Schools foundation could recoup credit card fee savings
CHAMPAIGN — The Champaign Urbana Schools Foundation is working with several local businesses and a company that will help the businesses lower their credit card processing fees.
Their savings, in turn, will turn into donations for the foundation, which supports local schools.
Gail Rost, the foundation's executive director, said her organization is working with a company called GenerateForSchools in hopes of raising more money and lowering processing fees for businesses.
Rost said many times, it's most beneficial for small businesses, which aren't able to negotiate low fees because they're so small. GenerateForSchools pools them, so they can benefit from lower fees.
Rost said the foundation has already started requesting and looking through statements from local businesses, to see if the strategy might work locally.
"We've got (businesses) who are willing to participate so that we can start to generate some additional money for the foundation," Rost said, adding the foundation has talked with Shelby Motors in Champaign. Rost said The I.D.E.A. Store, its creative reuse store in Champaign that raises money for the foundation, will participate.
She said businesses who end up participating will get a sticker for their window, so local customers will know they're involved.
Rost said she found out about GenerateForSchools from another foundation in Texas, which makes about $2,500 a year. She said she's not exactly sure how much money GenerateForSchools and local businesses will raise for the Champaign Urbana Schools Foundation.
"It's another avenue to explore, especially in these hard times," Rost said. "We're looking for all the ways we can bring new revenue into the schools."
Rost said businesses interested in participating can call the foundation's office at 398-2873.
GenerateForSchools also works with the National School Foundation Association, according to a news release.
"The community of Champaign should be very proud to have a forward-thinking and dedicated education foundation that also has the structure required to support the program," said John Malone, founder and CEO of GenerateForSchools, in the release.