It’s no secret that technology has changed and continues to change our world. Aside from group calendars or text groups, how can technology affect how you do your work as a PTO, PTA, or Booster Club? You may be surprised to find that digital payment is common than you think.
Why do I need a Card Reader?
If you haven’t already, you may want to look into investing in a card reader. Many people have stopped carrying cash and instead use their debit or credit cards. It’s become so commonplace that some studies found that as many as 80% of respondents use their debit card for everyday spending, rather than cash.
With all the fundraising Parent Teacher Groups do, how often might you miss out on a donation or sale because someone is only carrying digitized money with them?
One way to fix this problem is to get a card reader. Accepting in-person card purchases is great for events such as spring carnivals or fall festivals! One fact, not to be overlooked, is that if you accept credit/debit cards you will be charged a processing fee. If you can’t stand the thought of missing out on this money you may choose to raise your prices by the percentage needed to account for the charge. Some popular card readers are Paypal Here, Square, and Payanywhere.
Are Digital Wallet Apps common?
As if cards with chips weren’t techy enough, many people are using mobile apps instead of a physical card to pay online and in-store. These apps are labeled as “digital wallets” because they hold your credit/debit card information safely inside, like a digitized wallet, and can be used online or in-person.
In 2018, one survey found that about 110 million Americans have used digital wallet apps. They are most popular amongst 18 to 38 year olds, but interest has grown among older users. To use a digital wallet app, you’ll need to install an “app reader” formally known as a terminal. Customers place their phones over the terminal face, allowing their credit/debit card of choice to be read and “swiped.” A few of the most popular digital wallet apps are Apple Pay, Google Pay, Samsung Pay.
Do I still need insurance if payments are digital?
Using technology to your advantage is a great way to keep your PTO, PTA, or Booster Club up-to-date, but it is important to remember that simply because there is less physical cash when you digitize, you are not free from the possibility of embezzlement.
When most people think of embezzlement they imagine cash being stored away secretly, but an entrusted member could embezzle straight from your bank account! Although it may be safer to use digitized payment methods, your Parent Teacher Group should always consider Embezzlement Insurance. If someone embezzles or misappropriates your funds, AIM will replace the missing funds so that you can get back to doing what you do best.
If you want to learn more about how your Parent Teacher Group can use technology to your advantage, check out our blog: How to Build an Online Store