Recently we contributed an article on The Fundraising Authority to provide some helpful information for nonprofits interested in credit card processing solutions. If you are a nonprofit considering processing payments or donations via credit or debit cards, you are going to want to find the right merchant services provider for you.
Below we outline a few factors for you to consider when selecting a merchant services partner:
1.Easy Set up? First, you’ll want to be sure the credit card processing services provided are able to integrate seamlessly with your fundraising website in order to make the process user-friendly for your supporters.
2. Credit card processing fees. Every merchant service provider charges fees for processing transactions. Compare transaction rates (the percentage taken from each transaction made) along with other monthly fees, service fees, charges for support, premiums for mobile processing and more.
3. Equipment: Identify how you will process payments (online, on-site, on-the-go)? If you require processing equipment, you’ll want to find what equipment the vendor provides, the costs associated, and if training and set up is included, (some companies charge hundreds of dollars for credit card terminals, where others include free equipment with their services).
4. Customer Service: Is the company helpful during your search inquiries? Do they provide you with links, research and customer testimonials? Do they have a credited reputation? Do they offer any incentives for becoming one of their valued customers?
5. Contractual Obligations. Some companies require annual contracts, and some have early termination fees so be sure to check the fine-print of your contract. Luckily there are some merchant services companies that will pay your termination fees to release you from your current contract if you desire a change.
After considering all of these details, hopefully you’ll be able to find the right merchant services provider for you!