Payment Summary

The ‘Payment Summary’ report in Reports module of Retention CRM provides Chambers of Commerce, Nonprofits and Associations with a way to group and analyze Payments based on various criteria. This helps member-based organizations understand their payer base and financial trends.

General Functionality of ‘Payment Summary’ report

Payment Amount Stats

This section displays overall statistics about the Payments included in the report. These might include:

• Total Amount: The sum of all Payments in the selected timeframe.
• Average: The average amount of each Payment.
• Minimum: The smallest Payment amount.
• Maximum: The largest Payment amount.
• Number of Payments: The total number of Payments included in the report.

Report Options & Filters in the Context of a Nursing Association

Now, let’s explore the report options and filters with a specific example: a nursing association.

Filters:

• Contact Name: Search for Payments from specific members of the nursing association.
• Contact Source: Identify how members learned about the association (e.g., event, website).
• Gender: Analyze Payment patterns by gender.
• Birth Date: Segment Payments based on member age groups.
• Contact Type: Filter by member types (e.g., registered nurses, nursing students).
• Contact Created/Modified: Track Payments from new or existing members.
• Deceased/Do Not Contact: Exclude Payments from deceased members or those who opted out of communication.
• Preferred Language: Generate reports for specific language groups.

Payment Details:

• Payment Date/From-To: Track Payments by date range (e.g., identify seasonal giving trends).
• Receipt Date/Thank You Date: Analyze how quickly acknowledgements are sent for Payments.
• Payment Status: See how many Payments are completed, pending, refunded, etc.
• Currency: Track Payments in different currencies used by members.
• Financial Type: Categorize Payments by type (e.g., membership fees, donations for a specific program).
• Payment Page: Identify which donation pages are most successful.
• Payment Recurring: Track recurring memberships or donations.

Monetary Analysis:

• Payment Amount: Analyze individual Payment amounts.
• Non-deductible Amount: Track Payments that aren’t tax-deductible for the donor.
• Payment Aggregate/Count/Avg: See total Payments, number of Payments, and average Payment for a particular group (e.g., by state, membership type).

Additional Details:

• Campaign: See how Payments relate to specific fundraising campaigns.
• Batch Title: Identify groups of Payments processed together.
• Soft Credit: Track Payments where credit is shared with another organization.
• Credit Card Type: Analyze preferred credit card methods for donations.
• Payment is a pledge payment: Identify payments made towards previously pledged Payments.
• Tag/Group: Filter Payments by tags or groups assigned to members.

Address Information:

• Location Analysis: Analyze Payments by member location (city, state, country).

Using ‘Payment Summary’ Report in Association Management

Let’s consider a scenario where the nursing association wants to understand their membership donation trends:

1. Filter by Contact Type: Select “Registered Nurses” to focus on this specific member segment.
2. Payment Date (From-To): Set a date range for the past year to analyze annual giving trends.
3. Financial Type: Group by “Membership Fees” to understand membership revenue.
4. Payment Aggregate/Count/Avg: Analyze total fees collected, number of members who paid fees, and average fee amount.
5. State/Province: Analyze Payments by location to identify areas with high membership concentrations.

More Use Cases for Associations, Chambers of Commerce and Nonprofits

Association – Analyze Membership Renewal Rates

Goal: Understand membership renewal rates and identify trends

The alumni association can use the Payment Summary report to track membership fee renewals. By filtering by “Contact Type” for “Alumni” and “Financial Type” for “Membership Fees”, the association can see the total amount of membership fees collected, the number of members who renewed their memberships, and the average renewal amount. They can also analyze trends over time by using the “Payment Date” filter. This data can help the association identify any declines in renewal rates and develop targeted campaigns to encourage renewals.

Chamber of Commerce – Identify Sponsors for Events

Goal: Identify potential sponsors for upcoming events

The business chamber can use the Payment Summary report to identify businesses that have a history of supporting the chamber through financial Payments. By filtering by “Financial Type” for Payments related to sponsorships or events, the chamber can see which businesses have sponsored events in the past and the amount of their Payments. They can also use the “Payment Date” filter to identify businesses that have consistently sponsored events. This data can help the chamber target potential sponsors for upcoming events and develop sponsorship packages that meet the needs of different businesses.

Nonprofit – Track Donations for Specific Programs

Goal: Track donations for a specific program (e.g., tree planting initiative)

The environmental protection organization can use the Payment Summary report to track donations for their tree planting initiative. By filtering by “Financial Type” for donations designated for the tree planting program, the organization can see the total amount of donations received, the number of donors who contributed, and the average donation amount. They can also use the “Payment Date” filter to track donation trends over time. This data can help the organization measure the success of their fundraising campaigns for the tree planting program and identify areas for improvement.

This report allows Associations, Chambers of Commerce and Nonprofit organizations to identify membership, event and other kinds of payers, target specific member segments for future campaigns, and assess the effectiveness of different financial initiatives. They can use this data to tailor their communication and outreach strategies to different payer groups in your contact database in Retention CRM.