Aug 9, 2016
Nonprofits have many options to choose from when navigating the world of fundraising. There's online banking, point of sale devices and credit card processors. Choosing between these options involves considering ease of use, transaction fees and speed of deposits. If you're unsure which method to use for your nonprofit, read on to learn some ways credit card processors can save you time and money.
Providing payment options
When you limit the ways donors can provide funds to your charity, you're likely reducing the amount of money you bring in and turning away potentially valuable resources. Offering many ways to pay, like ACH or direct debit, credit card online transfers and in-person sales can widen, your reach immensely. By using a credit card payment processor, you'll save the time you could spend running to and from the bank while dealing with checks and cash. You'll save money by preventing losses and thefts, as well as decreasing the time it takes for funds to transfer to your nonprofit accounts.
Working with ACH payments
Automated clearing house payments, also referred to as direct debit, provide many benefits to nonprofits. Those who work with credit card processors can reduce the time it takes for credit transfers by having donors connect their bank accounts with their organizations. This way, repeat donations quickly transfer from donor to nonprofit. Donors can manage their transactions by seeing their funds right in their regular bank account, as well as initiating new transactions and managing recurring payment options.
Anyone anywhere can send an ACH payment, increasing the potential reach of your possible donors. This is also one of the most safe, secure ways to access and move funds online. Donors can rest assured that the right payment processors are following all the laws associated with cyber finance transfers and therefor trust the organization they are donating to. Organizations also benefit from ACH payments because they can talk directly with their banks to monitor transactions. This means you can be the watch dog for your nonprofit, protecting your business as well as your all-important donors.
Adapting as you grow
When running a nonprofit, it's important to keep in mind that you will need to work with vendors and companies that can adapt as you do. If you grow, you may require new goods or services, and the organizations you work with must be able to accommodate your new needs. By sticking with a credit card processor that you already know has capabilities you may use in the future, you're removing the time it would take to have to switch to someone new when that need becomes a reality. You're also saving money because you will not have down time while you adjust to the new processor - you won't need one in the first place!
Credit card processors can also partner with leading nonprofit software providers to support payment processing straight from your donor database or online fundraising system. Having everything in one place can seriously streamline your donations process.