Following is a transcript of this episode of the Two Minute Treasurer’s Tip Podcast, with audio/video below.
Welcome to the Two Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel. How to accept online payments is a common question we address here at MoneyMinder.
Mollie writes: We’d like to start accepting dues payments from our homeowners online, but I am a little overwhelmed by all the online payment options out there. What should I look out for, and what should I avoid?
Great question, Mollie. You’re right, there are a lot of online payment platforms out there, and it’s good to understand the pros and cons. MoneyMinder partners with CheddarUp. They are worth checking out for a lot of the reasons I’m going to talk about.
The first thing to consider is the actual setting up of the account. Make sure that you can link the account to your group rather than the individual setting it up for the first time. This is going to be important to ensure continuity between Treasurers. Not every platform makes it easy. You might check to see if you have the option of absorbing the processing fees or passing it on to the payer.
It might be important to you to have the ability to have folks sign waivers, fill out forms, create QR codes, or add images. Look for the features your group needs.
Consider it from your payer’s perspective. Is it quick and easy to use? Is it intuitive? Make it
easy for people to pay.
Lastly, look at the reporting offered from the platform. See if you can easily import transactions, determine what payments are for, who they are from, and how to apply them in your budget (and how to apply the fees). If you have a high volume of transactions, poor data collection from the platform can make it challenging to keep up with your books.
Good luck shopping for the right payment processor for your group! My name is Cyndi Meuchel, and this is your Two Minute Treasurer’s Tip for today.
MoneyMinder Store Help
You may also find these articles from our Help Center useful as you check out MoneyMinder Store.