What is a digital wallet and why you should offer it to your givers?
What is a Digital Wallet?
If you have paid for something online lately, you have likely noticed additional options for payment in addition to the traditional credit card or ACH. Digital Wallet options such as GooglePay, PayPal, and others are becoming more and more prevalent and for good reason! They allow you to purchase or donate without getting your wallet, taking out your card and entering the credit card number manually.
Once your preferred credit cards or bank account have been entered and securely saved to a Digital Wallet, they are accessible with login credentials or facial recognition allowing you to pay instantly anywhere that payment method is accepted. Convenience at its finest!
5 Good Reasons you should enable Digital Wallets on your Giving Account
1. Convenience
Your givers are all set to make a donation, and have arrived at the payment portion of your form. If they do not already have an account or did not sign-in to their Giver account, chances are, they will have to enter their Credit Card or ACH information using their tiny mobile keyboard. Not only is this slightly challenging, but it also allows room for error.
A Digital Wallet option such as GooglePay or PayPal require only login credentials that users likely already have saved in their browser, allowing them to process the payment instantly and securely. No excessive typing, they simply tap the pre-saved card they want to use and their gift is processed immediately.
2. Simplicity = Gift Completion
Another significant benefit to enabling Digital Wallet options lies in simplicity. Gift abandonment occurs more frequently than you'd think, and although we have a Gift Reminder feature, the initial impulse to give is very powerful when uninterrupted.
Whether it's lack of time, or simply getting distracted on the way to grab their physical credit card from a wallet or purse, by simplifying the payment process, more givers will complete their gifts.
3. Security
Digital Wallet platforms offer advanced security features, ensuring safe and secure transactions. Donors seeing these options within your giving form also builds security confidence through the brand recognition that these digital wallets possess.
4. Compliance with IRS Regulations
Using a personal person-to-person digital wallet account, such as Venmo, PayPal, Apple Pay etc., to collect donations can lead to serious financial and legal complications. When enabled through your Giving Form, a business account is used, which ensures compliance with IRS regulations, including proper tracking of donations for tax purposes. Digital wallet Business Accounts are designed for transparency and help ensure that your organization’s finances are in order.
5. No additional Cost
You can easily add Venmo, PayPal, Google Pay, and Apple Pay to your giving forms at no additional cost to your ministry. Your existing credit card processing fees are all that will be applied.
Please note: At this time recurring gifts are not currently available with Venmo at (currently working on this feature request).
Ready to increase generosity by adding Digital Wallet options for your givers?
Click here to read about how to adjust your Accepted Payment Types.
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