2020 is looking bleak for many charities. The saying ‘every penny counts’ is more relevant now than ever before as both charities, and their contributors, search to find ways to keep the organisation doing the great work that their chosen sectors so heavily rely on.
On top of this, people are using their smartphones and tablets more, relying on remote communication tools and online living, fast-tracking further the advent of a cashless society. If all these elements of our daily lives have changed, surely it’s time for some of the other traditional methods of banking and payments to change as well?
The Open Banking regulations of 2018 ushered in a new era of digital banking. The last two years have seen Fintech develop and innovate areas that have historically been too difficult and expensive to change. Payments are a great example of this.
Traditional payments processes involve multiple points such as card brand fees which go to Visa or Mastercard, payment gateway fees etc. that all take a small portion of the pie, meaning that some of the all-important pennies are siphoned away before they land in the charity's bank account.
Using the traditional per transaction card payment process, the charity is charged between 2 and 5% for every donation.
Some payment donations also involve effort and input on behalf of the charitable donor on some payment platforms. For example, sharing data or giving card details over the phone is understandingly offputting for some.
A new dawn in charity donations
Now, imagine a world where, via our smartphones and banking apps, we could donate to charities simply and securely with a much greater proportion of each donation actually getting to the charity - more pennies in the bucket!
That’s where we come in.
QR code Charity Payments from Moneyhub is an online and mobile solution, offering a simple and secure way to donate via a banking app authentication. By donating via the QR code solution, 70% more of the cost to donate the penny goes to the charity.
Payments are cashless, authenticated through secure banking apps, and reach the charity within 15 seconds. And, with a simple Gift Aid solution, charities get the additional 25% through an efficient and automated process.
It’s a small contribution to the broader problem, but as they say, ‘every penny...’
Find out how we can help you provide simple QR payments today.
Author
Suzanne Homewood
Suzanne is an energised Sales Director and NED, with a considerable history of leading business transformation and commercial growth within telecoms and consumer electronics. She is passionate about helping businesses adapt and change by using technology and data to engage its customers, and its employees, for collective improved outcomes.