and how often will be laid out in the documents you signed when you took out the loan. Both Hong and Hopper say extra payments on your mortgage shouldn't be made in isolation and must be considered as part of your overall financial plan. The status of your emergency fund, RRSP, RESP and TFSA contributions, and other debts all need to be considered. Monday Mornings The latest local business news and a lookahead to the coming week. Hong said if you have other, higher-interest debt, such as outstanding credit card balances, that may be where you want to be making extra payments. 'So before you apply this lump sum, you may want to review all the debts that you have,' she said. Hong says paying down your mortgage and becoming debt-free sooner feels great, but you don't necessarily want to do it at the expense of flexibility. 'We always want to have flexibility and options in our financial plan,' she said. This report by The Canadian Press was first published June 5, 2025.
