Hello! I'm wondering if anyone out there is offering the option for donors to contributed monthly for a given or unlimited amount of time. We've just implemented Tessitura Merchant Services and are at a point where we can accommodate recurring gifts, but are not sure of the best process to handle this on the back end. Any insight would be greatly appreciated!
Hi Sue, we've been investigating and researching this issue and this is what we are looking at doing.
1) Have a separate On Account RG Fund for TNEW
2) Setup CSI's to manage the following. 1) How much per month (or whatever your time is - biweekly, monthly) 2) They may give more or less per month than the initial gift you require to setup the gift
3) Setup a specific Billing Plan to use for these Recurring Gifts (this will allow you to pull them separately should you need to)
4) Have a separate Campaign and Fund to hold the recurring gifts because you will be building them as pledges from your CSI's
You will be "adjusting/moving" that on account to your new pledge
Why: Because you don't want to count these as actual revenue until the payment is made because they can cancel at any time.
You will only make each pledge for a single fiscal year so that accounting works properly
5) At the end of fiscal you can communicate and thank your current recurring gift donors and ask them to renew or tell them you will continue their gift unless you hear from them otherwise (you decide which messaging works best for your situation
6) Do not clear all the old credit cards out until after you have setup the new fiscal year pledges for those continuing that may need you to use their card that is on file.
This is how we are looking at doing it based on what we have figured out - Since we are new, I would love to hear if we got any of this wrong
Thank you so much! I appreciate all the thought you've put into this process and for sharing it with me!