If your nonprofit or charitable organization limits itself to cash, check, ACH or in-kind donations, it might be time to consider accepting credit cards.
Hear us out…
Accepting credit card contributions improves the donor experience in more ways than one, and thereby increases donation size and builds the foundation for recurring revenue.
Cash flow is one of the most stressful challenges nonprofits and charitable organizations face. Read on to learn how accepting credit cards can boost your bottom-line, reinforce your mission, and empower you to make a difference.
Why charities & nonprofits should accept credit card donations:
1. Improve customer experience
Most of us don’t carry cash anymore. And when was the last time you wrote a check?
Credit and debit cards are the preferred payment method of 75% of consumers, while only 11% prefer to reach for cash.
If your organization isn’t accepting credit card donations, you are likely missing out on hundreds, if not thousands, of potential donors.
Why are credit cards so popular with potential donors? Let’s take a look at the benefits:
- Donors feel safer providing Credit Card information over other payment methods
- Donors prefer the ease of use credit card payments provide
- Donors often commit credit card information to memory
- Credit cards are easier to carry and info is easily stored in keychains and digital wallets
- Credit Card rewards points/miles incentivize larger donations
2. Increase revenue with recurring payments
You work hard to keep cash flowing year-round—planning fundraising events, running donor drives, seeking corporate sponsors. Why not build a list of dedicated donors who are willing to commit to monthly credit or debit card contributions while you focus on your overall philanthropic mission?
Monthly recurring donations keep your bottomline steady through seasonality, and monthly donors are more likely to be retained as donors for years to come.
Make it easy for your most engaged donors to conveniently contribute month-over-month.
Accepting credit cards is the fastest way to boost the number of recurring donations you receive. Using a payment system like PaySimple offers multiple ways for donors to enroll in recurring giving— face-to-face, over the phone, and online. These donations are run and deposited in the background, while you work toward your cause.
3. Boost your organization’s brand and reputation
Because credit and debit cards are the preferred payment method of so many, most of us simply assume the organizations we interact with already accept credit cards.
Do you really want to be the one organization that doesn’t?
By modernizing your payments infrastructure and accepting credit cards, you put forth the image of a robust, and credible organization worthy of your donors’ trust and money.
4. Easier bookkeeping
There is no doubt credit card acceptance improves the donor experience, but don’t forget about your staff. They will love you for the time you put back in their day, and you can better utilize their talents.
Accepting credit cards is more efficient than simply accepting cash and checks. For example, when you take a credit card payment, you know instantly whether the funds have cleared. With ACH payments, you must wait 2-3 business days before a potential return.
Credit cards also eliminate the risk and worry associated with bounced checks. If a payer does not have the funds to clear a charge, they will owe the credit card company money, not your organization.
As a leader of a nonprofit or charitable organization, your focus should be following your passion of helping those who need it most, not on chasing down bounced checks. It’s time to improve the lives of your donors and your staff by accepting credit cards.
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