Gabi James - 18th Jan, 2021
Donations received in any form are great but considering that charities are managing a number of programs simultaneously and in real time, being able to receive donations to your charity via instant bank payments and have instant access to your funds can ensure there is no delay in receiving funds.
Generally, charities are juggling many balls. They're often working on multiple projects, going through all the administrative tasks that most organisations need, building grassroots engagement and - crucially - raising funds. Any donation received in any form is great, but the capacity for charities to receive instant payments is truly wonderful.
There are lots of reasons why real time payments for charities are so positive. For example, if your charity is rapidly responding to a recent crisis - as many have in the face of atrocities like the Manchester terror attack in 2017 or Grenfell Tower - then you need access to your funds as soon as possible. That way, you can take the swift actions needed.
But even more run-of-the-mill aspects of running a charity can be impeded by long delays to accessing donations. You'll want to always be able to pay employees on time, for example, and hire new staff when necessary. Plus you have all the general bills and expenses: rent, electricity, marketing, website maintenance...
One aim many charities share is making the process of donating as quick and easy as possible. It makes sense: reduce the friction and effort in the donation process, and you'll increase the amount of donations you receive. Wonderful is dedicated to doing just that.
We want to ensure charities' payments are processed quickly and securely. That's why we've made use of the opportunities offered by the Faster Payments Service (which provides instant bank transfers) and Open Banking to create a truly simple, safe and speedy charity fundraising platform.
Receiving real-time donations with Wonderful is as easy for you as for your donors. The process really couldn't be easier.
Let's start by thinking about how payments made using the Faster Payments Service work - you can find out how it works here.
It's all very straightforward. But even so, by contrast the Wonderful Payments process is even simpler!
Specifically, we've eliminated what is probably the biggest sticking point in the donation process. Generally, payments made using the Faster Payments Service require the third step outlined on the FPS website: the person making the payment has to enter the payee's sort code and account number and name. This is where we think donors might be most likely to abandon the process, or at the very least to get a little frustrated.
With Wonderful Payments, they won't need to do this. We take care of completing these details for donors, using Open Banking. For comparison, have a look at the donation process using our platform.
It's very simple and very familiar. It works a lot like making any other online payment using mobile or desktop banking. Here's a step-by-step guide. The first thing, of course, is making sure your 'Donate' button is on your website, or wherever you choose!
You might be thinking it couldn't be simpler. But in fact, it actually could! If the donor is already using a mobile device to view your charity website, steps 2, 3 and 4 are not required. That's just two simple steps! Two taps on their phone, and the payment is in your account. Can you think of a more instant payment for your charity?
Of course, streamlining the process can't guarantee that the banks themselves don't cause delays to payments. That's where the Faster Payments Service we mentioned comes in. If their bank is compatible with Faster Payments, charities in the UK can receive donations almost instantaneously. It works 24 hours a day, too, so even late-night donations will reach the charity immediately.
As soon as the donor sends the transaction, and it's approved by his or her bank, the money will reach your charity's bank account in real-time!
One thing that charities should check to see if they can receive instant payments is the bank they're using. If your bank is on this list, then it can accept funds this way and you'll be able to get your donations instantly. You can also check the list directly on Faster Payments's website.
As you can see, it's a pretty big list! Hopefully, you'll find your charity's bank on there.
And just to be clear: it is the charity whose bank must be on this list, not the donor.
Getting started with Wonderful is quick and easy. The only criterion you need to meet is having been registered with the Charity Commission for at least 18 months.
Then just enter your charity registration number, your name and email address and you'll be ready to begin your account activation. With just a bank statement from your charity account, you can be approved for Speedy Boarding and start taking instant donations right away!
After that, you'll have eight weeks to upload the remaining documentation to have your account fully activated.
If there is anything else you need to know, you can also reach our team by emailing [email protected].
