How to choose the right payment processor
Creating a seamless process for your donors or event attendees to make donations and payments online is an easy way to provide great customer service (and keep your donors coming back). Part of that process is identifying the right payment processor for your nonprofit.
When you collect online payments through donations or event registrations, a payment processor acts as the mediator between you and the financial institution from where the payment funds are being received. Think of your payment processor as the behind-the-scenes authority on which transactions get approved and which ones do not.
Many payment processors offer easy customization and automation (great for nonprofits with limited resources and staff), but these processors do come at a price. Each transaction has a percentage or fee attached to it that will go back to the payment processor; it’s how they make money on the donation or registration. Your choice of payment provider can go a long way to determining if you will keep more of the funds you raise.
At 4aGoodCause, we offer support for two of the major payment processors: Authorize.net and Stripe. Each of these two payment processors has pros and cons depending on your nonprofit’s size and needs.
To make it easy, we developed this free guide with a comparison chart of the top features for each payment processor. This download is great for 4aGoodCause clients and nonclients alike; use it to determine which payment processor makes sense for handling your online (or, in some cases, offline) payments.
As you decide on the best payment processor for your nonprofit, think through areas such as:
- Customer service features and accessibility
- Security and fraud features
- Transaction fees and monthly costs
I just added this to my support knowledgebase for my clients. This is geared to the choices we support, how we support them and helping our clients make that choice between the two.
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Still have questions? Please contact us.