Imagine, if you will, a world where community foundations can host nonprofit giving days without losing tens of thousands of dollars in credit card and vendor fees.
Such a world is now within reach for foundations everywhere. In May, Firespring and the Raikes School Design Studio partnered to create a new giving day software with waived vendor fees which the Lincoln Community Foundation used for Give to Lincoln Day.
PaymentSpring is proud to have been the payment processor behind the software, handling more than $1.7 million in online donations to help the Community Foundation reach approximately $3.7 million raised, an unprecedented amount.
As for credit card fees: Online donors had the opportunity to donate extra to cover the fees prior to completing their transaction, and 66% chose to do so. This led to an extra $32,475.75 raised, with 98.7% of the all the online donations going to local nonprofits.
Throughout the 24 hours, donations from 41 states were processed, totaling 14,371 online donations and averaging approximately $120 per donation. At the height of the activity, we processed $111,084 in one hour.
Once the software passes its pilot stage, PaymentSpring will be able to process giving day transactions for community foundations across the nation. (You can get more details about the software and its future here.) Until then, check out the other ways PaymentSpring can help your nonprofit in its day-to-day fundraising with features like recurring donations and integrated payments.