Given infinite resources, there is no limit to the amount of good your church could accomplish. But the reality is, most churches don’t have the cash, or the human capital required to meet every single charitable goal they have in front of them. This can create a situation where congregations must make difficult choices on where to focus their resources, so they can do the most good for their community. Some churches may even struggle to keep their lights on with the current economic conditions brought by the COVID-19 pandemic.
However, there is some good news. In recent years, advanced financial technology, or fintech for short, has been developed that helps many organizations, including churches, protect and stretch their cash and resources further than ever.
Fintech Can Protect and Grow Your Tithes
What if you were told you could grow your congregation’s current funds at a nationally competitive rate, and getting started is simple? What if you were told this same service could ensure every cent of your church’s money was protected by FDIC / NCUA insurance, no matter the amount, all while you keep your relationship with your local bank?
Many church administrators might write this off as fiction, but they’d be making a huge mistake. The fact is companies like ours, The American Deposit Management Co. [ADM], have focused their powerful fintech on improving the operations of religious organizations. We offer a service called Marketplace Banking™ that provides your church with access to extended deposit protection and nationally competitive returns. This allows your church to maximize your congregation’s giving.
Fintech Can Reduce the Opportunity for Fraud in Your Congregation
In most congregations, there is a level of trust within the members that you just can’t find in other, non-religious, institutions. Having such a close-knit organization leads many religious administrators to believe that they don’t have to look over everyone’s shoulder to make sure they are doing their job. But that can be a critical mistake.
The sad truth is that religious organizations do experience fraud, just like any other business. The good news is fintech has allowed for services that reduce this risk and grow your congregation’s money safely while reducing your administration team’s workload.
Reducing Fraud Risk with Streamlined Vendor Payment Processing
Paying multiple vendors, multiple ways leads to unnecessary fees and risk. American Payment Solutions by ADM can find you extra time, extra savings, and simplify your overall payment process.
By streamlining your vendor payments, you can free up your members to focus on what matters the most. As an added benefit, an efficient vendor payments process can reduce the opportunity for fraud in the back office of your church while ensuring your vendors are being paid timely and accurately.
Earn More, Risk Less with Fintech by ADM
Get started by downloading our answer sheet. Then open a Marketplace Banking™ account for your church. Within a few hours you can make your first deposit and begin enjoying access to extended safety and competitive returns on your church’s deposits. If you have questions or want to learn more, contact a member of our team. You can find more insights on interest rates and ADM services in our articles or by following us on LinkedIn, Twitter and Facebook.
*American Deposit Management Co. is not an FDIC/NCUA-insured institution. FDIC/NCUA deposit coverage only protects against the failure of an FDIC/NCUA-insured depository institution.