When running any organization, fundraising is one of the best ways to raise money. Not only are you getting funds for your cause, but those funds can also be used to help pay bills and keep the lights on. Technology and apps are constantly being developed and created, and have actually made it easier for organizations to collect money in new and more accessible ways. And one of those tools is Venmo. So how do you make it more profitable for you?
Venmo Is Easy To Use
Until this feature is made available, there are plenty of reasons why you might want to consider using it to host your next best venmo fundraiser in the future. It is extremely easy to make payments through Venmo that are also secure. Payments can be made by donors when you’re hosting an event, or from the comfort of their own homes while they’re reading your latest newsletter. Transactions can be made in a matter of seconds, without them having to fill out any personal payment information.
Venmo Helps You To Reach A Wider Audience
More and more people are turning to digital applications in order to handle all of their business affairs, especially when it comes to sending and receiving money. Venmo has become quite popular with younger generations too, meaning that by having multiple donation options, you can reach a wider audience who feel comfortable with their chosen method of donation.
And because Venmo users tend to keep money in their accounts instead of depositing them into the bank, they have easier access to their money when they decide they want to donate.
Venmo Increases Involvement
Venmo does have something of a social media aspect attached to it. It displays a feed that is shared with a user’s friends, showing who they are sending money to (this can be made private if a user chooses to) and people can like or comment on those posts in their feeds. It may not seem like much, but it’s an easy and passive way to spread the word about your organization so that more people can develop an interest in your cause.
Venmo Has Very Few Fees
Lastly, Venmo would be very profitable to your organization because there are very few fees involved. There’s no cost to sign up, no monthly fees, and no fee when sending money with a linked bank or debit card. Depositing funds into your account incurs no fees either; there is a 3% fee when sending money with a linked credit card, or a 1% fee for an instant transfer if you need money sooner.
For accounts receiving donations, there are no processing fees for the first 30 days, and then Venmo will charge 1.9% plus a $0.10 fee for receiving funds.
Compared to other mobile services out there, Venmo is usually at the top of the list when it comes to saving money. It would be a great tool for nonprofits to use, allowing donors to send as much money as they want, and donations can be processed much more quickly.
