Q: Why do I need to fill out a Payment Processing Application?
A: Government regulations in the United States, Canada, and other countries require us to capture required information from organizations in order to facilitate payments on your behalf, and it’s also necessary to ask for your organization’s bank account information (on a secure online form) so that you can receive your money via electronic deposit in 1-2 days.
Q: What is a signor? Who can fill out the application?
A: A signor, or signatory, is a person who is authorized by your organization to agree to financial/legal decisions. This person is typically the President or Executive Director of the organization, and can also include other board and staff positions, including Vice President, Treasurer, Secretary, CFO, Business Manager, etc.. Please review your own organization’s by-laws to understand who can sign agreements for your organization.
Q: Why do I have to reveal our bank account information?
A: In order to deposit your money in a timely fashion, we require your bank account information to pay you. Your money is deposited within 1-2 business days.
On or about the 10th of every month, you will be assessed payment processing fees for your transactions from the previous month. These will be grouped together as one lump sum, and debited from your account at that time.
This methodology makes reconciliation much easier for all parties, as you always receive exactly the amount your donor intended to receive quickly, and fees are deducted as an expense the following month- exactly like traditional bank fees when processing physical checks.
Q: What are the fees?
A: SimplyFundraisingCRM charges 2.89% + $0.30 per transaction for all VISA, Mastercard, and Discover transactions. Because of American Express’s higher costs, AMEX is 3.5% + $0.30 per transaction. ACH Bank transactions are .75% + $0.30 per transaction.
There are no monthly fees- only pay fees when you actually process payments.
Q: How long does it take to get approved?
A: Very quickly- even the same day. We use Artificial Intelligence to match the signatory with the organization, along with other verification steps. These steps are known as “Know Your Customer”, or KYC. KYC procedures like ours are the same procedures that banks and other financial institutions use to authenticate their customers to protect from fraud and other illegal activities.
Q: I’ve seen fees lower than what you charge. How can I get a lower rate?
A: Here is a note from our CEO, Jon Biedermann:
“I’ve been personally involved with nonprofit payment processing for more than 25 years when I was the Vice President at DonorPerfect Fundraising Software. Unfortunately, the payments industry has a history of ‘bait-and-switch’ bad actors who enroll customers at a low rate only to increase their fees dramatically over a short period of time. These fees multiply more than rabbits!
In addition, unlike other providers, we *never* share your donor’s personal information, and your money is available immediately. Some providers, like GoFundMe, won’t even let you download your donor’s data!!.
Even Blackbaud (in early 2021) instituted a mandatory, $600/annual “Payment Processing Enablement Fee”, which in my mind is unnecessary.
Other providers, like PayPal and Venmo, can freeze your money at any time, and good luck trying to contact a real, live, human being to resolve any issues.
You have my word that SimplyFundraisingCRM will *never* introduce sneaky fees or even introduce any new legitimate fee without notifying you first.
You have my word.
Finally, if you are processing more than USD $500,000 per year, please contact email@example.com to discuss a lower rate.