In today’s digital age, nonprofits cannot survive without shifting their fundraising focus online. It has become an essential part of every nonprofit’s fundraising strategy. Online donations are not only convenient, but they also allow donors to make secure donations at any point in time from anywhere in the world.
If you ever want to donate for a cause now, all you have to do is visit the nonprofit website and make a donation online. But what if you are a nonprofit? What are the options you can give to donors for online giving? How will you choose the right payment way? In this blog, we’ll discuss the five best payment ways for nonprofits.
GPay or Google Pay is a digital wallet platform that allows users to store credit and debit cards, loyalty cards, and gift cards. GPay partners with an NGO called Network For Good (NFG) which collects and distributes the donations received by the nonprofit using a donor-advised fund.
GPay charges no fees for donations, making it an excellent choice for nonprofits looking for a cost-effective solution. But it may take up to 2 months for the nonprofits to receive donations that have come through GPay.
Also, when donors make donations to your nonprofit, their payment will be listed as going to NFG instead of yours. However, through the GPay collaboration, it will eventually be transferred to your nonprofit.
One thing to be noted is that GPay doesn’t share donor information. So, nonprofits can simply create an online donation page with a custom form for donors to fill in their contact details before they make an online donation.
GPay charges no fees for donations for donors in the United States. If donors are making payments from another country, it may charge them currency conversion or credit card fees. All donations made through GPay are non-refundable.
Stripe is another popular payment gateway used by nonprofits to collect donations online. It offers a seamless experience to donors by offering a range of payment options and features making it an excellent choice for nonprofits of all sizes. One of the benefits of using Stripe for nonprofits is its customizability. You can easily set up a donation form on your website and customize it to match your brand. You can also set up recurring donations, which is a great way to encourage donors to make regular contributions.
Stripe charges a fee of 2.9% + $0.30 per transaction. However, it offers a discount for nonprofits.
But there are certain conditions to be met for fee discounts:
While there is no specific fee mentioned for nonprofits, many have reported a final discounted fee of 2.2% + $0.30 per transaction.
PayPal is one of the most popular payment gateways used by nonprofits to make payments online. It offers a simple interface making it easy for nonprofits to integrate into their fundraising platform.
The PayPal pricing for receiving donations for fundraisers is different from that for charities. It charges a fee of 2.89% + $0.49 per transaction for Donate Button and Paypal Checkout for Donations. For Listed PayPal fundraisers, it charges 2.99%, and no fee for PayPal unlisted fundraisers. For international donations, it charges a 1.50% additional fee per transaction.
The domestic charity transactions are cheaper at 1.99% + $0.49. For international charity transactions, it charges an additional percentage-based fee of 1.50%.
iATS or International Automated Transaction Services Payments is an integrated payment processing platform created specifically for nonprofits and charities. It provides several features for nonprofits to set up a standalone donation page to collect donations or membership fees.
The iATS Payments platform charges a fixed monthly fee other than the processing fee per donation.
Similar to iATS Payments, GivingX is an integrated custom fundraising software to collect payments from donors, design a fundraising landing page, create embeddable custom forms for your website, reach an international audience through its automatic language translation tool, and much more.
It offers 125+ secured payment gateways to offer payment flexibility to donors. It has Stripe, Apple Pay, GPay, PayPal, and other payment gateways integrated with it so that you can benefit from it when you create a fundraising landing page or embed a custom form to collect donations.
GivingX charges a flat 1.45% per transaction. The processing fee depends on the payment gateway opted for by the donor. GivingX’s features and pricing make it a popular choice for nonprofits to raise successful fundraisers.
These are the 5 best payment ways for nonprofits to accept donations online. Which one of them do you think is the best suited for your fundraising needs?
With GivingX, starting a fundraiser and managing it is a breeze. If you are interested to know more about this custom fundraising software, contact us and we’ll assist you to start your crowdfunding now.