In addition to offering transformative tools for nonprofits to raise more DAF gifts and streamline DAF gift processing, Chariot also provides the first end-to-end Disbursements solution for Payers. Payers are defined as any entity - DAF providers, foundations, etc. - that is sending grant payments to nonprofits.
Without Chariot, Payers rely on a variety of third-party services or in-house solutions to validate, pay and track nonprofit grant payments. This patchwork of solutions has left Payers facing risks of fraud, delay and high transaction costs.
Chariot brings Disbursements into one, comprehensive offering that is held to rigorous compliance standards. Chariot’s bank partnership, bank-grade compliance program and innovative technologies deliver some of the lowest risk, lowest cost and most nonprofit-friendly solutions for Payers on the market.
Chariot Disbursements is made up of three key elements:
1. Validation
Bank-grade KYC & KYB checks for every nonprofit with a Chariot Deposit Account.
One of the most extensive databases of nonprofit details on the market.
2. Payment
Payers can send electronic payments directly to any nonprofit with a Chariot Deposit Account.
For nonprofits without a Chariot Deposit Account, Payers can send checks at a fraction of your check-sending costs today.
3. Tracking
User-friendly system for payment initiation and monitoring.
Nonprofits get immediate notice of payment in their central portal for all incoming funds.
These key features are made possible by Chariot’s three central innovations:
1. Compliance
Chariot partners with Column N.A., Member FDIC to provision a Demand Deposit Account (DDA) to any eligible nonprofit on Chariot.
Our validation and verification process is extensive and up-to-date.
2. Data
Our solution is accessible via modern APIs or an out-of-the-box dashboard.
Reliable and vetted nonprofit data and transaction details at your fingertips.
3. Efficiency
Chariot guarantees some of the lowest costs per payment on the market.
Economies of scale with each new nonprofit that creates a Chariot Deposit Account.
If you are a Payer interested in learning more about Chariot’s Disbursements solution, please contact us.