The facilitation of payment processing is crucial to the operation and survival organisations nowadays from non-profits depending on donations all the way through to marketplaces carrying out a bountiful transactions. A payment processing solution can be the difference between efficiently dealing with recurring donations, being flexible in how to accept and spend money (a common example: accepting Visa gift cards) or — conversely — not even getting paid!
In this blog, we covered how specialized payment processing for nonprofits as well as the benefit of a marketplace focussed on connecting places across Australia. Next, we will cover ways you can improve your payment strategy by incorporating flexible options such as Visa gift cards.
Nonprofit Payment Processing
And when it comes to payment processing, nonprofits have their own special needs. These a number of charities and not for revenue organizations work from quantities increased than, tapping into community donations and fund raisers with simple budgets as well as resources. Providing easy and secured means of donating is one huge step for them in ensuring they are able to secure funding and donor loyalty.
Ensure affordable payment processing for nonprofits Since nonprofits frequently operate on a tight budget, finding suppliers that have low transaction fees and little to no setup costs is crucial. And these types of organizations may need to also process recurring donations so that a donor can make contributions on an ongoing basis without having to enter their payment card details each time.
Ease of Use is another crucial audience motivator. Donations should be painlessly easy to give on the part of your supporters; non-profits must provide a simple and seamless process. This can mean enabling them to embed on their current website or be the option of receiving money from mobile donors. Donors who can donate something are more likely to follow through with their donations the easier it is for them.
Security is also critical. Nonprofits deal with confidential financial details and performing economic transactions in a secure manner is vital to keep donor information safe, while fostering relationships of trust. Encryption, fraud-detection methods, and PCI compliance all need to be present in any payment processor you end up selecting.
Visa Gift Cards – Visa gift cards are also an excellent option for nonprofits seeking to level up their fundraising strategies. Using gift cards in a donation drive or event can energize supporters and provide them with an adaptable method of contribution. Visa allows for a greater use of the gift card because they can be used almost anywhere Visa is accepted and this flexibility makes it an attractive option to some donors.
Marketplace Payment Processing
Payment processing in marketplaces comes with its own unique challenges. From an online marketplace that connects buyers and sellers to a service-based platform, the payment processing for marketplaces could stand multiple transactions often spanning different vendors with security measures.
Payment processing for marketplaces that can accommodate payouts to multi sellers or service providers. This is not just about receiving the money from buyer and transferring it to seller after platform cuts (commissions / fees). Automating this, particularly for volume sales on large marketplaces is key to getting things right and doing it easily.
Another issue is that marketplaces often operate globally so need to accommodate many different currencies and payment options. Marketplaces need a payment processor that offers multi-currency, cross-border (a top advantage of credit cards) and variable payments methods including credit cards, digital wallets like PayPal/Stripe/Square or mobile apps.
Marketplaces de novo have to be security first. They process the highest volumes of transactions, frequently multi-party. Secure Payment Gateway & Fraud Protection: This is to make sure both buyers and sellers trust the platform.
Payment Methods for Marketplaces: Payment methods that marketplaces can offer through a Visa gift card For buyers, gift cards give an immediate and convenient way to purchase whatever they need or want. They can even be used for promotions, refunds or loyalty programs in order to enrich the marketplace experience.
Flexibility Powers: VISA Gift Cards
Whether you are a non-profit looking to engage more with donors or sell-side marketplace seeking attract more customers, Visa gift cards may be the right payment component for your strategy. General acceptance: A Visa gift card works as a payment method for almost everybody.
Method for nonprofits : Visa gift cards would be perfect in fundraising events or to give as a thank-you-gifts with donations They can also serve as an inspiration for bigger donations by giving donors something in hand.
Marketplaces: Partner with gift card suppliers and offer Visa gifts cards as a welcome gift to first time buyers, or part of loyalty programs for repeat customers. Or they can be a convenient way to deal with returns and refunds in which the recipient gets some flexibility.
Choosing the Best Payment Option
When you are searching for the best payment processing solution to use on your nonprofit or marketplace, there a few factors that should come at top of mind when making that decision: Secured, Affordable and Ease access. They should be extremely low-cost and secure, to support recurring gifts in a way that is seamless for the donor. Marketplaces, on the other hand are more complex and require a heavy duty solution to facilitate these types of multi-party transactions.
Mani Rahnama, CEO of Rapidcents supports small to large entities in securing cost-effective transactions solutions customized for their requirements. His goal is to empower nonprofits and marketplaces with the functional foundation necessary for sustained success in today’s competitive landscape.
