Payments is an online payment gateway for Virtuous Giving that allows you to process credit cards, ACH, and other popular payment types. This is combined with 24/7 security and fraud protection, cost-saving processing rates, and hands-on support by the Virtuous team from day one.
When you're getting started setting up Payments powered by Stripe, you will be prompted to connect Stripe (the processor) with Payments (the gateway).
Note: If you are using both RaiseDonors and Virtuous Giving, you cannot use the same Stripe account for both platforms at this time.
Now, let's start configuring!
Prepare Required Materials
Be sure to have these materials ready for the application:
- General financial information
- Deposit bank information
- Annual Gross Revenue
- Average Transaction Size
- Largest Transaction Size
- Current Processing Percentage
- Organization information
- Legal Name
- DBA (Optional)
- Phone Number
- Address
- Tax ID/EIN
- URL (organization web address)
- Representative information (i.e., an executive or senior manager who is authorized to represent your organization)
-
- Legal Name
- DOB
- Residential Address
- SSN (last 4 digits)
- Title
- Phone Number
- ID Document (If ID is not verified)
-
Why Do I Need To Provide DOB and SSN?
SSN and DOB are requirements of the PATRIOT Act. All financial institutions operating in the United States are subject to this requirement, including Stripe.
Configure Payments Integration
Your initial giving setup should not take more than 20 minutes from start to finish. As part of the setup process, we recommend:
- The process should be completed in its entirety in one sitting. Since setup involves connecting to Stripe and configuring your new account, it's generally best to complete the whole process to ensure your account is configured correctly.
- The setup should be completed by your controller or CFO. Stripe accounts are tied to a specific user, who should be the person responsible for managing your organization's bank account.
To begin setup, navigate to the Dashboard tab under the Online Giving page in Virtuous CRM.
Follow the instructions via the Stripe setup portal to complete the applications.
Updating to Payments Powered by Stripe
If you are replacing your existing Payments gateway with Payments Powered by Stripe, you will follow a slightly different process.
First, navigate to your Giving Dashboard under the Online Giving page in Virtuous CRM.
ext, select the "Settings" drop-down, available at the top of the screen. Select "Payment Providers" from the available options.
You will be redirected to the Giving Integrations landing page. Next, select the three dots to the right of your database name, as shown in the screenshot below.
In the pop-out window, enter a descriptive name for the payment gateway. It's recommended to include the payment processor in the name. If you will be accepting ACH Payments, be sure to slide the selection.
Select "Start Setup" and you will be moved over to the Stripe application process, as described above.
The Stripe account setup form has several sections, all laid out on a single page:
- Business Details - Provide the name, address, and tax ID for your organization
- Executive Details - If this section is titled "Individual or Sole Proprietor Details" instead, make sure you have selected "Nonprofit Organization" under Business Type in the previous section. Enter the personal information of the specific individual to be associated with your account. As stated earlier, this should be the person responsible for managing your organization's bank account.
- Credit Card Statement Details - Specify how you would like your organization to be identified on your donors' credit card statements.
- Bank Account Details - Enter the bank account where donations will be deposited.
- Two-step Authentication - For your protection, your account requires setting up additional authentication. You may choose to receive an authentication code via text message or by using a separate authenticator app.
- Save Your Stripe Account - Create a username and password that you will use to access your Stripe account.
Click "Authorize access to this account" once you have completed the setup form. If there are any missing details, you will not be able to proceed with setup, so review everything carefully before authorizing.
Once you have completed your Stripe account setup, you are almost ready! Now, you'll just need to configure your donor portal. For that, you can check out our article on Managing Your Donor Portal.
Revisiting Your Application
After you have submitted your application, you can revisit it via the Giving Integration landing page.
If you need to edit any details of your application, select the three dots to the right of the payment provider. Select the "Edit Provider" option.
What Do the Statuses Mean?
Your account status will be automatically changed depending on the stage you're in. The ability for Stripe to allow charges and/or payouts may vary depending on each status.*
- Pending: Stripe is reviewing the account.
- Charges and payouts are both not enabled.
- Restricted: Stripe requires additional information to enable both charges and payouts.
- Charges or payouts may not be enabled.
- Restricted Soon: Stripe requires additional information to enable both charges and payouts AND you must submit this information by a specific date indicated.
- Charges or payouts may not be enabled.
- Enabled: Your account is in good standing, but additional information may be required to keep it as such.
- Charges and payouts are both enabled.
- Complete: Your account is in good standing and no additional information is needed.
- Charges and payouts are both enabled.
- Rejected: Virtuous or Stripe has rejected your account.
- Charges and payouts are both not enabled.
*Charges refer to the function of accepting online donations. Payouts refer to the function of sending money to your bank.
Next Steps
Now that you've submitted your application, you can take time to review payout schedules and reconciliation!
Comments
0 comments
Article is closed for comments.