Friday, May 10, 2019

The Surprising Truth Behind Online Giving Guarantees

Many online giving companies guarantee their product will increase giving. We unpack how these guarantees actually work.

My Well Ministry The Surprising Truth Behind Online Giving Guarantees image

Your church or nonprofit ministry is struggling to raise funds. You're not super tech savvy and want to do more with digital giving, (which includes online and mobile app giving), but don't know where to start. After doing some cursory research, you see a few companies promising a guarantee that your total giving will increase if you use their product. Sounds enticing right? Who would pass on a guaranteed increase in funds?

The truth is simple: a 2018 study of online giving for churches and nonprofits showed this: "churches that accept tithing online increase overall donations by 32%."

Don't miss that! just by accepting tithes digitally, you automatically stand to increase giving by 32%—regardless of the giving platform.

Further, this same study showed that the large majority of people (60%) are willing to give online.

What this means for you

If you've been looking to expand your online giving options, now is the time! Technology has changed the way people interact with businesses—churches & nonprofits included.

By making the move to accept digital giving or adding a mobile giving app, you are able to allow the people in your organization to give using the technology they already use every single day. The simple reality is that people are more likely to give to your church if you provide a digital giving option!

Let's make these numbers a little more real. Consider a small church that brings in $150,000 in annual donations. A 32% increase would bring in an additional $48,000 each year!

If you're a larger church without any digital giving that brings in $750,000, you would potentially increase your annual giving by $240,000 simply by starting to accept online digital giving.

(Your actual experience may vary, depending on how intentional you are in promoting your new digital giving strategy, along with several other factors.)

You've seen the stats and have been convinced that digital giving is a must have for your ministry, Keep reading to discover some key things to look for before buying into a guarantee claim. ​

Be wary of guarantees without doing your research

People love a guarantee, because it feels safe, but don't be lulled into a false sense of security without finding out more details.

Companies will make guarantees because they've run the math, and they know the reward of gaining a new customer is significantly greater than the risk of not living up to the guarantee. They win, even if it's not in your best interest.

Here are some things to look out for:

  • Read the fine print to make sure you qualify for all of the requirements.
  • Watch out for high credit card fees or fixed rates.
  • See if there is a low introductory rate that increases when that initial period expires.
  • Ask about your data—most giving providers make it difficult, if not impossible to move your data to to a different donation platform in the future. ​

Does My Well Ministry provide a guarantee?

Rather than offer you a guarantee with a bunch of requirements, fine print, and hoops to jump through, we believe in transparency. As you work with My Well, we'll always provide you with the information and tools to successfully navigate the world of online giving.

Our promise to you

  • We'll always offer you the same, low Interchange rates that all banks and processors pay for credit processing so you pay the absolute lowest possible for credit card processing.
  • We won't raise your rate after an introductory period.
  • We won't markup or profit from gifts to your organization:
    We give it to you for cost + zero and keep it there.
  • We'll let you know if we're not a good fit.
  • We won't hold your data hostage.
  • We'll continue to be honest about our practices.
  • We strongly believe that as followers of Jesus, we can take part in a grander vision to impact the world for good by serving local churches and ministries.

Rather than follow the traditional business model of seeing churches and faith based nonprofits as just another market to profit from, we believe that business leaders can change the status quo by offering their services to nonprofits either at cost or for free. We believe this is possible by leveraging the profits from other markets to fund ministry work.

As we educate and encourage transparency, we hope to inspire other companies to follow our model.

And we think that is much better than a guarantee with strings attached.

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