For most nonprofit organizations, donations are an essential aspect of the business. It’s a large part of your cashflow and how you keep doing the good you’ve set out to do. But, it might be time to throw out the traditional way of receiving donations and turn to a recurring option.
With recurring donations, not only can your donors set their budget, but they can also choose how often they want to donate. Donors can set up monthly (most common), quarterly, semi-annual, or annual occurrences.
Believe it or not, automatic donations at regular intervals are highly beneficial to both you and your donors.
Recurring donations can mean a consistent stream of revenue for your organization. It helps you forecast how much you’ll raise per year, strategize, and set goals. You’ll also spend less time sending reminders or convincing your donors that it’s time to donate. Doing so helps you retain donors since you won’t have to send them letters asking for one-time gifts over and over. Instead, you can focus on sharing updates and the impact their donation have had.
As for your donors, they can stop worrying about what they have or haven’t donated. Plus, recurring donations help take the financial burden off of a substantial one-time donation. For example, if they want to give a lump sum one year, but it’s a lot at once, they can easily set up monthly payments to reach that goal.
Wild Apricot is an affordable web-based software created for small associations and nonprofits. The software helps with the creation of your website, manages memberships, payments, and more. With the online payment processing feature, you can offer recurring donations quickly and easily. Doing so includes updating desired frequencies in your settings and providing an online donation form.
When you add a donation form to your Wild Apricot website, all your donors will need to do is select a frequency when they’re filling out the form. Then, the amount they set will be deducted from the payment card they entered at the frequency they chose.
The donor doesn’t need to update or confirm anything each time the payment goes out. But they can view or cancel their recurring donation subscriptions from their profile.
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