For a while, churches and other faith-based organizations had to choose from three pricing models in order to accept online donations: flat-rate, tiered, or interchange plus. These models were designed to put money into the pocket of payment processors, first and foremost. So to better help churches, My Well Ministry created a fourth model just for ministries called interchange pricing.
What Is Interchange Pricing
Instead of making a profit off the church, our rates only include what it costs us to process payments. This means we don’t add anything to the interchange and processing costs. You may have seen other payment processors offer this type of pricing to attract customers. The difference with My Well is that we keep it at cost plus zero.
Anatomy Of A My Well Gift
Interchange is the percentage card companies charge a vendor to accept card payments. While we can’t get rid of interchange rates, we can remove other fees that end up hurting the Church. You can see below how gifts through My Well compare to typical payment processors.
The Savings Add Up
No matter the size of your congregation, if you’re accepting donations online, we can help save you money. It's easy to look at these small percentages and breeze right past them, so let's take a closer look at how these percentages impact your organization.
What You Can Do
As you’ve learned today, churches are required to pay interchange fees when they accept online gifts. Other vendors also charge churches extra fees in addition to the interchange fees. These additional fees are often higher than what a for-profit business would ever accept.
Now that you’re equipped with a better understanding of the payment processing fees that churches pay, the next step is up to you. If you’re not sure where to start, we can help analyze your bill by providing a savings analysis. If you are ready to experience advanced technology and excellent customer service at a low price, then you should make the switch to My Well Ministry.