Payment processing for nonprofits involves a range of financial processes. This is used when donations are made via online fundraising applications like mobile bidding apps, online donations, and text-to-give tools.
Payment processors facilitate these online donations to make it the process more convenient. These processors are used to collect membership fees, sell event tickets, and online merchandise.
There are many payment processors, so you need to pick one that is reliable and secure. Here are some handy tips to help you make the right pick.
Ability to Handle Multiple Currencies
If your nonprofit organization is internationally based, you will need a payment processor that can process multiple currencies.
This reduces stress and makes it easier to get more donors to your cause. It also shields you from complicated direct mail donations, which may get lost.
Select a Dedicated Payment Processor
Although payment processors offer services to both profit and nonprofit concerns, (and sometimes both), you need to choose one that is mainly dedicated to nonprofits organizations.
This is because they understand the intricacies of your operations and nonprofit payment processing. Otherwise, they will struggle to meet your online payment needs.
Funding is integral to your operations. Hence, you need payment processors that integrate with your funding software, or you will be burdened with manually inputting your data. This takes time and is subject to errors.
Scalability is also another aspect that should be considered in choosing a payment processor. Make sure your processor can keep up with the evolving preferences of consumers and the latest innovations.
More than anything else, look for processors that understand the needs of your business. Ideally, it’s advisable to look around for a payment gateway that supports new methods like 3D Secure, MasterPass, and Apple Pay.
New nonprofit organizations often find it challenging to choose funding software while older ones may decide to explore current options. If you’re in this category, opt for payment processors whose nonprofit payment processing services include a variety of fundraising tools with a broad range of software options.
Choose a payment processor that accepts credit and debit cards. This increases the chance of catering to more donors since they are not limited to any particular payment option.
It would be best if you chose payment processors with convenient payment schedules. This helps with the planning and bookkeeping of your nonprofit program.
Ease of Set-up
You should also pay attention to the set-up and support services offered by the payment processing provider. For instance, you should know how long it takes to get the system up and to run and, to get support and answers when something goes wrong.
It is best to get the processor into operation in no time so as not lose the available donations.
Overall, payment processors for nonprofits should primarily provide tons of support and reduce the delays in the processing of online payments. However, despite the number of options out there, only a handful are experts in meeting the needs of most nonprofit organizations. Acceptiva surely counts among this select few.