Why You Need a Payment Processor
Payment processing is crucial in the world of nonprofits. Therefore, whether you run a local organization that caters to a few thousand or a national organization, your team must be in a position to accept donations from various places. That's why you need a reliable nonprofit payment processing system from companies such as Acceptiva.
Remember, donors should be able to reach out to their preferred organizations through their favorite means. Those means could range from a cash or check to debit and credit card. If your nonprofit isn't ready to accept donations through one of those ways, you'll miss out on valuable resources from supporters. Here's what you should know about payment processing.
What a Payment Processor Does
A payment processor is an organization that handles your online transactions. Therefore, payment processing deals with donation transactions between your donor's bank and the organization's bank. You need a nonprofit payment processing for your organization to accept online donations anytime and virtually anywhere worldwide.
Moreover, you can use a processor to sell merchandise such as bottles and t-shirts. A payment processor will prove useful when it comes to the collection of membership fees. Members can conveniently pay their annual or monthly fees online, giving them a huge audience.
This term refers to all the backend steps that take place once donors begin a virtual transaction with a nonprofit. It encompasses the entire transaction process from the time donors submit their information until the donation reaches your nonprofit's account.
Similar to other organizations, nonprofits depend on a steady revenue flow to maintain its operations. You need some type of donation tools online and nonprofit payment processing is necessary for changing that online support into actual revenue.
You must consider the intricacies behind tracking and processing your organization's recurring contributions. Understanding how the transactions are processed and recorded will be vital if you need to alter your donation app or shift to a new platform. Moreover, processing your donors' personal information, and gifts is a necessary part of appropriate stewardship practices today.
Factors to Consider When Accepting Online Payment for your Nonprofit
When donors make payments online, they'll enter their address, credit card number, and other billing information. You must ensure the connection is HTTPS, and the company handling the customer information is secure. If you opt for a less-known company, ensure they're secure with donors' data.
Branding the Payment System
Sustaining your brand during the donation process is vital. If your donate button, for instance, takes users away from the site, their trust levels might decrease. You want to maintain the feel and look of your website throughout the checkout process. Moreover, you want to ensure there's secure hosting.
Ease for Users and Compliance
Whichever solution you select, you want one that's seamless and easy for the accounting team and donor. Bear both parties in mind when setting up your nonprofit's credit card processing.
How to Select the Right Payment Processor
Understanding the factors to consider when selecting a payment processor for handling your online donations is very crucial. Some of the aspects to consider include:
Numerous payment processors have stringent restrictions or terms associated with the services they provide. Therefore, you must read the fine print before proceeding with any type of service agreement.
Numerous processors only provide a restricted degree of customer support as a normal offering. Some even charge for extra support. You must also find out whether customer service takes place mainly by ticket submission or email.
If you're seeking a reliable payment processing solution for your nonprofit, it's time you invested in one to reap the associated benefits.