Venmo for Nonprofits 📱 How can nonprofits accept donations through Venmo?
In our digital age, you can do almost everything from a smartphone. Android and Apple mobile devices alike are configured to integrate mobile apps that make modern life more automated, and the speed of business accelerated. The list of what can be accomplished with your smartphone continues to grow: making a credit card payment, keeping up with friends and family on social media newsfeed, restocking your refrigerator and pantry with online shopping from grocery stores, running your business and making mobile deposits directly to a bank account. What was once a day of tedious errands, can now be done in a matter of minutes from your smartphone.
With the sheer variety of payment methods available today, Venmo, Apple pay, PayPal, it is no wonder that by 2021, mobile payments are projected to increase tenfold! Businesses have already opted into accepting a variety of payment methods beyond cash or credit. Nonprofits must also pay attention to this trend as well, and offer more than just a direct mail letter and remittance envelope to meet their fundraising goals.
With the rise in mobile payments, nonprofit organizations looking for ways to maximize these payment options for fundraising, a quick Google search will find a myriad of options and payment processors to collect online donations. What was once a simple donate button on a website redirecting donors to a checkout landing page to enter credit card or debit card information, now requires a bit more creativity. Nonprofit organizations today, in order to maximize online donations, need to include additional options for donors to transfer money seamlessly and increase the availability of payment processor options for donors, including Venmo.
Venmo is a mobile payment service that allows account holders to transfer money to other account holders in order to split restaurant checks, chip in on gifts, split Uber fare, and pay friends and family back. Venmo works by linking user accounts to a bank account, credit or debit card.
Venmo, which became part of PayPal’s portfolio when the payment service was acquired by Braintree in 2013, revealed it had over 40 million unique users in 2019. Venmo users are familiar with the ease in which money can be transferred between friends through the app. Millennials, or those born between 1981 and 1996, especially have adopted Venmo’s payment app as a go-to for their payment processing needs. The majority of Venmo users are people under the age of 50 and based in the United States.
With a large number of users opting into Venmo for mobile payments, it would seem that this platform would be a perfect way for nonprofits to fundraise, making donations easy on donors.
However, at this point, there’s no direct way that nonprofits can integrate Venmo into their fundraising. Venmo is set up as a person-to-person platform, meaning, Venmo payments from a person to a nonprofit organization is not permitted. Venmo is working with a few select nonprofit organizations in a private beta test for nonprofit donation options, but it is closed to any new applications. There is no additional information from the company on whether or not Venmo will open this option to more nonprofits or allow the payment option to be used by nonprofits directly in the near future.
So, does that mean online donations from Venmo accounts are off the table!?
Of course not!
That’s where Givebutter comes in, allowing a simple way to fundraise and to accept donations through Venmo! Givebutter is the one and only fundraising platform to offer Venmo as a method of payment to donors and our platform is always free to use! You don't have to spend any money to create an account or run a fundraising campaign with Givebutter.
Venmo fundraising is made simple with Givebutter, and we provide a streamlined platform for donors to give in seconds on any Givebutter campaign.
With Givebutter, you can use Venmo to collect donations, run fundraising campaigns, sell tickets to events, and track, manage, and grow everything in one central and easy to use location. You can even set up a Venmo donate button on your website. Crowdfunding for school groups is made simple by using Givebutter for social peer-to-peer Venmo fundraising campaigns. Gone are the days of asking family members, friends, and neighbors to fill out pledge forms and return envelopes of cash. With Givebutter, school groups can use Venmo to fundraise, adding another option to the ways donors can give to support a cause they care about.
Givebutter even makes it possible to set up and accept recurring donations with Venmo. Every dollar you raise is important to your mission and fundraising goal. Recurring donations can help retain each dollar and donor. Once a recurring donation is set, donors are likely to leave it in place, meaning you can spend less time asking the same donors over and over again for their support, and more time focusing on your mission and fundraising goals.
And with 96% of Americans owning a mobile phone of some sort, Givebutter even makes it possible to combine Text-to-donate with Venmo for rapid SMS and text-enabled giving, too. Text-to-donate with Venmo is especially helpful to attract and retain millennials donors, who are active on their phones and rarely respond to voicemails or write checks. What’s more, with Givebutter, you don't need a Venmo account to accept and receive Venmo donations. Venmo donations are pooled together along with all other payments, credit card, debit card, and PayPal payments for quick and easy withdrawal to support your fundraising campaign.
Givebutter can also send automatic tax receipts to Venmo donors and track their information to grow your donor community. With automatic receipts and the ability to customize your thank you message to donors, you’ll be able to eliminate what is often a manual process and better stay engaged with your supporters.
Every day millions of people are using Venmo to transfer cash to others. Nonprofits would be wise to learn how Venmo can be a piece of the fundraising puzzle and begin to integrate this payment method into their overall fundraising strategy. Givebutter is ready to help more people raise more money for good causes - and make it easier to make giving a part of daily life.