Education

How Much Could My Well Save Your Ministry?

We often talk about how you can free up money by partnering with My Well Ministry, but what does that actually mean? In this article, we break it down for you.

My Well Team

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 average industry fee for processing credit card transactions. This is the standard rate that many processing and software companies charge to enable your givers to make gifts digitally. This is how they make a profit for their business.

We are seeing churches and ministries charged 5 to 10 times more than any other industry, and we think things should be done differently.

What Sets Us Apart

The unavoidable truth of the matter is it costs money to process gifts online. There's a lot of complexity that goes into these processing rates, like interchange, gateway charges, and a whole lot more. 

Rather than adding extra fees that hinder the Church, we decided to charge what it costs us. We pass on the fees directly to you, so you're paying the absolute minimum possible when it comes to processing fees. In fact, ACH gifts are processed at 0% through My Well. That way more of your givers’ donations go where they are intended.

What This Means For Your Ministry

Ministries that transition to My Well Ministry save 40% or more on their processing fees. These savings add up, and as your organization grows, the amount you save will continue to increase year after year. This means more ministries built, more mission trips funded, and more people reached.

You can see a closer look at calculated savings from an actual organization below. We estimated the organization’s savings by using the average processing rate in the industry and their total volume, broken down by payment type.  

A breakdown of donations received.
Total savings on processing  payments

 

For more detail on what it actually costs, here is an excerpt of an organization’s monthly statement. 

May 2022 Statement

How Much Could You Save?

The total amount saved will vary due to many factors, like the software used, total volume, and current processing rate. But any amount that is saved can have an impact on your ministry. You can watch our story to learn more about how we were built to help the Church.

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About the author

Jeb Bennett

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