Time to re-evaluate payment processing at your nonprofit
Some nonprofit managers are using this time to re-evaluate their organization’s infrastructure. Whether it is video conference services, phone systems, web hosting or email marketing, now is a good time to explore alternatives before everyone returns to the office. It is a unique opportunity that could cut costs, enhance productivity and, in the case of a payment processing solution, increase donations as well..
Payment processing viewed through a peer to peer fundraising lens
I view payment processing through a “peer to peer fundraising lens” and after 20 years I’ve found that the perfect payment processor for peer to peer fundraising is PaymentSpring.
Checklist of characteristics that make a great payment processor
Here is a checklist of characteristics that make a great payment processor for peer to peer fundraising.
- Great service. You can call and speak to a human being. Your software people can easily reach technical support.
- Quick turnaround. Money is deposited frequently into your account. This is especially important if you are running a peer to peer event with vendors that need to be paid in advance.
- Competitive and transparent pricing. No hidden charges.
- A full feature set that includes:
- Recurring donations.
- Flat Pledge donations where the giving and processing happen asynchronously.
- Pledge-Per-Lap capabilities.
- Minimum fundraising fulfillment. This is where the amount of the transaction is not known till the campaign is complete.
- Monthly or recurring donations that automatically credit the person that raised the money each time.
- ACH (online check capabilities)
- A flexible API that is well documented and not unnecessarily complex.
This will give you the most flexibility in structuring your peer to peer fundraising efforts.
- Mobile and day-of payment processing options like card readers.
- Donation Widgets. Embed them into several web sites to boost online giving in other areas.
- Proven experience in the non-profit sector, which is extremely important as payment processing for e-commerce is a much different animal both technically and legally.
- Rigorous security and compliance standards.
The perfect payment processor for peer to peer fundraising
Over the years, I’ve integrated dozens of payment processors into peer to peer fundraising sites. Each has its strengths and weaknesses but PaymentSpring is the closest thing to perfect for peer to peer fundraising that I’ve ever seen.