We set up PayPal; they don't mention when you're signing up that you can't transfer more than $500 per month ... unless you give them *your* SSN (not the PTO's EIN) or a credit card number.
You can set up a PayPal account for free even if you're not 501c3; they do have some program for 501c3 organizations that you can get a special logo/button.
I did get a PayPal Security Key for the account, so I'm not so worried about someone stealing the password, but I do wish my bank would let me prevent PayPal from taking money from the account, so we could require a paper trail/check for all purchases.
We set up a PayPal account in the name of out PTO. Since we are a 501(c)3, there is no fee to set up the account. It is tied to our PTO bank account so the money commingles with personal funds. WORKS OUT GREAT!!
Holly Eighmy;82225 wrote: You'd really have to work out the kinks of who has access to that money and such. It might end up being more a hassle with having to keep a paper trail to be sure no one is "dipping" into those funds since it's a bit different than a reg. acct.
Yes, that's a concern -- have to have a discipline to print out the PayPal account history; also, I guess you can't require two signatures on purchase from the PayPal funds, for those who have 2 signatures on their checks.
I've been using PayPal for over 5 years now with no problems at all. I use it for my ebay purchases as well as accepting cc for my home business. I have a paypal account that has it's own debit card so I don't transfer the money back into my reg. acct. I do, however, transfer money from my reg. acct. to paypal on occasion. This takes up to 3 days. If I'm paying for an ebay item and there's no funds in my paypal account they do just electronically transfer the funds from my reg. back acct. for that purchase and that's instant. I don't know about using it for donations. You'd really have to work out the kinks of who has access to that money and such. It might end up being more a hassle with having to keep a paper trail to be sure no one is "dipping" into those funds since it's a bit different than a reg. acct.
I hope that makes sense??
Long-time reader; first time poster! Has anyone heard of an organization allowing its members to donate through credit cards? I was in a conversation with the fundraising committee and someone suggested Paypal as a source of accepting donations from credit cards. However, wouldn't you have to have a strict line of ensuring that all money donated goes to the school's bank account? Isn't it a little iffy to accept electronic deposits into bank accounts? What are everyone's thoughts? Thanks.
Has anyone heard of an organization allowing its members to donate through credit cards? I was in a conversation with the fundraising committee and someone suggested Paypal as a source of accepting donations from credit cards. However, wouldn't you have to have a strict line of ensuring that all money donated goes to the school's bank account? Isn't it a little iffy to accept electronic deposits into bank accounts? What are everyone's thoughts? Thanks. 
