Functionality for accepting credit card payments for Regions 1-7 is made possible by a joint effort between IEEE Concentration Banking Program and vTools. It enables Sections, Chapters, and Affinity Groups that are using vTools.Events to accept credit card payments for meetings and have funds deposited directly into the Organizational Unit’s (OU) Concentration Banking account.
If you are interested in using this option for your OU and you do not have a Concentration banking account, you can read more on the IEEE Concentration Banking Program web page or contact firstname.lastname@example.org
Deposits to a local bank account can be made available for OUs in Regions 8, 9, and 10 per special arrangement. Contact email@example.com for additional information.
Benefits of this service are multi fold:
- It allows OUs to start offering small sale credit card payments if they have not been able to do so in the past.
- It reduces cost to OUs, since outside vendors often charge high fees for small sale credit card payment services.
- It centralizes credit card payment processing and provides benefits associated with such consolidation: better accounting and record keeping, integration with Concentration Banking System (CBRS) when appropriate, and improved security.
- Please note the following rules and fees for using the credit card payment functionality:
- This functionality is not meant to be used for large events, such as conferences. If there is a need to process payments for a large event please contact MCE Sales to get started.
- The fees for each credit card payment are the following: 2.2% of the total amount charged + 0.30 US Dollars; * Payments are deposited into the Organizational Unit’s Concentration Banking account in Regions 1 – 7. Deposits to a local bank account can be made available for sections in Regions 8, 9, and 10 per special arrangement. Contact mailto:firstname.lastname@example.org for more information.
- Fees for credit card payments should be included in the L50 report on Sch IV under line 5.60 – Other General & Management expenses;
- Refunds are not issued in vTools. Volunteers needing to issue refunds must contact IEEE Concentration Banking for further assistance email@example.com
- Volunteers are responsible for complying with any local and federal tax laws and regulations;
- Even though vTools Events uses PayPal as the payment clearing house, there is no access to the PayPal accounts;
- Payment reports are available from vTools Events and the Concentration Banking System.
- Organizational Units cannot use their own PayPal accounts for this functionality.