Challenges of Old Payment Methods
If your nonprofit isn’t set up to collect payments on-the-go, you could be missing out. Not only do mobile payment processors allow you to collect secure, PCI-Compliant payments, they overcome several challenges. Let’s compare the alternatives:
- Cash – It may be king in certain industries, but cash can leave you susceptible to embezzlement. Avoiding the use of cash helps you prevent fraud, abuse and false accusations, especially if there is not a deliberate paper trail created to track usage.
- Cash Registers – This is an obvious one, but cash registers, even the small payment terminals or the old school copiers, are not very mobile. The last thing you want to do is plug in a bulky device, try to connect it to the internet and deal with paper receipts.
- Insecure Methods – Please, please don’t ever take someone’s credit card information by writing it down or copying it. This does not meet PCI compliance standards and can leave you open to fraud and false accusations.
Benefits of Mobile Payment Processing for Nonprofits
Now that we’ve got those points out of the way, let’s talk about all the benefits of being able to process credit cards on-the-go. Whether it’s for a sports team, parent group, faith-based organization, or other nonprofit group, there are plenty of times throughout the year that funds may need to be collected. Using a mobile credit card processing tool or device to process membership dues, donations and other fees has many benefits to your organization:
- Limit the Excuses – No longer can “I don’t have any cash” be an excuse. Most people have their wallets on them at all times, so processing a credit or debit card transaction on the spot is easy.
- Put Security in the Hands of Professionals – Achieving PCI Compliance is no easy feat, so leave that to the credit card processing apps, businesses and tools. You don’t want to open yourself up to potential fraud or accusations. These tools protect you by putting you a step away from knowing the end user’s credit card information, among other security methodologies.
- Set up Custom Products – From varying membership levels (think Gold, Silver and Bronze) to selling spirit wear, you have a different fee for different items. Using a digital payment processor like MoneyMinder MyStore allows you to easily set these up for accurate payment and tracking.
- Integrate Easily with Your Bank – When you use a mobile credit card processor in combination with bookkeeping software (a custom package found in MoneyMinder’s MyStore), payments are withdrawn directly to your bank account. This makes budgeting, bookkeeping and banking a breeze.
What to Use for Nonprofit Mobile Credit Card Processing
MyStore from MoneyMinder is a unique opportunity to set up mobile card processing without buying a swiper device or requiring the end user to download an app. All you have to do is create a payment page and start collecting payments in dozens of different ways. To set up MyStore, you must first be a MoneyMinder PRO user. MyStore can be easily activated with no monthly fees. You only pay a small fee when a transaction is made. Learn more about pricing for MyStore.