Answers to your banking questions
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What is the most common mistake not-for-profits (NFPs) make when it comes to their banking management?
I wouldn’t say that NFPs are making mistakes with their banking necessarily; rather there is scope for NFPs to improve their banking channels by utilising the latest technology and conducting a holistic review of their banking.
The reality is that we’re all busy and most often changes in banking are driven by an immediate need to support an event or new program. This often means NFPs miss out on the opportunity to consolidate processes and utilise the best technology to drive efficiencies within their organisations. Westpac tries to help its customers take a step back and review what they are doing to identify areas for quick wins as well as longer term process changes.
I’m unhappy with my current banking solutions but feel it is too hard to switch service providers and don’t know what changes need to be made. What advice can you give me?
This is a very common thought. However, Westpac has teams to help customers switch their banking. Westpac uses project planning methods for all commercial sized NFP customers which are aligned to clients’ individual timelines. It also has online guides for NFP customers to help them with this process.
How can NFPs improve their process of accepting membership fees, donations and other funds?
Westpac’s experience with consumer banking shows that 64 per cent of the population use online banking as their main method of transacting. Therefore it’s imperative for NFPs to have an online payment gateway. Westpac has invested heavily in this area and makes it simple to collect regular payments, membership fees and donations online through its PayWay product. Westpac also has a wholly-owned subsidiary that builds payment gateway to suit any organisation’s existing website.
Are there any specialist products and services available that will lower my NFPs fees and maximise its returns?
Yes, Westpac has specialised banking packages for NFPs that are designed to suit organisations with high transactional requirements. For example, the Community Solutions Cash Reserve account is an online savings account specially designed for NFPs. It’s ideal to maximise an organisation’s cash returns, with no monthly service fees or account transaction fees (other fees and charges apply), no minimum balance needed and up to 3 per cent interest rate (cash rate), depending on balances.
