We are often asked by clients if it is better to process payments for auction items in real time (now) at a fundraising event or (later) after the event, say the next day. Many small to mid size non profits cannot afford the additional fees charged by auction software providers or don’t want to enter into a new agreement to process payments for their first and possibly only (depending on success) fundraising auction. And so the question becomes, “do we capture credit card information at the event and process it through a virtual terminal the next day or should we find a way to process payment information at the event?”
It is our opinion that the preference should always be to process credit card information as soon as possible, before a bidder leaves your event with an auction item. This ensures that credit card information provided is valid and accurate and that payment for the auctioned item will definitely be received by your organization. It also relieves your organization from the burden of having to capture, store and securely transport credit card numbers and then dispose of this information after it has been used to process transactions. Additionally, it saves you from the uncomfortable task of contacting bidders if their credit card payment fails to process for whatever reason.
There are several methods that enable the real time processing of credit card information at an event, the most common involves the swiping of credit cards through card readers that are connected to a payment gateway via the Internet. This method is fast, secure and ensures that all transactions receive a confirmation of payment in real time. It also ensures that all credit card information is legitimate and not fraudulent.
Acceptiva clients use the Acceptiva virtual terminal at events to process transactions in real time through a card reader tethered to a PC. This solution enables all transactions to process through their existing merchant account, be reported in their existing Acceptiva reporting and is very low cost as the virtual terminal is included free of charge with the Acceptiva service, and card readers are relatively inexpensive at approximately $60 each.
