The days of cash carrying are over. Unless you’ve been living under a rock for the last couple decades, you’ve noticed the societal shift toward electronic payments. What does this mean for you and your PTA? Let’s get schooled on payment methods. The reality is that ignoring this trend can seriously hurt the future growth of your unit. The benefits are enough to outweigh whatever costs are incurred – and we have proof. Check out these five payoffs of accepting electronic payments.
1. Grow your membership
Studies indicate more than 70% of Americans have at least one credit card. Even more compelling is that 60% of consumers pay with credit cards instead of cash. This means that accepting credit card payments increases your ability to attract potential PTA members who find electronic payments more convenient. You can connect with a larger audience to recruit members, reach more donors for your campaigns, and increase ticket sales for your events. It’s simple math – when you broaden your reach, you also increase your chances of boosting membership.
2. Increase school and PTA revenue
Research shows that people are willing to spend more on their credit cards than when making cash purchases. This has obvious benefits for fundraising campaigns, as it can lead to bigger donations from individuals. The New York Times sites several studies that demonstrate the increase in spending with credit versus cash of at least 5-10%. In one study, graduate students paid nearly double the price for a sporting event ticket when paying with a credit card!
3. Ease the burden of holding on to large sums of cash and checks
Unit leaders don’t need to be carrying members’ cash and check payments with them. By accepting electronic payments, you make it more convenient for your members to pay by their own method of preference, and you’re likely to save yourself a trip to the bank. Direct deposit also removes the inconvenience of paying out of pocket. Accepting electronic payments increases cash flow by limiting the time it takes for money to appear in your account. Instead of waiting for PTA members or donors to mail a check, then depositing the check, and waiting for it to clear, funds are deposited directly into your account.
4. Simplify recurring payments and donations
Unit members and donors can set up recurring membership payments and donations. memberplanet’s electronic payment feature is built in, easy to use, and features advanced encryption to ensure payments are securely processed and deposited directly into your designated account. Simplifying the payment process makes it easier to collect membership dues and retain current members, and is beneficial when collecting donations during fundraisers.
5. Build credibility with credit cards
Accepting credit cards is particularly helpful because it adds credibility to a PTA’s operation. When your members and potential members see that you’re accepting credit cards it increases the legitimacy of your unit. Furthermore, limiting your PTA to cash transactions can seem unprofessional given the rise of electronic payment options.
Accepting electronic payments facilitates the exchange of money for you and anyone you collect payments from. This is beneficial and convenient for collecting membership fees, receiving donations, and selling event tickets or any other PTA product or service your offer. With an evident shift from cash to credit, it is essential to offer a variety of payment methods to retain members, grow your organization, and maximize PTA contributions.
Ready to get started? Log in to memberplanet and set up your account to collect electronic payments.