Message Boards

×

Notice

The forum is in read only mode.

Welcome to the Message Boards
Join the conversation! No soliciting or ads, please. Registration is not required but encouraged to get the most out of our community features.

×
Looking for advice? Join us on Facebook

Get advice, ideas, and support from other parent group leaders just like you—join our closed Facebook group for PTO and PTA Leaders & Volunteers .

credit cards

11 years 11 months ago - 11 years 11 months ago #156257 by Roger.Devine
Replied by Roger.Devine on topic Re:credit cards
Last bit on credit-cards for today, then I'll stop.

So if you are going to set up a credit-card processing account, what kind of information will you need, and how long will it take?

You will most likely need:

1) A copy of your PTO's state-registration paperwork; showing the PTO's address and tax ID#
2) The names, addresses and social-security numbers of your PTO President and Treasurer.
3) Copies of the PTO's Balance Sheets and P&L statements for the last two years.
4) A voided check for the account where you want the funds deposited

The form is usually one or two pages, with a few pages of terms to initial at the end. You fax it in, wait 7-10 days, then you're done. The total effort is usually less than 10 hours, and most of that is spent looking for paperwork.

Try to find a credit-card processor (aka "merchant-account provider") who will not make your officers sign a personal guarantee against any chargebacks; if you have two years worth of statements you should be able to do so. I can point you toward a few, including the one I went to for my kid's schools' auction this year.

Feel free to contact me directly if you want to talk directly.

Roger Devine
11 years 10 months ago #156706 by gjcoram
Replied by gjcoram on topic Re:credit cards
We used PayPal the last two years at our auction; they have a special 2.2% fee for 501(c)(3) non-profits, which doesn't seem outrageous. However, they also want a $30/month fee for "Virtual Terminal" if you're entering the credit cards yourself (versus asking people to send the payment when they get home from the auction?).

This year, another school found InnerFence, which has an iPhone app and and a credit-card reader that connects to your iPhone. They had a promo (ended yesterday) where they would give you the reader free when you open the account. The account costs something like $25/month; I'm not sure how easy they make it to suspend the account for the 11 months you're not running an auction. With the reader (which reduces the chance of mistyping a CC number), they say they charge only 1.74%. I think this might work well even in places you don't have a phone line or wifi.
11 years 10 months ago #156707 by gjcoram
Replied by gjcoram on topic Re:credit cards

2) The names, addresses and social-security numbers of your PTO President and Treasurer.


Yikes! InnerFence didn't require any personal SSNs -- and I'd have been reluctant to provide it. It may depend on how much info the underwriter can find on your non-profit. We are 501(c)(3), and the state of MA posts all financial filings on the state web site where anyone can download them.

I typed in a bunch of info on the PTO (name, address, EIN, date of incorporation) and my name and title, and that was about it. I faxed them a letter from our bank verifying the account number.
11 years 10 months ago #156717 by Roger.Devine
Replied by Roger.Devine on topic Re:credit cards
There are a number of standard merchant-processing companies out there that are happy to work with schools and provide credit-card processing accounts without requiring a personal guarantee from the PTO officers - you usually have to be able to provide two years worth of the PTO's financial statements.

When people are using our software and want to integrate a merchant-account into it, I have a list of these "PTO-friendly" merchant-processors I refer them to. If anyone here is interested, I can send you that list - send me a message through my PTO Today Profile page.
11 years 10 months ago #156735 by
Replied by on topic Re:credit cards
Hi Roger-
Appreciate you jumping in. Could you put the list up in a reply here on the message boards so everyone can benefit from the information?

Thanks,
~Lisa

Follow us on Twitter .
Connect with us on Facebook .
11 years 10 months ago - 11 years 10 months ago #156740 by Roger.Devine
Replied by Roger.Devine on topic Re:credit cards
Sure thing, Lisa.

Here are three merchant-account providers that concentrate heavily on the schools market, and that we send our customers to for merchant accounts. We recommend them solely on the basis of their ability to: understand the needs of schools and school groups; provide decent rates; and provide excellent customer service:

PayPlanner (www.payplanner.net)
Vanco (www.vancoservices.com)
Diamond Mind (diamondmindinc.com)

We also recommend Total Merchant Concepts (www.totalmerchantconcepts.com) - they are more of a generalist, but have been excellent partners and take great care of the PTOs and booster clubs we send their way. If you call them, ask for Eric Jenks.

Feel free to use my name and the name of my company (SchoolAuction.net) when speaking with them; it may or may not do you some good, but should help set the context for your discussion.

Roger Devine
www.schoolauction.net
Time to create page: 0.073 seconds
Powered by Kunena Forum
^ Top