Non Profit Merchant Account
Successfully managing a nonprofit organization is no easy feat, even if there is plenty of awareness about your cause. Hosting fundraisers, spreading awareness, and collecting donations are just the basics of a nonprofit organization. Knowing how to effectively communicate with and market to prospective donors and supporters is also essential with any nonprofit, but even with that covered, you may still be missing a huge part of your success: merchant services for nonprofits.
Being able to process credit cards for nonprofit organizations is a must to maximize your ability to succeed in this endeavor. Understanding the importance of non profit payment processing solutions can help save time while ensuring your organization is ready to accept online donations.
Obtain a Non Profit Merchant Account
A merchant account for non profits gives your business the ability to accept card transactions online or through an in-store terminal. The account grants permission to the nonprofit organization to accept and process payments from vendors, suppliers, and donors. Using a non profit credit card processing service is highly advisable as standard payment processors are apprehensive about working with nonprofits. To tier one payment processors such as Paypal, Stripe, and Square, nonprofit organizations are considered high-risk, resulting in denial and closure of accounts in this industry.
Benefits of Online Payment Processing for Nonprofits
Choosing a payment processor that specializes in catering to nonprofits is the only way to streamline the process of accepting donations. Using a non profit merchant account, avoid getting stuck with high processing rates and unsustainable fees in your organization. Using a traditional payment processor can result in these higher fees because of their belief that businesses of this type are risky in nature.
Even with a 501C, a standard payment processor cannot protect the business or themselves from risk. They are unable to properly underwrite this industry type and have subpar relationships with processing banks that can support it.
Donor Benefits Using Merchant Services for Nonprofits
Donors also have the ability to reap the benefits of a non profit merchant account. With an account of this type, offer the supporters and donors of your nonprofit the following:
- Save Time: Allow your supporters and donors the ability to save time by accepting payments and donations online on their own time. An online donation system is another way to incentivize supporters to donate to the cause because they feel more control over the process. With the ability to access your website or payment portal from just about anywhere and any time, you may even increase the number of donations you receive.
- All-in-One-Solution: Use a non profit credit card processing to provide an integrated payment gateway for donors. You will no longer need to manually process each individual donation you receive with an online merchant account in place. Use your merchant account to process and organize donations in one central location.
- Increased Security: Using a merchant account designed for high-risk industries such as nonprofit organizations, is essential to maximize security online. Accepting and processing payments online is extremely risky in any industry, but especially in nonprofit and charity organizations. With a high-risk merchant account in place, add an additional layer of security for your donors. Make them feel comfortable with sharing personal and sensitive information with you. High-risk merchant accounts designed for nonprofits are also capable of handling data and sensitive information as they utilize encrypted software. With an encrypted solution, ensure that all of the information you collect and use to process payments or donations remains safe and secure.
Obtaining Non Profit Credit Card Processing
Obtaining a nonprofit merchant account of your own is possible by finding a reliable solution that specializes in nonprofit organizations. While the application process is not always simple in a high-risk industry, it is possible to receive approval for your merchant account by providing the following:
- Personal Details: Your name, social security number, business address, and phone number will be requested while completing your application.
- Business Status: Provide information that proves the current nonprofit status of your organization such as a 501C.
- Banking Details: Banking information for you personally as well as your nonprofit organization may be requested in order to check credit history.
- Banking History: Business bank statements will be requested first, but in the case that there is no history, personal statements will be required.
- Online Presence: Any current website or marketing materials will need to be looked over by the acquiring bank to ensure compliance with current standards.
Obtaining a high-risk merchant account designed for nonprofits is one of the best ways to protect your organization. Using a high-risk provider will give you the best shot to processing payments in your nonprofit quickly and with maximum flexibility. With a trustworthy and reliable non profit credit card processing service, continue running your nonprofit organization without disruption.
PaymentCloud Can Help Process Credit Cards for Nonprofits
With an account manager in your back pocket, businesses who use us to secure a merchant account have great support before, during, and after they get set up with non profit payment processing. Each of our account managers is adept with the industry and is there to understand your wants and needs. PaymentCloud has the banking relationships to get you setup, the security to keep you safe, and the underwriting to keep you processing as you grow.