Payment Methods

The “Payment Methods” feature in the Finance management module of Retention CRM allows membership organizations such as Chambers of Commerce, Nonprofits and Associations to manage how Payments are received by them. It tracks the method used for each transaction (e.g., credit card, check) and associates them with designated financial accounts (e.g., bank account for checks).

There are pre-defined payment methods like “Credit Card” and “Cash” that cannot be deleted but can be renamed. You can also add new methods specific to your needs. Each method can be linked to a specific financial account, ensuring proper allocation of received funds.

This feature benefits Associations, Chambers of Commerce, and Nonprofits by:

• Streamlined Recording: Easily record the payment method used for every Payment, simplifying financial management.
• Clear Designation: Associate Payments with specific financial accounts for better organization and tracking.
• Flexibility: Accommodate various payment preferences of your members (credit card, cash, etc.).

How to Use “Payment Methods” Feature in Association Management

The table you provided lists the existing payment methods and their details. Let’s break down each field in the context of a nursing association:

• Label: This is the name displayed to members during the Payment process (e.g., “Credit Card”, “Cash Payment at Conference”).
• Financial Account: This links the payment method to a specific bank account or other financial destination where the funds are deposited (e.g., “Checking Account for Dues”).
• Value: (For certain methods) This might hold a specific value associated with the method, but it’s typically left blank for most.
• Description: (Optional) Provide a brief description of the payment method for further clarification (e.g., “For payments made via credit card”).
• Order: This determines the order in which payment methods appear during the Payment process.
• Enabled? If unchecked, the payment method is hidden from members during Payment.
• Default Option? Designates the preferred pre-selected payment method for Payments.

Add a New Payment Method

The “Add Payment Methods” section allows you to create new payment methods specific to your nursing association. Here’s what each field entails:

• Label: Enter a clear name for the new method (e.g., “Payroll Deduction”).
• Financial Account: Select the designated financial account where these Payments will be deposited.
• Value: Leave this blank unless required for a specific payment processor.
• Description: (Optional) Provide a brief explanation of the method for member clarity.
• Order: Set the order in which this new method appears during Payment.
• Enabled? Choose to enable or disable this method for member use.
• Default Option? Select if this should be the pre-selected option for Payments.

By effectively utilizing Payment Methods in Retention CRM, your nursing association can streamline Payment collection, ensure proper allocation of funds, and provide a convenient payment experience for your members.

More Use Cases for Chambers of Commerce, Associations and Nonprofits

Event Fee Payment Options for a Historical Society

• Association: Historical Society
• Scenario: The historical society is organizing a fundraising event with a silent auction and a catered dinner. They want to offer various payment methods to attendees during the online registration process.
• Payment Methods:
  • Label: “General Admission Ticket”
    • Financial Account: “Event Ticket Sales Account”
    • Description: “This covers your entry fee to the historical society fundraiser.”
    • Order: 1 (default option)
  • Label: “Silent Auction Only”
    • Financial Account: “Event Ticket Sales Account”
    • Description: “Pay for entry to bid on silent auction items only.”
    • Order: 2
  • Label: “Dinner & General Admission”
    • Financial Account: “Event Ticket Sales Account”
    • Value: 75 (price for dinner) Note: This is the only payment method using the Value field to capture the additional dinner fee.
    • Description: “Includes admission, dinner, and participation in the silent auction.”
    • Order: 3

Membership Tiers with Specific Payment Methods for an Animal Shelter

• Non-Profit: Animal Shelter
• Scenario: The animal shelter offers various membership tiers with different benefits. They want to associate specific payment methods with each tier to streamline the signup process and encourage online donations.
• Payment Methods:
  • Label: “Basic Friend (Online Donation)”
    • Financial Account: “General Donation Account”
    • Description: “Secure online donation for basic membership tier.”
    • Order: 1 (default option for Basic Friend tier)
    • Enabled?: Checked only for Basic Friend tier
  • Label: “Loyal Companion (Credit Card)”
    • Financial Account: “Credit Card Donation Account”
    • Description: “Convenient credit card payment for Loyal Companion membership.”
    • Order: 1 (default option for Loyal Companion tier)
    • Enabled?: Checked only for Loyal Companion tier
  • Label: “Furever Family (Recurring Donation)”
    • Financial Account: “Recurring Donation Account”
  • Description: “Become part of our Furever Family with a monthly donation.”
    • Order: 1 (default option for Furever Family tier)
    • Enabled?: Checked only for Furever Family tier

Conference Registration with Optional Merchandise Sales for a Chamber of Commerce

• Scenario: The chamber is hosting a conference with optional merchandise sales during the registration process. They want to capture these merchandise sales using Retention CRM’s Payment Methods.
• Payment Methods:
  • Label: “Conference Registration (Regular)”
    • Financial Account: “Conference Registration Fees”
    • Description: “Standard registration fee for the Chamber conference.”
    • Order: 1 (default option)
  • Label: “Conference Registration (Plus Merch)”
    • Financial Account: “Conference Registration Fees”
    • Value: 25 (price of merchandise) Note: Similar to the Historical Society example, this captures the merchandise value.
    • Description: “Registration fee with optional conference merchandise.”
    • Order: 2
  • Label: “Merchandise Only (for Attendees)”
    • Financial Account: “Merchandise Sales Account”
    • Description: “Purchase conference merchandise without registering.”
    • Order: 3
  • Label: “Merchandise Only (for Non-Attendees)”
    • Financial Account: “Merchandise Sales Account”
    • Description: “For those who cannot attend but want conference merchandise.”
    • Order: 4