Complex Payment Processing
The seemingly simple task of accepting payment often becomes a challenge for our clients. Organizations face a variety of rules and requirements related to their financial transactions and filings, which differ by jurisdiction and by type of legal entity. They dictate how money can be collected, who can provide it, how much they can provide, and how those funds are subsequently handled, among other requirements. Often, these rules and requirements become barriers to implementing an organization’s strategies or achieving their goals, especially when those organizations are faced with relatively limited resources.
To illustrate, it is a common desire of organizations to allow their supporters to purchase multiple items or a variety of products within a single transaction. A seemingly simple request that is supported by a number of commercially available tools and systems, but complicated when those products have legal or regulatory implications.
As a result, organizations are required to constantly track which products count to which contribution limits and which products result in the issuance of a tax receipt, and to whom. As you can imagine, a simple payment processing system is quickly overwhelmed by these unique accounting requirements.
Another seemingly simple request is the requirement or desire to split the proceeds amongst various entities such as the national organization and regional affiliates. For some organizations, transferring the requisite funds after the fact is an option, but one in which requires a level of effort, sophistication and trust.
In some cases, organizations can face requirements or prohibitions on making such transfers. This request is especially relevant and common for organizations involved in campaign periods that are subject to different regulations and require separate filings. Unfortunately, organizations subject to these complex transaction and filing requirements are often relatively small and may not have the expertise to meet both their legal and technical requirements.
Candidate Cloud has worked with our clients and regulators to build solutions that allow our customers to handle complex financial transactions that meet their unique and complex legal, regulatory and financial needs.
Contact us to find out how Candidate Cloud can help.