The Importance of Embedded Payments for Non-Profits
In this the seventh episode of PayFAQ: The Embedded Payments Podcast brought to you by Payrix, host Bob Butler interviews Misty Novich, the VP of Payment Solutions at Neon One, about the importance of payments in the non-profit space.
Misty has been in payments for over 20 years and has worked for both small and large merchants. Neon One is a software management company for non-profit organizations that offers several different resources including donor management, program management and operations. Neon One currently services 35,000 social good organizations in the United States.
There were approximately 15 different payments integrations across the company when Misty started at Neon One and she was tasked with creating a payments strategy that would allow them to consolidate the payments volume onto one platform and monetize the payments. She discusses Neon One’s interest in creating revenue for themselves as a for profit company but also their desire to invest back into products and services for their non-profit clients.
Neon One chose Payrix because they wanted the PayFac model but couldn’t build it on their own due to lack of resources and experience, so Payrix PacFac as a Service solution helped them create Neon Pay and leverage the advantages of being a payment facilitator without the liability and compliance burden. Ultimately, this ensured the client experience was seamless and new customers were able to get up and running quickly.
According to Misty, monetizing payments is one of the quickest ways companies can see revenue. She says Neon One has more than doubled their revenue while also decreasing customer’s costs in many ways because there were some merchants in their portfolio that were paying 4% to 5% for processing before integrating Neon Pay into their software.
Misty emphasizes doing your reach when thinking about embedding payments. She explains that partnering with Payrix was the right choice because they are invested in growth and in the growth of Neon One. The partnership mentality Payrix has is not something she’s found elsewhere, which was one of the biggest factors in deciding to leverage Payrix’s expertise to integrate and implement payments seamlessly.