This article explains how third-party collection works and what it means for your nonprofit.
- How does online payment work?
- Do I still need a traditional bank account?
- Why do I need to verify my e-wallet?
How does online payment work?
In practice, online payment doesn't change anything for you. You manage your funds just as you would with a traditional bank account.
It works on the principle of third-party collection.
- Funds don't flow directly from the member's or donor's account to the nonprofit's bank account. Instead, they pass through an e-wallet belonging to the nonprofit.
- This e-wallet is managed by a Payment Service Provider (PSP) licensed by a banking authority. To collect payments online through Springly, you create an e-wallet directly on the platform, which integrates Adyen's PSP solution.
Does that mean I no longer need a traditional bank account?
Not at all — you can still use your bank, and it's actually recommended.
Your e-wallet receives all online payments collected through your campaigns (memberships, donations, ticketing, and Product Sales).
Whenever you're ready, you can request a payout from your e-wallet to your bank account in just a few seconds. The actual transfer typically takes a few days.
You must complete e-wallet verification before you can transfer funds to your bank account.
Why do I need to verify my e-wallet?
First and foremost, it's a legal requirement. Verification helps combat fraud and money laundering, and protects you against identity theft.
Compared to opening a traditional bank account, the process is much simpler.
The entire process is 100% online and takes just a few minutes.
Who verifies my account?
Verification is handled not by Springly, but by our partner Adyen, a licensed Payment Service Provider (PSP).
- Learn more about the payment service provider
- Learn more about E-wallet and security
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