Expense Management

Expense Management

May 07, 2012

Nonprofits Make Use of BillhighwaySAFE Technology

Nonprofit organizations receive funding from donors who pay on credit cards, eCheck, phone, or mail. These nonprofits need to make sure that the payments are safe and important financial data is not exposed to hackers. It will also be nice if they combine payment processing, banking and accounting solutions in one system.

Billhighway, a company that provides the above mentioned services, recently announced that more than 3,500 nonprofit organizations are taking use of its BillhighwaySAFE technology and infrastructure. According to the company, this will help the nonprofits to keep their financial data safe 24 hours a day, 365 days a year.

The company has already installed a Type II examination under Statement on Standards for Attestation Engagements No. 16 (SSAE 16) as part of this agreement. SSAE 16 is an internationally recognized reporting standard and the American Institute of Certified Public Accountants (AICPA) has developed this standard. With this, it becomes easier to report on controls at a service organization. This in turn helps the company to have a better internal control over financial reporting, the company stated in a press release.

“When it comes to processing accounting, payments and online banking financial data for nonprofits, security is non-negotiable. Nonprofits demand the highest degree of safety, security and recoverability,” said Billhighway founder and CEO, Vince Thomas. "The SSAE 16 examination adds to the already comprehensive list of BillhighwaySAFE features, including PCI (News - Alert) compliance, McAfee Secure, Verified by Visa, MasterCard Secure Code, and VeriSign Secure.”

In 2010, the company announced that Chi Omega Fraternity had selected the company’s web-based financial and accounting partner. According to the company, Chi Omega will bring all of its chapters onto Billhighway's system by fall 2010. Also, Billhighway's Global product will be used by Chi Omega to administer usual ledger accounting, membership management, cash management and tracking overall chapter finances.

Edited by Brooke Neuman

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