Recurring Payments

The ‘Recurring Payments’ report in Reports module of Retention CRM provides Chambers of Commerce, Nonprofits and Associations with information about all the recurring payments/donations their organization receives. This report is helpful for understanding payer/donor giving patterns, managing upcoming payments, and identifying potential issues in membership organizations.

General Functionality of ‘Recurring Payments’ report

Available fields

• Contact Name: Name of the donor who set up the recurring payment.
• Payment Status: Current status of the recurring payment (e.g., Active, Cancelled, Pending Review).
• Installments: Total number of installments planned for the recurring payment.
• Frequency Interval: The number of times a unit of the frequency unit occurs between installments (e.g., every 2 months).
• End Date: The date the recurring payments are scheduled to end (optional).
• Frequency Unit: The unit of time between installments (e.g., Month, Year).
• Installment Amount: The amount deducted for each installment.

Using ‘Recurring Payments’ report in Association Management

A nursing association can utilize the ‘Recurring Payments’ report to gain valuable insights into their membership dues and donations. Here’s a breakdown of the fields in the context of a nursing association:

• Contact Name: Name of the member/donor who set up the recurring payment for membership dues or donations.
• Payment Status: This helps identify active members (with active recurring payments for dues), lapsed members (cancelled recurring payments), and pending memberships (pending review for recurring payments).
• Installments: Shows the total number of installments planned for the recurring membership dues or donations.
• Frequency Interval: Indicates how often dues are deducted (e.g., monthly, annually).
• End Date: Useful for tracking when a member’s dues end or a donation series is complete (optional field).
• Frequency Unit: Specifies the unit of time between dues deductions (e.g., Month, Year).
• Installment Amount: Shows the amount deducted for each membership dues payment or donation installment.

Additional Filters

The report also offers various filters to narrow down the results:

• Credit Card Type: Filter by the type of credit card used for the recurring payment (if applicable).
• Payment Status: Filter by the current status of the recurring payment (e.g., Active, Cancelled).
• Currency: Filter by the currency used for the recurring payment.
• Financial Type: Filter by the financial type associated with the recurring payment (e.g., Membership Dues, Donations).
• Frequency Unit: Filter by the unit of time between installments (e.g., Month, Year).
• Frequency Interval: Filter by the number of times a unit of the frequency unit occurs between installments.
• Installment Amount: Filter by the amount deducted for each installment.
• Installments: Filter by the total number of installments planned for the recurring payment.
• Start Date: Filter by the date the recurring payments began.
• Next Scheduled Payment Date: Filter by the date of the next upcoming installment.
• End Date: Filter by the planned end date of the recurring payments (optional field).
• Last Payment Processed: Filter by the date of the last processed installment.
• Calculated end date: This system-calculated date indicates when either the end date is reached or all installments are made.
• Payment Processor: Filter by the payment processor used for the recurring payment (if applicable).
• Group: Filter by the group the donor belongs to within the nursing association (if applicable).

Using the Report: Scenario for a Nursing Association

Let’s consider a scenario where the nursing association wants to identify members with upcoming membership renewals. They can utilize the ‘Recurring Payments’ report with the following filters:

• Payment Status: Active
• Financial Type: Membership Dues
• Next Scheduled Payment Date: Within the next 3 months (filter by date range)

This report will show a list of members with active recurring payments for membership dues, along with their next upcoming payment date. This allows the association to:

• Proactively reach out to these members with renewal reminders.
• Identify potential lapses in membership if there are upcoming failed deductions due to expired credit cards or insufficient funds.
• Segment their member base for targeted communication based on their membership renewal schedule.

More Use Cases for Associations, Chambers of Commerce and Nonprofits

Association – Identify Members with Upcoming Dues Renewals

Similar to the scenario mentioned in the passage, an association can use the Recurring Payments report to identify members with upcoming membership renewals. They can filter the report by:

• Payment Status: Active
• Financial Type: Membership Dues
• Next Scheduled Payment Date: Within the next 3 months (filter by date range)
• This report will help the association to proactively reach out to these members with renewal reminders, identify potential lapses in membership due to expired credit cards or insufficient funds, and segment their member base for targeted communication based on their membership renewal schedule.

Chamber of Commerce – Track Sponsorships

Chambers of commerce often rely on recurring payments from businesses in the form of sponsorships. The Recurring Payments report can be used to:

• Track all active sponsorships (Payment Status: Active, Financial Type: Sponsorship)
• Identify upcoming sponsorship renewals (similar to the member renewal example above)
• Analyze sponsorship trends by filtering by installment amount, frequency, and start date

Nonprofit – Monitor Grant Funding

Nonprofits frequently receive grant funding in installments. The Recurring Payments report can be used to:

• Monitor the status of active grants (Payment Status: Active, Financial Type: Grant)
• Track the disbursement schedule of grant funds (Installments, Frequency Interval, Frequency Unit)
• Identify potential delays or shortfalls in grant funding (comparing the calculated end date with the expected end date)

By using the ‘Recurring Payments’ report effectively, Associations, Chambers of Commerce and Nonprofits can gain valuable insights into their membership dues and donations, allowing them to better manage their finances and member relationships.