Today we are going to give you tips on how to be a hero for your non-profit and save your precious operating funds! We will be showing you different companies that offer discount credit card processing fees, specifically for charities and non-profits. So, let's bring to light the top list of processors that offer some special features that non-profits may find valuable. But before we do, subscribe to our channel if you're new to us, and if you're already part of our growing community, welcome ba
ck! If you run a non-profit or charitable organization, you know just how critical it is to keep you overhead and operating costs as low as possible, because funds and resources are limited and, you want to make as much money for your cause as you can! There are many ways you can save money. But one that many not-for-profit organizations often overlook is optimizing their payment system to reduce the credit card processing costs. With many organizations accelerating the shift towards an increasi
ngly cash-free business model, donations are funneled more and more through online payment portals. Not only can donors pay with a debit or credit card, online commerce also offers the opportunity for them to buy additional branded items, such as t-shirts, mugs, and even baby onesies to show their support, and give your nonprofit a little extra advertising as well. In addition to collecting donations non-profits often desire the ability to collect information about donors and sponsors for future
fun drives and subscription email lists. Some non-profits also like having the option for donors to set up automatic recurring payments. However, if you use a standard payment processing provider, you could be paying more in fees than you need to. Many processors offer lower or discounted rates for non-profits. But when you're looking for a provider, you may also want to consider if they offer extra features such as recurring billing, a free payment gateway, customizable checkout options, and a
ccounting integrations. The payment processing needs of a non-profit can be very complex. But fear not! We've put together a top list of processors that offer some special features that non-profits may find valuable. In no particular order, we have Dharma, National Processing, Payline Data, Paypal, Square, Stripe Payments, Payment Cloud, and Host Merchant Services. Let's see what each one has to offer! Dharma is a merchant services provider whose company values and culture align well with nonpro
fits. Dharma's website clearly discloses their price structure, so you know exactly what you will pay. They also have no early termination fee. So even if you eventually decide that they aren't right for you, you can leave without suffering a penalty. Dharma also gives additional discounts to non-profits. So make sure when you set up your account, they have all of the proper info so you can maximize all the benefits they offer to organizations like yours. National Processing is a merchant accoun
t provider that also favors transparency in pricing, contracts and fees. If you work with national processing, not only will you receive their non-profit discount, they also make additional donations to charities. So even your processing fees end up doing good! In addition, National Processing is developing a proprietary software suite, especially for non-profits to help them track donations, as well as manage their funds with added analytics. They do require a long-term contract though. So be s
ure you're ready to make a commitment. Payline data is another credit card processing service, and while they don't have non-profit specific information on their website, we gave them a call and asked! Basically, non-profits get Payline's retail pricing. Typically in-person retail transactions get the lowest rates. Most non-profits tend to receive most of their donations via the web instead of in-person. But Payline Data offers non-profits the lower in-person transaction rate. They will also hel
p you set up the payment portion of your website to make it a better donor experience, including a "donate now" button for ease of use. One thing to note however, Payline Data is not available for international transactions. Everybody knows PayPal and millions of users have PayPal accounts for easy payments and collections from sites such as eBay, Mercury, and thousands of others. What many people don't know is PayPal has a lot of resources designed especially for non-profits, including special
transaction rates for 501C(3) charities. Even if your organization doesn't qualify as such, PayPal may still have reduced rates for your nonprofits. They also offer a dedicated "donate" button and your donors can also set up recurring payments from the same page. And when you sign up for a non-profit account, PayPal will automatically add your organization to the PayPal giving fund which gives an added option, for users paying for non-charitable purchases, to add a donation amount to their final
checkout total. Square has a dedicated page for non-profits but as of today they do not give special rates for non-profits or charities. With that being said, if your organization takes in more than 250,000$ per year, you may be able to negotiate a custom discount rate. Otherwise, Square charge their standard transaction fees. But while they don't offer special rates for non-profits, a lot of what they do offer, such as processing, customer management software, and payment analytics, are includ
ed at no extra charge after signing up. Pricing is a predictable flat rate, so you have no surprises and they do not charge monthly fees. Not as well known as PayPal or Square, Stripe Payments offers custom charity pricing for non-profit organizations. To qualify, Stripe requires that your non-profit must be a 501c(3) organization. And you have to raise at least 80 percent of your funding via donations. So if you raise more than 20% through things like membership fees or tuition payments, you wi
ll not qualify for the discounted rate. Stripe does offer excellent developer tools and you can create a custom website experience for your supporters, accept payments in any international currency, and you can generate custom reports for all of your transaction and website traffic data. Payment Cloud is a credit card processor that specializes in servicing high-risk businesses, and non-profits do tend to be classified as such. Payment Cloud doesn't provide a specific non-profit discount. But th
ey pitch themselves as a non-profit payment processing solution offering services and an integrated gateway to non-profit organizations. They feature virtual terminals, optional shopping cart integrations, ACH e-Check processing and they have excellent customer support! Also, since they specialize in high-risk management they offer special non-profit credit card processing services that standard processors don't have. And finally, Host Merchant Services is one of our favorite non-profit account
providers. They are one of the very few merchant accounts to inspire more positive feedback from users, than complaints. In an industry filled with sharks, that's rare!!! Host Merchant Services caters to non-profits offering interchange plus pricing at the visa charity rate through the HMS gifts program. Account features include mobile processing, pos system, shopping cart integration, even web hosting! Their pricing is transparent- no early termination fees, nor set up or application fees, and
they have an excellent public reputation for donors' peace of mind. Whoa, that's a lot of information! But now you have an idea of how many different kinds of non-profit merchant services are available. For more details of each service's features as well as their cost, you will want to click on the in-depth article link below. For more, you can always visit our website at merchantmaverick.com And come back next week for our next maverick minute! See y'all next week! And check out our credit card
processing playlist for other educated videos on payment gateway!
Comments