How Give Now Pay Later Changes Passive Fundraising
We’ve all seen passive fundraising tactics like AmazonSmile, rewards partnerships with local chain stores, and restaurant sponsorships. But getting these programs up and running, promoted, and producing gifts for your organization can take important focus and resources. And, for mid-to-large-sized nonprofits, these passive strategies may not be fitting for your brand and your donors. Not to mention, the majority of passive fundraising options require donors to take action that exists outside of the typical donor journey.
That’s why many nonprofit leaders are looking to Give Now Pay Later (GNPL) flexible giving as a form of passive fundraising. Not only does GNPL keep a donor within the same ecosystem of your nonprofit’s brand, but it also improves the donor experience and produces additional giving revenue. And, it’s growth that’s engineered to boost giving.
Give Now Pay Later for Passive Fundraising
To be a successful nonprofit organization, accurately forecasting giving revenue at scale provides you the fiscal health you need to serve your community for years to come. When nonprofits offer flexible giving options, donors are much more likely to engage with your organization and give generously. GNPL flexible giving removes giving barriers for donors, enhances giving frequency, and encourages donors to increase their gift amounts responsibly. By increasing the average amount of a gift and the frequency that a donor will give, GNPL has two key metrics for philanthropic growth that every short and long term fundraising strategy needs.
The beauty of GNPL for passive fundraising is that it decreases the immediate cash commitment for the donor, and can prompt donors to give more. In fact, GNPL’s equivalent for for-profit companies, Buy Now Pay Later (BNPL) has been proven to increase transaction amounts by as much as 73%. RBC Capital Markets estimate flexible options like GNPL increase the average transaction by 30% - 50%. Furthermore, from an operational point of view, Givzey’s patent-pending GNPL technology can be incorporated into your existing giving channels, so there is no IT/Tech lift. In fact, GNPL can be added to your existing campaigns well after they’ve launched (more on that below).
How to use GNPL for Passive Fundraising
You can passively promote your organization’s GNPL flexible giving options by including them in your email signatures. By simply adding the link to your Givzey GNPL page in the signature of every email that you send, you can always promote the easiest and most flexible way to give.
You likely use direct mail and print marketing materials on a regular basis. These are perfect opportunities to merge traditional and digital channels together. It’s easy to quickly add a Givzey Give Now Pay Later QR code into the design of these materials or as an insert if the materials have already been printed. As we saw through the pandemic, QR codes have incredible traction and the general population knows exactly what to do upon seeing them.
What is a fundraising campaign without a social media component these days? As we all know, the great part about social media campaigns is that messaging can be prepared in advance and tweaked until the second you tweet, post, like, or favorite. Adding your GNPL link to your profile on your social channels gives donors quick access to flexible giving options.
With every event, there’s some type of formal appeal. But there are also opportunities to passively fundraise. You can project your QR code on the wall, make it available on tables and at registration, or incorporate it into video presentations. you can even print it on every nametag you hand out at the event. Again, QR codes are engrained in our psyche at this point, and everyone knows what to do when they see them. Furthermore, the attendees who are inspired by the event are now empowered to make an immediate impact, since GNPL gives them the opportunity to pay their donation over time, while your nonprofit receives the full gift up front.
GNPL Button on Your Giving Page
The most passive, but highly effective, way to promote GNPL giving is to add a Give Now Pay Later button to your existing giving site. Similar to what we see with for-profit retail businesses, consumers flock to BNPL flexible payment options when they are offered at checkout. Donors are no different – when offered flexible giving options as part of the checkout process, they’re highly likely to give it a try to see if it is right for their needs. In fact, a recent industry survey found that more than 53% of donors have left a giving page without making a gift, citing personal finances as a top reason why. GNPL is a clear solution that solves this common giving barrier.
When it comes to using Give Now Pay Later for passive fundraising, the math speaks for itself. The extra revenue it generates is worth the subscription many times over.
To learn more about Givzey’s patent-pending Give Now Pay Later flexible giving platform, click here to check it out for yourself.