This morning I had a meeting with a non-profit organization looking to accept payments for their fundraiser. I figured I would write up a quick summary of how you can accept virtual payments from people.
From what I understand about the non-profit donations world, it is incredibly important to be able to receive payments or donations from your donors right away. It's kind of like impulse buying, but impulse donations. A couple of ways you can receive payments pretty quickly are:
1) Square. I've blogged and blogged about Square multiple times. Checkout the blog links, however, the basic concept of square is to accept credit card payments through a mobile device such as an iOS device or Android device. Square charges 2.75%.
2) Email Money Transfers. This is simply the same as PayPal but it is done through your bank. You can literally email money transfer to people through all the major banks. My bank, TD Canada Trust, offers this service, however, it takes 30-60 minutes for the process to reach the stage where the recipient receives the email money transfer. It also costs the receiver nothing. Email money transfers cost nothing to receive.
3) PayPal. Consider PayPal like a bank. You can put money in the account (through your bank acct, credit card) and then make purchase online. You can also receive money online through PayPal. It is without a doubt one of the largest payment systems online. PayPal costs vary depending on how the transaction took place.
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