How To Set Up A Venmo Account For A Fundraiser

Venmo and PayPal are preferred payment options to make donations. When donors are able to use their preferred donations methods, nonprofits see greater donation amounts. Early on proprietary data from the Classy Platform shows that on average:

• Ane-fourth dimension donations via PayPal were 30% higher than credit card donations for organizations that activated on the PayPal Commerce platform with Classy Pay during giving flavor
• During November and Dec 2022, we saw that organizations with Swish Pay and PayPal activated had a 4pt conversion elevator vs. organizations with neither
• Customers saw mobile conversion improve more than than 2 points after activating Venmo on Swish Pay

Learn how nonprofits can aspire for similar results using Venmo for everything from donations to result registration payments with Classy Pay. Swish customers tin can now bring Venmo into the diversified payment processing options they offer to attain more donors in the means they desire to give.

What is Venmo?

Venmo is a mobile payments app known for fast, safe, social payments between friends and family unit. Information technology'due south captured the interest of 83 1000000 customers as a seamless style to send, spend, share and manage finances.

How Does Venmo Work?

Venmo's peer-to-peer model makes it easy to divide payments and transfer funds without a physical wallet in manus. When a Venmo customer receives money, they accept the option to transfer the coin into a specific banking concern account.

More than a million merchants have Venmo on their websites and apps to simplify payments for customers. The growing community of merchants who offer Venmo at checkout includes Uber, TicketMaster, StitchFix, and Hulu to proper name a few.

Many nonprofit organizations followed the lead of these savvy for-profit organizations by offering PayPal and Venmo donations as part of their fundraising strategies. Nosotros'll show you simply how they do it and how you lot can too.

What Is the Value of Accepting Venmo for Donations?

Enabling donors to make donations using Venmo every bit a payment method helps make the supporter journey more than relevant, engaging, and intuitive. If our PayPal donations launch on Swish Pay is whatsoever indicator, Venmo has the potential to brand a major impact on nonprofits nationwide.

The numbers we have seen from PayPal's adoption on the Classy platform are exciting, but the potential for nonprofits to continue using PayPal and Venmo could be even greater. We saw that in just two months, ProPublica saw 2,904 transactions and a 14-point lift* in conversion after adding PayPal to their Swish Pay payment processor.

*Results not typical and results may vary

Upgrading payment processors is like going from a beater to a brand new auto. Yes, information technology costs coin, but I can clinch you that money is worth it when you run across the ROI. Being able to run into donors where they expect us to be is satisfying and has clearly paid off.

What are the Benefits of Accepting Donation Payments via Venmo?

Support Conversion of Page Visitors to Completed Donations

Payment methods that feel familiar can assistance improve your conversion rates. Simple payment reconciliation positively impacts donor satisfaction.

A donor who uses Venmo to complete their gift clicks on the Venmo button at checkout which opens the Venmo app, logs in (if not already logged in through the app), chooses where the donation comes from (their Venmo balance (if available), linked carte du jour, or banking concern business relationship), and confirms to finalize the transaction. Since many people already take their Venmo username and password stored on their mobile devices, donors save fourth dimension and avoid friction.

We've seen conversion rates increase (referenced to a higher place) just by having the PayPal option bachelor on nonprofits' donation pages.

Encourage Acquisition of New Donors

Venmo can potentially help organizations expand their attain by borer into new donor segments that feel more comfortable transferring money through the app.

Venmo processed over $230B in full payment volume in 2022. When the Venmo button is on a nonprofit's donation page, y'all tin can take one pace in the right direction of donor trust.

Which Donors Adopt Venmo Donations?

Our almanac giving experience report,Why America Gives, breaks down the importance of payment options among each generation of donors. We surveyed one,000 U.Southward. donors to hear what builds trust, loyalty, and meaningful connections during the donation process.

PayPal and Venmo rank outset and 2nd every bit the almost widely used mobile wallet in the US. Venmo is the preferred digital wallet of millennials and Gen Z: 81% of Venmo customers are betwixt the ages of xviii-45.

Source:Statista Global Consumer Survey as of July 2022; Venmo Behavior Study, conducted by Focus Vision on behalf of PayPal, October 2022.

The study consistently shows that PayPal and Venmo are in demand as preferred payment methods. With digital wallets becoming the standard, nosotros anticipate that this preference will just continue to grow.

How to Set Up Venmo to Accept Donations

How Can Nonprofits Take Donations Through Venmo?

Classy Pay integrates with Venmo to requite organizations more flexibility and control. At present, you can offer supporters one of the all-time possible donation and checkout experiences through a single platform.

Venmo is part of Classy'southward integration with PayPal Commerce. In one case a Classy client activates the PayPal processor, they volition accept the ability to as well enable Venmo with but the click of a push in Classy Managing director. The value is having more options for your donors to pay, with but one solution.

Classy'due south Venmo integration offers individuals the selection to donate through their desired payment methods across many campaign types, including:

• Website donations
• Peer-to-peer fundraising
• Virtual events
• Crowdfunding campaigns

How to Get Started with Venmo on Classy

You've seen the success of our PayPal pioneers. Now it's your opportunity to be one of the first nonprofits to offer Venmo equally a payment method through Classy Pay. Organizations that have already activated PayPal in Classy Pay can enable Venmo by simply checking a box in their payment processing portal.

If you're looking to become started with Classy Pay for the start time, check out our detailed overview and explore the entire Classy Giving Platform by requesting a demo.

Take Venmo Donations on Classy

Source: https://www.classy.org/blog/venmo-donations/

Share this post