Don’t forget to look at the fees…
I talk with several nonprofits and schools on a daily basis, and, I continue to hear the same thing over and over again. I tend to ask the same question as I am curious to know what they are paying in fees. When we start to talk about their current payment provider, I ask the following:
Do you pay any monthly and/or annual fees?
Do you have a monthly gateway fee?
Is there a Service Fee?
What are your current credit card processing fees?
Any transaction fees?
There are a lot of fees that nonprofits and schools don’t even realize they are paying for…I totally get it and understand why you don’t know the exact fees. My wife works at a large nonprofit in Austin, TX, and, there isn’t enough time in the day to get everything done. This is one thing that may get lost in the madness of the day to day activity that goes into a life of a committed nonprofit employee. If you work for a nonprofit, you are probably committed to the cause and the last thing that is on your mind are the credit card processing fees. I am writing this blog post not to say you are doing a bad job…I just want people to be aware of what you are paying.
Check out mightyraise.com to see a nice comparison of the fee breakdown between a few of the companies out there.
This is only a snapshot of some of the companies out there. And, this doesn’t necessarily include all of the fees that could be incorporated with your account. Be sure to look out for any monthly or annual fee along with merchant gateway fees.