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Most schools would give a resounding yes to this questions as it allows
donors who can't make a larger capital gift that opportunity to make
regular monthly gifts.
In terms of maintenance, you should have a vendor and business processes that allow this to happen with as little manual intervention as possible. There are a number of vendors that do automatic submission of these types of payments and automatic verification and transfer of funds. You'll also have to ensure that you get the proper information back to to bank reconciliations and to record the gift on your advancement system if the interface back from the company processing the transaction is not automatic.
In some cases, you may end up retaining the donor's credit card number in your database so you also need to ensure that you have the proper security measures in process.
If you do start this process, include the option in all of your marketing pieces, and make sure you accept all major credit cards. You'll also need to consider how you implement an increase in the re-occurring as, probably at least on an annual basis.