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.
Safe electronic funds transfer
The process of transferring funds electronically can be a nerve-wracking task, but there are a few elements that can make it a safe and easy process. Your grant payment software of choice should be designed to help streamline the process of electronic fund transfer, and make it safe and secure.
Organizations that use SendGrant can rest assured that their grant payments will be executed quickly and securely, for example. That's because our trusted financial partner manages all transactions directly between your organization and the recipient.
Here's how it works: When you're ready to make a payment, you'll enter the recipient's information into the software. Then, our financial partner will process the payment and send the funds to the recipient on your behalf. The whole process is secure, efficient, and hassle-free.
Fund guidelines
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.
Client portal and workflows
As a grant manager, you are always looking for new ways to increase efficiency and effectiveness in your work. One way to do this is to use grant payment software that provides a client portal and workflows. By having all of your information in one place, you can easily keep track of what needs to be done and when. This will save you time and energy in the long run. In addition, using a client portal will allow you to keep your clients informed about the status of their payments and any changes that need to be made.
For example, your workflow may include an automated approval process for grant managers. When certain protocols are met, it can trigger the next step of the process automatically helping to prevent bottlenecks in the approval, processing, and distribution of payments. In other words, workflows within your grant administration software will also help you stay organized and on top of your work.
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.
Transaction log
A transaction log provides a complete audit trail for all transactions processed through grant management systems, making it easy to track down errors and disputes. This is why it’s so important to look for a transaction log in your grant payment software features.
Without a transaction log, it would be very difficult to generate reports and/or resolve disputes. The log provides a complete record of all transactions, including date, time, amount, and type. These details are essential for auditing and dispute resolution.
Furthermore, a transaction log gives recipients a means to report how their funds were used so that the grant program team can be sure that all guidelines were met. It just adds yet another level of transparency that will help improve and maintain the reputation of the grant program.
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:
- Security
- Privacy
- Compliance
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.
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