Payment Processing Solutions for Associations: Finding the Right Strategy
Associations rely heavily on donations and fund raising activities in order to achieve their desired goals. Since many people choose to use credit cards for most of their financial transactions, it makes sense to structure a plan for credit card processing that will be easy for people to use. If you are charged with the responsibility of coming up with solutions that make it easier for people to contribute financially to the association, here are some ideas to keep in mind.
Online Payment Processing
Your association has a website that includes a lot of information about what type of work is funded and how the contributions people make help make those project possible. Why not add a way for anyone who visits the site to create an account and make donations? A card processor can help you come up with a design that allows for one-time donations or allows the ability to set up recurring donations.
Keep in mind that if you set up a way for supporters to set up accounts, they will also have the ability to check their contributions. That feature will come in handy when it’s time to prepare those tax returns.
Even if visitors to the website choose to make a one-time donation rather than set up an account, you can still have the processing set to generate email receipts for those visitors. They can save those and have them handy when they begin to total their charitable contributions for the calendar year.
From time to time, you do hold gatherings at the association office. It pays to have a terminal on hand so people can contribute something if they like. Make sure the terminal is capable of supporting the older magnetic strip cards as well as the newer EMV chip cards that are becoming more common.
For example, it’s not unusual for an association to hold a meet and greet event at the start of a new fiscal year. This provides the opportunity for supporters to come in, meet new members of the board, and learn more about what types of events are planned for the upcoming year. As long as they are there, they may want to pay membership dues or make a contribution that’s earmarked for a specific project.
Does your association ever set up displays at local chamber of commerce events, or hold silent auctions and other activities away from the office? Mobile processing makes it easy for anyone attending the event to buy golf shirts, pay registration fees, and make contributions.
Consider what this would mean if your association decided to sell hot dogs during a local festival in the park. All the other food vendors are taking cash only. Since some people tend to carry very little cash with them, knowing that you are set up to take credit card payments may be all it takes to drive more traffic to your food booth. The result is that you generate more revenue from the fundraising project, the funds are in your operating account the next business day, and you will likely end up with more money left after you cover the expenses.
Talk with an expert today about how to set up a payment processing strategy that provides ample opportunities for supporters to pay dues, make purchases, and provide one-time contributions. Payment processing can help your association maintain a healthy cash flow while simultaneously freeing up more time for you and your team to dedicate toward helping your community.