Online giving brings in donations from a range of people from young Millenials to aging Baby Boomers, and analysts predict that it will continue to grow.
Not all nonprofits are “jumping for joy” at this news. After all, both businesses and nonprofits see funds diminished because online credit card processing services such as PayPal or Square (see our earlier post on Square here) charge a per-transaction fee.
For example, if your Jewish nonprofit conducts $300,000 in credit card donations and is charged three percent in fees, that’s $10,000 a year that is going directly to the online credit card payment platform. Indeed, some nonprofits shy away from online donations or encourage people to make their contribution via check and not credit card.
That said, current and potential future donors appreciate the ease of online giving and the added bonus of receiving miles or points all while making a contribution with their credit card.
To that end, already back in 2013, we featured a blogpost entitled, 6 Ways You Can Accept Online Donations With and Without a Website. This post featured a roundup of startups and some well-known options that you can use to accept donations with and without a website.
In this post, we want to introduce our readers to a relatively new online payment system called PayStand that promises its users no transaction fees.
That’s right. No. Transaction. Fees.
Instead, an affordable monthly fee from PayStand will allow your nonprofit to accept credit cards, e-cash, e-checks, foreign currencies, and even Bitcoins (see our post entitled: What is Bitcoin & How Can it Benefit Your Nonprofit Organization? for more information on how you can accept Bitcoin donations).
Because you won’t lose a penny of the donation and only pay a monthly fee, the difference between using the established Paypal and PayStand could be in the thousands saved in transaction fees by year’s end.
To learn more about PayStand and to help you determine if you should use PayStand as your platform for accepting credit card donations, watch the video below: