Payments is an online payment gateway for RaiseDonors 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, 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)
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- Legal Name
- DOB
- Residential Address
- SSN (last 4 digits)
- Title
- Phone Number
- ID Document (If ID is not verified)
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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
To begin, log in to your RaiseDonors account. Then, click on the Settings icon in the upper right and select "Manage Account." Then, on the settings screen, select "Payment Providers" from the navigation menu on the left.
There, you'll see a list of all active gateways for your account. Near the top of the screen, you'll see a button to add a new provider. Click that to add Payments as a new payment provider.
This will bring you to the Gateway setup screen. Select "Add Virtuous Payments" to continue.
On the next screen, you will see a general list of materials you'll need to complete an application necessary to use Payments powered by Stripe. Under that, select the currency this merchant account will process in as well as the country where you have a legal business presence.
This will direct you to Stripe's application portal where you will need to provide the information mentioned above and submit these details for underwriting. If you don't have every single item you need, that's OK - you can save and go back into your application to fill out those missing pieces.
Revisiting Your Application
To revisit, go back to the "Payment Providers" screen.
You'll notice your provider is listed - press "Edit" for more details.
Here, you'll see your account status, (Stripe) Account ID, and other details. In addition, you'll see a link to complete or update your application - select that to resume the process.
What Do the Statuses Mean?
Your account status will be automatically changed depending on the stage you're in. 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!