Leverage Digital Solutions for Your Nonprofit
When searching for the best banks for nonprofits, it’s easy to simply search for banks with the lowest fees. But in addition to competitive fees and rates, banks can offer many other ways to help you save. As a nonprofit organization, you also need tools and services that minimize costs and optimize earnings for cash reserves. This is where digital solutions can become a very important asset to organizations of any size. Going digital in your own accounting processes allows you to attain optimum operational efficiencies.
Digitize How You Deposit Funds
The main benefit to streamlining your operations is time and cost savings. By ditching paper for electronic receivables and payables, you’re reducing the amount of time that is spent processing paper checks from vendors, donors, and payroll.
Selecting the best cash management options will be dependent on a few factors, such as:
- How many invoices or payment requests you receive per month
- How you receive funds in the form of donations and grants to keep your organization moving
- How many paid employees your organization manages per month
For nonprofit organizations with a large monthly influx of paper checks, leveraging a Remote Deposit Capture solution is beneficial. With Remote Deposit Capture, your financial institution provides a check scanner so you can quickly deposit checks right from your office. For organizations with a lower monthly check volume, utilizing the Mobile Deposit feature through your bank’s mobile app will save you a trip to a physical branch.
Provide More Options to Receive Funds
With more donors and philanthropists using electronic payments to support their causes, having more options to collect funds electronically will not only give your supporters more ways to donate but also provide you with easier ways to manage the inflow of funds.
Working with your bank to complete a Merchant Card Services agreement will give your organization the ability to accept credit cards and debit cards. Additionally, setting up a secure, online payment portal like SmartPay Express with Axos Bank will provide you a bank-integrated platform to securely accept digital donations and payments. This portal can be accessed by a simple button on your organization’s website helping you avoid the high IT cost of doing it yourself. SmartPay Express can also be customized to meet your specific branding standards.
With so many ways to leverage your bank’s digital solutions, you will be able to optimize your operations, save money, and earn more. It’s the wise approach to running any business in today’s environment, but especially for nonprofits who must closely and wisely manage funds.
Optimize Your Funds With Axos Bank
Axos Bank was born digital and has grown to a $13B bank in two decades. Operating as a digital bank empowers us to invest in technology and talent, enabling us to provide our clients with state-of-the-art products and exceptional service at market-leading economics. We offer all of the features above and more, and our personalized client services team will collaborate with you to find the best digital treasury management and liquidity strategies for your unique needs.
Call us today.
Leverage Digital Solutions for your Nonprofit
This blog post was published by Axos Editorial Team on August 18, 2020 and last updated on August 18, 2020.