Looking for ways to improve retention and increase revenue? Any Association Foundation or nonprofit organization that keeps afloat through voluntary contributions knows that regular pledge payments are much more efficient than individual donations solicited through direct mail or email campaigns—but the process of setting up and drafting ACH transactions can be laborious,
There are a number of advantages to using a system designed specifically for association foundations, rather than solely utilizing the cumbersome, “one size doesn’t really fit all” batch file program that most banks offer for recurring ACH transactions.
First, all the donor or customer’s information is linked to the payments themselves, in one system, which allows for easy access of up to date payment information. There is no need to key transactions into your database for each payment, since the historical payment updates happen automatically.
With ACH standards for merchant output files, there will be no opportunities for staff confusion about the appropriate credit for payments made or keying errors in amounts.
Second, customers can have multiple payment accounts, which allows them to both pay for a PAC contribution or regular dues payment and continue their quarterly pledge, without the two processes becoming accidentally connected, confused or conflated. This also allows customers to choose different payment types for each transaction. Furthermore, individual payments can automatically draft against dues and subscription billings, pledge commitments, or conference registrations.
Also, your organization can draft into multiple merchant accounts, which allows you to properly keep donation payments separate from dues and other business type transactions. Perhaps best of all, customers will receive maximum flexibility. They can make payments toward multiple accounts with one transaction and easily view historical payment details.
Are you ready to transform your ACH transaction processes? Contact us today to learn more.