Non-profit organizations that are charitable or related to social services can benefit from lower credit card processing fees and merchant services due to the Visa Consumer Credit Card Charity Interchange Fee Program. To take full advantage of the Visa program, nonprofits should set up a nonprofit business account with a business payment processing company that specializes in working with the unique needs and goals of nonprofits. .
Nonprofit Merchant Account Benefits
Since October 15, 2011, Visa has been offering its Consumer Credit Card Charity Interchange Fee Program which is designed specifically for charitable non-profit organizations that have the Merchant Category Code or MCC of 8398. Although rates may vary, nonprofit organizations will see substantial discounts with their merchant accounts.
To qualify, nonprofit organizations must:
• Use full magnetic stripe read or key entry transactions
• Have transactions settled within one day of authorization
• Have transactions that qualify for MCC 8938
Nonprofit Business Account Advocates
Nonprofit organizations can reap the benefits of having a nonprofit business account with the help of a payment processing provider who is also their advocate. As an advocate, these services ensure that nonprofit organizations meet the Visa program requirements and negotiate with Visa on behalf of the organization to reduce processing fees. Experienced nonprofit business service companies offer many benefits to nonprofit organizations because they can:
• Help the organization qualify under MCC 8938
• Partner with non-profit organizations to ensure they receive the lowest rate approved by Visa.
• Stay up to date on any policy or requirement changes and help the nonprofit change to meet them.
• Educate the organization on how to get the most out of their credit card processing, including those that do not run directly through Visa
From autism charities to career camp organizations to boys and girls clubs, virtually every organization with a nonprofit business account can reduce their credit card processing fees, thereby saving money over time. that increase the amount of charitable donations. Leading merchant service providers have an in-depth understanding of the nuances of nonprofit payment processing and the challenges nonprofits face. As a trusted partner and longtime advocate, nonprofit business account experts help nonprofits maximize their funding so they can continue to do great work in their communities.
Learn more about setting up a non-profit merchant account that may allow your organization to participate in the Visa Consumer Credit Card Charity Interchange Fee Program to receive discounted credit card processing fees. credit. See why more nonprofits turn to a trusted payment processing provider when they want a hands-on payment processor that truly understands their needs and acts as an advocate to help them achieve their goals.
