Establishing a non-profit organization is a respected business type known across the world. Basically, its main purpose is to invest and support a cause that benefits the society or the community. Running a non-profit is not easy and requires double effort from its founders. The biggest challenge is how do stakeholders earn and where do they generate the money from? Non-profit organizations are streamlined with fundraising events, donations, and revenue from products and services. However, the revenue is intended for the philanthropic mission rather than the donors, investors, and employees of the non-profit organization. Some examples include hospitals, universities, artist organizations, homeless shelters and foundations around your community. This does not mean, however, that no earnings or income are coming through from a non-profit. Non-profit does not mean not making money. It just means that if money generating activities are relevant to its mission, the income is tax-exempt.
These are some of the non-profit revenue streams:
Online Storefront
A non-profit can fund-raise through selling products and rendering services where the money Is put towards the cause. A payment processor makes it easy for donors to pay for products directly online without the hassle of stepping into the actual store.
Monthly to Annual Memberships and Recurring Donations
Payment processors will come in handy when it comes to collecting membership fees. Clients may have pledged to have set up recurring monthly donations with the non-profit organization. Accepting funds with the integration of an online payment gateway can simplify the process for all.
Event Tickets
There are various programs that non-profits can launch which are important in addressing community needs and demonstrating results of their work. Non-profits initiate athletic, religious, educational, literary and artistic events for a cause. Donors can purchase tickets to these events online or in person. The payment processor handles the acceptance of those fees.
Funds through Charitable contributions
Non-profit organizations may solicit individuals or major groups for funds. As a non-profit that offers an online payment gateway, they can accept donation by accepting electronic payments: credit cards, debit cards, and ACH/eChecks. This maximizes the chances of gaining more clients that help promote and achieve the goal of the non-profit.
It must be understood that non-profit processing requires a firm ethical standard since it offers low compensation compared to profiting businesses. It’s best for individuals who need to work and at the same time desire to serve other people. Non-profits must consider selecting a helpful payment processor since this broadens their opportunity to earn and thus fulfill their mission. There are many payment processors out there, but they are not the same. Agapay offers what non-profits need – excellent pricing with a mindset aligned with the vision of giving back. Contact us today and explore how we can work together.