As a non-profit organization, you offer much-needed services to the public and understand that not everyone has only cash on-hand to pay. In fact, accepting credit cards for purposes of donation collection is extremely popular these days and many non-profits are using this method.
In actuality, opening a merchant account for a traditional business and a not-for-profit organization is not very different. In fact, the process is generally the same. After shopping around for the best customer service, rates, and credit card equipment, you’d typically need to provide the merchant service company your driver license, 501(c)3 and a voided check (for directing your funds) along with the complete merchant agreement(s).
One important thing you need to consider before setting up a merchant account for your non-profit business is how you will accept payment. Will it be in person, over the phone or online?
If you plan to accept credit cards:
1) In person: using this method, you can either purchase a credit card machine to have people swipe their cards or you can also just use a virtual terminal to key-enter the card information.
2) Over the phone: with this method, the virtual terminal is your option. Simply log-in to your payment gateway and input card holder and card information to process payments.
3) Online/your website: inquire with the merchant service provider to see if their gateway works with your shopping cart.
And keep in mind, both of these methods can be used to collect donations as well.
If you have questions about setting up a credit card processing merchant account for your non-profit organization, give Group ISO a call. Our experts can help you find the best solution for your organization.