Follow up to 2015 Annual Meeting
Finance Questions Answered
Thursday, August 6, 2015
by: Guild Staff

Section: Membership News

During the Annual Meeting, Acting Chief Financial Officer Tom Pappas presented the FGNA financial report. A number of members commented that they would like to be able to pay their membership dues using PayPal. Tom explained that our association management software (AMS) only allows one merchant processor. Although the processor we use does not allow payments through PayPal, it has other features that are essential for us, such as providing an interface between our AMS and our accounting system. We will continue to evaluate other payment options as we move forward.
Several members also inquired about the Credit card and Merchant fee expenses for 2014. These fees are the 3-5% fees charged on all purchases that are made and attributable to one of the three large credit card companies (AMEX, VISA and MasterCard). The Bank fees (charged on all the FGNA and Chapter accounts as well as the actual fees for Merchant processing are minimal as compared to the fees charged by the credit card companies, which are charged when a card is accepted, and we do accept credit card payment on a fair amount of our membership, event registration and product payments. This will add up during the year. Any business that accepts credit cards will incur these fees from the three large credit card companies, regardless of the Merchant processor they use.
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