New Price Set

The “New Price Set” feature in the Finance Management module of Retention CRM allows Associations, Chambers of Commerce and Nonprofits to create a group of options for payment amounts or memberships with different benefits. This is useful when you want to offer various membership tiers or donation levels with distinct perks.

General Functionality of the “New Price Set” feature

Here’s a breakdown of the options within “New Price Set”.

• Price Set Title: Assign a clear and descriptive name for your price set. For example, “2024 Nursing Association Membership.”
• Used For: Select the type of payment this price set applies to:
  • Event: If the price set is for registering for an event (e.g., a nursing conference).
  • Payment: If it’s for general donations with different levels.
  • Membership: This is the most likely option for a nursing association, allowing you to define various membership tiers (e.g., Basic, Premium, Lifetime).
• Minimum Amount: Set a minimum required payment amount for the entire price set. This can be left blank if there’s no minimum for any option.
• Default Financial Type: This defines the financial account where these payments will be recorded. It’s crucial to choose the appropriate account for your association’s accounting purposes.
• Price Set Pre Help: Provide introductory text displayed before the price options. You can explain the different membership tiers and their benefits here.
• Price Set Post Help: Add any additional information or disclaimers that should be displayed after the price options.
• Enabled: Check this box to make the price set active and available for selections on your payment pages.

Using the “New Price Set” Feature in Association Management

Let’s imagine a nursing association using the “New Price Set” feature to create different membership tiers:

• Price Set Title: 2024 Nursing Association Membership
• Used For: Membership
• Minimum Amount: Leave blank (optional minimum can be set within price options).
• Default Financial Type: Choose the designated account for membership fees.
• Price Set Pre Help:

“Welcome! Select your desired membership level to access exclusive benefits and support our association.”

Here, you can elaborate on the different tiers (e.g., Basic, Premium, Lifetime) and briefly explain the benefits associated with each (e.g., access to online resources, discounts on conferences, etc.).

• Price Set Post Help:

“Thank you for your membership! Your contribution strengthens the nursing community. For questions, contact [email address]”

Price Fields (not shown but crucial):

Within “New Price Set,” you can further define individual “Price Fields.” These represent the various membership tiers with their corresponding payment amounts. You’ll specify the tier name (e.g., Basic Member), amount, and any additional details for each level.

More Use Cases for Associations

1. Membership Tiers with Benefits

• A professional association can create a price set for different membership levels (e.g., Basic, Premium, Lifetime) with varying benefits.
• In the “Price Set Pre Help” section, they can detail the perks of each tier, such as access to exclusive resources, discounts on events, or voting rights.
• This allows members to choose the level that best suits their needs and provides a clear incentive for upgrading to higher tiers.

2. Event Registration with Different Rates

• An association can establish a price set for an event (e.g., conference) with tiered registration fees.
• Early bird discounts, student rates, or family packages can be included as separate price fields within the set.
• This caters to a wider audience by offering flexible pricing options and encourages early registrations through incentives.

3. Membership Bundles with Event Discounts

• An association can combine a membership tier with discounted event registration in a price set.
• For instance, a “Premium Member” price field could include a membership fee and discounted access to a conference.
• This incentivizes membership by offering a package deal and promotes event participation among members.

By utilizing “New Price Set,” Associations, Chambers and Not-for-profit organizations can effectively manage membership and event pricing, offering tiered options with clear explanations and benefits, ultimately encouraging registrations and supporting their vision and mission.