What is a Digital Wallet and Why Should You Offer It to Your Givers?
Digital Wallets, such as Google Pay, PayPal, Venmo, and Apple Pay, offer a secure and convenient way for donors to give without manually entering their payment details. Instead of reaching for their credit card or bank account information, donors can quickly complete a transaction using saved payment methods accessed with login credentials, facial recognition, or fingerprint verification.
It’s convenience at its finest!
5 Good Reasons to Enable Digital Wallets on Your Giving Forms
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Convenience
- Donors are often ready to give but may not have their payment details on hand. Manually entering card or ACH information—especially on mobile devices—can be cumbersome and prone to errors.
- With Digital Wallet options like Google Pay or PayPal, donors simply log in and tap their pre-saved payment method. This eliminates extra steps, allowing gifts to be processed instantly and securely.
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Simplicity = Gift Completion
- Simplifying the giving experience increases the likelihood that gifts will be completed.
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Why does this matter?
- Many donors abandon their gifts due to interruptions (e.g., searching for their credit card, distractions, or time constraints).
- By offering Digital Wallet options, you streamline the process, ensuring donors can act on their initial impulse to give.
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Security
- Digital Wallets are built with advanced security features that protect donor information and ensure safe transactions.
- Platforms like PayPal and Apple Pay are trusted brands that build confidence in your giving form.
- The secure nature of Digital Wallets can encourage donors to give without hesitation.
- Digital Wallets are built with advanced security features that protect donor information and ensure safe transactions.
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Compliance with IRS Regulations
- Using personal digital wallets (e.g., Venmo, PayPal) to collect donations outside your official Giving Form can lead to financial and legal risks.
- When enabled through your Giving Form:
- Transactions process via business accounts, ensuring IRS compliance.
- Donations are properly tracked and reported for tax purposes.
- Your organization’s finances remain transparent and organized.
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No Additional Cost
- Adding Google Pay, PayPal, Venmo, and Apple Pay to your Giving Forms comes at no extra cost to your ministry.
- Your existing credit card processing fees are applied as usual.
- Digital Wallets are a simple, effective way to increase generosity without added expenses.
Note: Recurring gifts are not currently available with Venmo, but this feature is under development.
- Adding Google Pay, PayPal, Venmo, and Apple Pay to your Giving Forms comes at no extra cost to your ministry.
Ready to Increase Generosity with Digital Wallets?
- To add Digital Wallet options like Google Pay, Venmo, PayPal, and Apple Pay:
- Follow our guide on Adjusting Accepted Payment Types.
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