If you've been involved in setting up online giving or event payments for your church or nonprofit, you're probably familiar with 2.9% + $0.30—the industry average fee for processing credit card transactions. This is the standard rate that many companies like Stripe, Paypal, and others charge to enable your givers to give money to you digitally.
There's a lot of complexity that goes into these credit card processing rates, like Interchange (a collection of over 400 fees that Visa, Mastercard, Discover, and Amex charge), gateway charges, and a whole lot more.
Included in that 2.9% is profit for payment processing companies. This is how they make money for their business. There's nothing inherently wrong with this, but as a fellow ministry dedicated to reducing credit & debit card processing fees while inspiring generosity, we believe things can be different.
Rather than capture a portion of that 2.9% as profit, we simply don't charge it. Instead, we pass on the fees from the major card brands directly to you, so you're paying the absolute minimum possible when it comes to nonprofit credit card processing fees.
Of the ministries we surveyed, they saved 40% on average on their processing fees by switching to My Well? For many churches and faith-based nonprofits, this equals 1% of the total amount processed every year.
For example, if a church processed $1,500,000 through My Well, the average savings every year would be $15,000 ($75,000 in 5 years).
Another ministry that processed $10,000,000 would have an average yearly savings of $100,000 ($500,000 in 5 years). And as your organization grows, the amount you save will continue to increase with you.
Here's a quick look at yearly savings from a variety of faith-based nonprofits like yours:
Like more detail? Here's a closer look at savings from real churches, the percentage they were paying previously, and what they're paying since partnering with My Well Ministry.
The Bridge Church
Yearly Savings: $3,953
Previous Effective Rate: 2.77%
My Well Effective Rate: 1.85%
Valley Creek Church
Yearly Savings: $70,711
Previous Effective Rate: 3.05%
My Well Effective Rate: 1.10%
Calvary Assembly of God
Yearly Savings: $6,015
Previous Effective Rate: 3.42%
My Well Effective Rate: 2.00%
Hunter Street Baptist Church
Yearly Savings: $16,200
Previous Effective Rate: 2.50%
My Well Effective Rate: 1.60%
Aguilas Centro Familiar Cristiano
Yearly Savings: $11,895
Previous Effective Rate: 2.89%
My Well Effective Rate: 0.80%
The total amount saved will vary from church to church due to many factors, like the software they use, their total volume, and how good of a rate they've negotiated with their current processor. But the result should be clear: freeing up money previously spent on credit and debit card processing fees can have a significant impact on your ministry!
An easy way to determine an estimate of what you could save on credit and debit card processing fees is to take the total amount of money your church or nonprofit brings in each year and multiply it by 1%. Sound too good to be true? (Hint: It's not!) Watch our story to see the heart behind our ministry.
If you're ready to dive in and confirm your savings, one of our ministry consultants would be happy to run a savings analysis based on your actual credit & debit card processing statement.
Whether you're an existing My Well partner that has been saving for years, or a new partner that's been able to leverage the savings through My Well to accomplish a new and exciting initiative, we’d love to hear about it! Just click on the chat icon in the bottom right or contact us.
We can’t wait to celebrate what God is doing through your ministry! 🎉