Nonprofits have a variety of options when it comes to accepting online donations. As you evaluate the options, there’s one key piece that many people overlook. The cost of the transaction.
The credit card processing industry consists of many rates and a very complicated pricing structure. At DonorLynk, we wanted to change that process. No matter what type of credit card your are accepting, the rate is the same. We also feel that it is important for a nonprofit to know EXACTLY what the online donation is going to cost them, so that they can plan and budget accordingly.
DonorLynk provides nonprofits with a rate of 2.49% + $.30 per transaction. For example, a $100 donation is going to cost the nonprofit $2.79 to accept it. Without a single rate solution, you’re not sure what your cost will be.
A word of caution, make sure any merchant agreement you complete clearly spells out your processing costs. Don’t be caught off guard by fees and processing costs that you didn’t even know existed.
As you compare rates, you also need to view the cancellation policy. Credit card processors have been known to charge hefty termination fees for merchants wishing to cancel their service. At DonorLynk, we have a $0 cancellation / termination fee. If we aren’t providing the solution a nonprofit needs, we want the nonprofit to find a solution that meets their needs without costing them to make the move.
DonorLynk is excited to announce that we will be having a webinar on February 2 at 1:00 p.m. CST that provides an educational session on accepting online donations, how to increase online giving, and how to increase awareness for your nonprofit. To register, please click HERE.
Jason Burgess is Chief Executive Officer at DonorLynk, LLC. DonorLynk is focused on helping nonprofits increase effectiveness and efficiency.