Comments on: Credit card payments for undergrads

Question: Credit card payments for undergrads

deeman — Thu, 15 Nov 2007 17:50:34 -0800

How can I set up a system for allowing fraternity members to pay their dues by credit card without shelling out cash for a service? Any legal issues?

I'm the alumni councelor for my fraternity at my old university and would like to help the undergrads make some positive changes within the chapter. I would like to set up a system where members can pay their dues and alumni can donate money to the chapter by using their credit cards. Obviously the fraternity is a nonprofit organization. First, what legal issues should I be warry about? Second, what are some ways I can accomplish this? I've looked into setting up a paypal account, but can businesses only take credit card payments? Ideally, I would like to give alumni the opportunity to make recurring donations of some trivial amount each month to ensure the undergrads have consistent cash for scholarships, trips, house maintenance, etc. Any idea?

By: Agamenticus

Agamenticus — Thu, 15 Nov 2007 18:20:17 -0800

Credit card payment set up will involve fees to the Visa/MC/AmEx/Discover network provider. The paypal account might be effective as any for your limited purposes. However, your national group organization ought to be able to steer you in the right direction. It may have a method to earmark contributions to your local chapter. My business accepts credit cards and got a relatively inexpensive start-up through Costco's services. $ 20.00 minimum monthly fee off the % charged.

By: polyglot

polyglot — Thu, 15 Nov 2007 18:24:56 -0800

You can accept credit card payments via paypal but they will charge you a percentage on each transaction. You could set up a merchant account directly with your bank but there will likely be higher fees on that unless you have a lot of volume and if you want a POS terminal (card reading thing) that will cost too.

By: demiurge

demiurge — Thu, 15 Nov 2007 18:40:25 -0800

As an alternative to paypal, Google has their new Checkout program. It charges a 2% + $0.20 fee per transaction.

By: batcrazy

batcrazy — Thu, 15 Nov 2007 19:49:49 -0800

what demiurge said, except Google Checkout is FREE for non profits. See here or here for more info.

By: demiurge

demiurge — Thu, 15 Nov 2007 20:23:03 -0800

Free, through the end of 2008. After 2008, it's going to be at the price I stated, unless they extend the deal or change the price.

By: Mach5

Mach5 — Thu, 15 Nov 2007 21:24:50 -0800

OmegaFi is awesome.

By: jragon

jragon — Thu, 15 Nov 2007 23:19:05 -0800

Billmonk.com?