In today’s market, online payment processing has become an essential service for nearly everyone. Whether you want to pay your friend back for dinner, pay your car bill online or donate to an organization there is a payment processor involved. When it comes to choosing the right processor for your church or religious organization it can be quite difficult, and many companies will take advantage of your lack of knowledge. The dirty little secret of the financial industry is that churches tend to pay more basis points than secular businesses. At My Well Ministry, we only charge what it costs us to process your donations but we do more than simply process payments. Here are 6 tools that are available on our software for all our platform organizations.
Everyone hates feeling like a number, even while working in accounting. Typically all we want is to be heard and understood. Anyone that reaches out to our Ministry Support team will be treated with respect and compassion. If that promise sounds a little outrageous just send us an email at email@example.com
Cover The Costs is a recent addition to our settings that admins can now use. If enabled, the givers will have the option to cover their processing rates for either ACH payments, credit card payments or both! This setting was created in large part because our platform churches asked for it. You can learn more about Cover the Costs by reading our blog.
We offer several effective tools for implementation including 4 simple ways to give; a free to use app, online portal, text to give and now a downloadable QR code! In order to move your givers over to our software we have slides, guides and videos that you can use from the pulpit or in emails and newsletters. Willow Creek Community Church was able to get 57% of their congregation using our system in the first 30 days with these resources.
Whether you're an admin or a giver we all want to know where our money is going. On the My Well platform, you can set up different funds and locations. Funds can be hidden in certain locations or rearranged so it’s the first thing your giver will see once logged in. Once logged in, givers as well as admins can view all the gifts that went into a certain fund or location.
It is our goal for churches and religious organizations to take control of their finances. So we not only tell you who gave and when but we also tell you when those funds were deposited into your bank accounts. We can also show you the different types of cards that were used over the month and the different types of interchange rates that were used to process those donations.
In our efforts to make online giving as simple as possible we’ve made it possible for givers to create schedules for their donations. They choose the location, fund, frequency and amount of their gift. If they change their minds then the giver can edit or cancel their schedule at any time.
My Well may have started off as a backend payment processor for churches to use and not be charged ridiculous fees. But we have been able to expand our ministry and do more for churches while still offering the same at-cost rates. I challenge you to take a look at how much you're paying just to receive gifts from your congregation. Then feel free to use our resources to renegotiate your deal. Because at the end of the day we want more money in ministry even if it’s not through us.