More than 20 years ago, Jeanne Rose, then chief financial officer of an insurance agency, started to wonder why small businesses weren't adapting Automated Clearing House (ACH) technology that big outfits used for transactions with banks.
Her agency had such a system, and she thought her daughter's orthodontist should have one, too, rather than requiring families to write out a check every month.
So she started a company called Vanco Services in Bloomington that helped small businesses adapt. Fairly quickly, the firm started to develop a niche helping churches and nonprofit organizations.
"That orthodontist was the first account we added," said Rose, who is now 67 and retired after selling Vanco Services several years ago.
"We piloted with Lutheran Brotherhood [now Thrivent Financial] on electronic giving through Lutheran churches. It took off," she recalled. "Lutheran Brotherhood was doing the marketing and we were the tech people. They said if you want to run with it for other denominations, please do it. We ran with it."
The coronavirus pandemic has produced another growth spurt for the company, its biggest yet, as many more churches turn to electronic transactions to collect donations.
"The offering plate is in the past in COVID-19 times," Rose said.
Now called Vanco Payment Solutions, with more than 300 employees and $100 million-plus in revenue, the company is the electronic-payment processor for 26,000 churches and their donors.