I set up a PayPal account for our PTO; PayPal has a "Donate Now" button and a whole packet for non-profits. (They also have some sort of "badge" for MySpace to indicate you're an "approved" non-profit, probably you have to send in your 501(c)(3) determination letter.)
What I'm now finding out, after accepting $8k in payments, is that PayPal only wants to let me transfer $500 per month to the bank account. I can lift that limit by providing *my* SSN; I've got to call them and see if they'll take the PTO's EIN instead.
PayPal took about 3% of the total; your % will vary based on the size of your transactions.
We just ran a scrip credit card night in response to "demand". We give 100% of the tuition discount to our families and so, yes, we had to deduct the credit card fee from their discount. The fee was more than 2% which in my opinion made it a waste of money. It also took a couple of days for us to get the money from the credit card company where it needed to be to place our order and as a result, it took about 10 days for the orders to come in. Definitely not something I'd want to do on a weekly basis.
PTO Today recently started working with Payschools. Payschools is a credit card processing company and works exclusively with schools, school districts, and parent groups. Look here for more information about Payschools www.ptotoday.com/plus/Payschools1006v3.pdf
We have just launched a Scrip program and have got lots of questions about Credit Card Payments. Are any of you out there doing CC payments, if so, how? Do you have to pay the cut to the CC company?
thanks.
