Is your non-profit charity lagging in donation collection? If so, it’s time to consider online payment methods like email invoicing.
Now that the world is shifting to digital payment systems, it’s becoming more critical to integrate online payment processing into your fundraising campaigns. According to a report by IMARC Group, the global e-invoicing market size is expected to reach $60.9 billion by 2032, growing at a CAGR of 17.7%.
Non-profit charities that use email invoicing solutions have an opportunity to streamline their financial operations. Shifting from manual paper invoices reduces the administrative burden and allows charities to allocate more resources to their core mission. But how can you start processing these invoices?
To access these advanced technologies, you need to partner with a reliable payment processor like iCG Pay, formerly iCheckGateway.com.
Let's examine how email invoicing solutions benefit non-profit charities and streamline the financial management process.
Email invoicing involves creating, sending, and tracking invoices electronically, which eliminates the need for traditional paper-based invoicing. Customers can click on a link within the email to pay their invoice online or use other methods, such as credit card or ACH processing.
With this payment solution, merchants or non-profit charities can record payment information on an online virtual terminal, which is easier to access.
Traditionally, you would mail paper invoices, which slows the donation process. However, with email invoicing, charities can send donors a payment link to a hosted payments page. Additionally, charities can attach and send an invoice via email to clients detailing the services provided.
Unlike conventional invoices that require you to input all the details manually, this email invoicing software automatically populates important information. Additionally, email invoicing solutions often integrate with accounting software, further simplifying financial management for non-profit charities. They also come with reminders for recurring payments.
Once donors receive invoices directly in their email inboxes, they can process payments instantly. The payments are then recorded, which makes it easier for the non-profit charity to keep track of all online donations.
Charitable organizations that utilize modern payment technologies boost their chances of receiving more donations. If you are wondering whether you should send your invoice via mail or email, here are the reasons why you should opt for the digital route.
Email invoicing significantly reduces operational costs associated with traditional invoicing methods. Instead of mailing invoices to your donors and other clients and waiting to hear back, you can simplify the process by sending an email. This payment method eliminates expenses related to paper, printing, and postage for your non-profit.
Furthermore, you can set up automated recurring payments, which saves you time and effort. These cost savings can be reallocated towards funding essential programs.
Since the entire invoicing process is streamlined, your non-profit organization can generate and distribute invoices instantly. This time efficiency allows your administrative staff to allocate their time and resources more effectively towards critical activities.
To improve cash flow management in your non-profit, you should start sending invoices via email. The expedited delivery and processing of invoices leads to quicker payments from donors or clients. For instance, you can predict your collections by setting up recurring payments from specific donors.
When you have a proper cash flow system, it becomes easier to meet your financial obligations promptly, such as paying vendors, covering operational expenses, or investing in strategic initiatives. Additionally, this steady influx of funds means fewer cash flow disruptions, which helps you plan much better.
According to statistics, 48% of donors say that frequent email communications keep them engaged. Therefore, sending emails regularly is highly likely to encourage donors to make repeat contributions. At the same time, it’s an opportunity to strengthen your relationship.
When you work with a reliable payment processing partner like iCG Pay, you can access custom invoices, allowing supporters to recognize the non-profit instantly. You can add personalized messages and any updates on these emails to keep your donors in the loop. Transparency on the impact of the contributions can also prompt more support.
Like other payments, donations must also be protected. Now that most non-profits use online donation stations, it's vital to protect donors’ sensitive financial information from unauthorized access. To make your donors comfortable, you should use secure payment gateways that handle financial transactions securely.
Working with a reliable payment gateway provides access to secure virtual terminals and hosted payment portals that allow you to accept credit card payments or ACH processing. Instead of storing sensitive payment information locally, these solutions securely transmit data over encrypted channels. As a result, non-profits can limit their involvement in handling and storing payment card data, thereby reducing their PCI scope.
Every year, there are new players in the payment processing space. While most offer vital features and functionalities, you need to choose one for your non-profit charity that has everything you need. So, what should you look out for? Here are the factors to consider:
To instill confidence and trust, you should provide a customizable donation platform that mimics your website. You should also include features such as recurring donation options and customizable acknowledgment receipt emails to enhance the donor experience and encourage more contributions. You can get a tailored platform from providers like iCG Pay.
Choose a payment gateway that can grow with your non-profit charity as it expands. Scalability is essential for accommodating increased transaction volumes and supporting new fundraising initiatives. You need a platform that can accommodate peak donation periods or fundraising campaigns.
Your donors won't use just one payment method. As you pick a payment gateway, consider whether it supports a wide range of payment technologies, including text-to-pay, IVR payments, and cash discount programs. This way, your donors can contribute using their preferred method.
You don’t want to miss out on donations due to outdated systems. You can transform your payment process by partnering with iCG Pay. Our industry-compliant systems allow you to process different types of payments, increasing your donations. We are a Nacha Preferred Partner; therefore, our multi-channel payment processing platform is secure.
Speak with one of our experts today or download our catalog to simplify your donation collection journey.