TSPRA Executive Director
"Can I pay with a credit card?"
It's a question we hear every year during conference registration, dues renewal and the Star Awards entry deadline. For the past two years, TSPRA has been researching the pros and cons, consulting with our CPA and surveying other associations about their experiences with the use of credit cards as a form of accepting payments.
Now we are at a crossroads and desperately need the input and feedback from ALL 800 TSPRAns to make a sound fiscal decision.
There are benefits and risks associated with modernizing our payment options. The benefits, increased flexibility for some members, are self-explanatory. Determining if the risks are healthy for our organization is the issue your Executive Committee is contemplating.
Every time TSPRA accepts an electronic payment, the organization is charged:
- A bank fee
- A processor fee
- A fee if the credit card is declined
- An additional fee if it's an American Express charge
- An additional fee if the card is not physically swiped
- TSPRA would have to purchase the equipment and pay an initial set up fee, along with monthly and yearly fees.
- Those monthly fees are charged even if we don't accept payment during a particular month.
- Some companies charge a penalty if a minimum number of credit card payments are not received each month.
- Our website would have to be upgraded to meet federal banking security requirements.
Pete Allman, our TSPRA CPA, says that while we seriously need to consider accepting electronic payments, we also need to realize that this convenience could cost TSPRA anywhere from $3,000 to $12,000 per year.
We need to receive a 75 percent response rate to help us weigh these costs against the potential benefit for our members. Please take a moment (and that is all it takes) to complete the survey posted on the TSPRA website.