General Questions |
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How are donations received by my organization?
Donations are electronically deposited into your organization's bank account via the Automated Clearing House (ACH) Network—
one of the largest payment networks in the world. |
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Who pays the fees?
Your organization pays all fees. |
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How do contributors recognize donations for their own accounting purposes?
Contributors recognize the full amount of their donations. Processing fees are not a donor's concern; they are simply another
operating expense for your organization. |
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What documentation does a donor receive?
The organization name and dollar amount appear on statements from the donor's financial institution. |
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How does a recurring donation work?
A donor authorizes regularly scheduled donations by a debit or credit card or as a transfer from a checking or savings account. You
have the option of offering donors a paper authorization method, an online authorization method or both. Donors have the option of
changing, cancelling or placing transactions on hold. |
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How do contributors know when a recurring donation will be made?
Donors specify the date on an authorization form (paper or online) and see the transactions on their bank statements. Organizations
may also have an email automatically sent to donors in advance of their recurring transactions. |
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How does my organization manage its electronic donation information?
Transaction activity can be managed 24/7 from Vanco's secure, online Service Center. Client Services personnel are available during
business hours to help you with any questions. |
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Can donation information be segregated and reported by type of fund?
Yes! This is a major advantage of using Vanco Services. You are provided with a Fund Detail Report that lists individual donor names,
their total contribution and their contribution to each fund. |
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Can donation reports be imported into our software?
Yes. Vanco is integrated with several nonprofit and church management software programs. Donor data can be imported without the need
to re-enter any information saving time and reducing potential errors. |
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Does Vanco require a long-term agreement?
There are no long-term contracts or cancellation fees. Vanco's philosophy is to retain clients with superior products and service. |
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What types of organizations does Vanco work with?
Vanco works with churches and nonprofit organizations of every size. |
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What security measures does Vanco have in place?
Vanco is a Payment Card Industry (PCI) Level 1 Service Provider—the highest level of security certification for a credit and
debit card processor. As part of the PCI certification process, Vanco passes rigorous, independent on-site audits on an annual basis
and other critical assessments on an ongoing basis. Vanco has taken the extra step of implementing PCI Level 1 security standards
across its entire line of payment solutions. Vanco is unaware of any other payment processor that can make this claim. |
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How does Direct Debit work?
Direct Debit is simply the secure electronic transfer of an authorized payment from one bank account to another, such as the transfer
of funds from the checking account of a donor into the bank account of an organization. |
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Are there other names for Direct Debit?
Yes. Direct Debit goes by several names and acronyms including Electronic Funds Transfer (EFT), Automated Clearing House transaction
(ACH), Direct Payment, etc. |
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How widely used is Direct Debit?
Direct Debit is both the largest and fastest growing form of non-cash payment. 1 A majority of people already make and
receive payments by this method. Mortgage payments, car payments and donations are among the most common payments made this way.
Payroll and Social Security are among the most common payments received by this method. |
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Isn't direct debit just for large organizations?
No. In fact, Vanco specializes in providing electronic donation and payment solutions to small organizations. By combining the
transaction activity from thousands of organizations of every size, Vanco is able to deliver big benefits to even the smallest
organizations. |
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How do fees work?
Vanco charges only a small flat fee for every Direct Debit transaction regardless of the donation amount rather than a percentage of
the transaction amount. Vanco charges the same low fee processing a $50, $500 or $5,000 donation. |
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How do recurring donations work?
Donors authorize regularly scheduled transfers from checking or savings. You have the option of offering donors a paper authorization
method, an online authorization method or both. Donors have the option of changing, cancelling or placing transactions on hold. |
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Are there any minimums?
There is no minimum number of transactions and there is no minimum transaction amount. |
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Are there any special software or hardware needs?
The only requirement is a computer with an Internet connection. |
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How quickly are Direct Debit donations processed?
Vanco transfers funds between the donor and the organization on the same day. Donations are never deposited into a Vanco operating
account, commingled with Vanco operating funds, held in an interest-bearing account for the benefit of Vanco and never sent by check
for the purpose of creating a "float" beneficial to Vanco. |
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Can Direct Debit be used for online donations and payments?
Yes.
1. 2007 Federal Reserve Payments Study |
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Do we need a card reader machine in order to accept credit and debit cards?
All you need is a computer with Internet access. There is no equipment to purchase and maintain. It is the ideal solution for
card-not-present transactions such as recurring donations or telephone pledges. |
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Are there any minimums?
There is no minimum number of transactions and there is no minimum transaction amount. |
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Can credit and debit cards be used for both recurring and one-time donations?
Yes. |
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Can credit and debit cards be accepted online?
Yes. |
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How do credit and debit card fees work?
Vanco offers straightforward flat-rate processing. Rates are based only on the card brand. There is one flat rate for all Visa,
MasterCard and Discover transactions and one slightly higher fee for American Express. Statements are easy to read. There are no
minimum fees, PCI assessment fees, administrative fees, or any of the other fees often found in the fine print of merchant services
agreements. |
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What portion of a donation made with a credit or debit card is deposited into my organization's bank account?
Your organization receives net deposits. A net deposit is the sum of all donations minus the sum of all fees. |
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How does my organization distinguish between the gross amount donated and the net amount deposited?
Your organization is provided with easy-to-read reports that show the donor name, the donation amount, the fees associated with the
donation and the net amount deposited into your account. |
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How does my organization recognize debit and credit card donations for accounting purposes?
Gross donation amounts are recognized as revenue and fees are recognized as expense. |
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Can my organization accept debit cards but not credit cards?
Yes. Vanco has a filter that can be turned on easily. This filter recognizes the difference between a credit and debit card and
allows only debit cards to be processed. |
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How quickly are credit & debit card donations processed?
Vanco adheres to the highest security standards when processing credit and debit card transactions. Donations are processed and
funds are electronically forwarded to clients without unnecessary delay within 2-4 business days. |
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Is Vanco a Payment Card Industry (PCI) Level 1 Service Provider?
Yes. Vanco passes rigorous, independent on-site audits and other critical assessments. Vanco has implemented PCI security standards
across its entire line of payment solutions. |
