Features to Look for While Choosing a Grant Payment Software
Finding the right grant payment software can be quite a challenge. Know the main features you should be looking for in order to choose the right one.
If you manage a grant-giving organization, you know how important it is to get the right people the right amount of money for the right purpose. However, finding the right grant payment software can be a challenge. How do you choose the right one? In this post, we’ll explore the main features you should be looking for while choosing grant payment software.
6 Grant Payment Software Features Every Grant Program Needs
The six key grant payment software features you should be looking for are:
- Safe electronic funds transfer
- Fund guidelines
- Client portal and workflows
- Fund status notifications
- Transaction log
- A secure network
Now let’s break these features down further to help you find the perfect software for your organization.
Your software of choice should allow you to add your grant’s fund guidelines. The reason you should be looking for this element in your grant payment software features is that it ensures everyone involved with your grant knows what is required to apply for, be selected as recipients for, and to actually receive grant monies.
Whether you’re giving away $10 or $10,000, this level of transparency is critical. It helps to ensure that the right people are applying for the money, and that those who receive it will use it in the way it was intended.
Fund status notifications
Both grant recipients and grant management teams want to be sure that payments are being processed correctly and in a timely manner. To track what’s happening with payments, one of the grant payment software features you need is Fund Status Notifications.
Fund Status Notifications automatically update all involved parties every step of the way, so everyone is always aware of the status of the payment. This way, if there's ever a problem with your payment, you can be sure that it will be quickly resolved. If nothing else, it will give you peace of mind knowing that your payments will always be on track.
A secure network
We mentioned earlier that you need a safe electronic funds transfer, and a secure network is the last piece of the puzzle you should be seeking in your grant payment software features. A secure network to manage the transactions ensures that all of the contact information for universities and individuals will be maintained. Their bank account data will be verified to reduce the chance of fraud. At the same time, all of the data will be encrypted so that accounts can’t be exploited or manipulated in any way.
What Software Should You Choose?
SendGrant offers all of the grant payment software features your organization needs. Powered by the team that brought you SmarterSelect, SendGrant is the best tool on the market to safely distribute grant funds. Our top priorities are:
We should add a fourth - transparency! We believe in making the grant management process easier, more efficient, more secure, and transparent. We would be honored to help you streamline your award distribution process. To learn more about what we can do for your organization, click here.
About the author