Efficiency is key in navigating donor relationships, with the precision required to honor donor intent and bolster retention following a gift closing. Formally recording gifts may already be common practice for your major gifts team, but how are you recording gifts within large-volume giving channels such as the annual fund? Bringing Digital Gift Agreements into your organization can automate the more transactional elements of donor engagement, like pledge reminders, while providing fundraisers with the opportunity to build long-term, donor-centric relationships rooted in meaningful connections and mission impact.
Digital Gift Agreements bring old-fashioned pledge forms into the new millennium, outlining gift size, payment cycles, and restrictions, as well as automating reminders to ultimately increase gift fulfillment. Without Digital Gift Agreements, your organization may miss out on retaining a generous donor, act too slowly to formally confirm a bookable gift, or mistreat the incoming donation – ultimately, leaving money on the table.
When generating gift agreements for all channels of giving, efficiency and precision become increasingly important simultaneously. The key to ensuring gift agreements are generated with precision and efficiency is to go digital – this technology-driven approach can streamline and simplify the creation, management, and execution of donations. Let’s take a closer look at Digital Gift Agreements and explore how they can benefit a multitude of functions within a nonprofit organization.
What are Digital Gift Agreements?
Givzey’s Digital Gift Agreement solution offers a purpose-built software to handle the creation, negotiation, execution, and management of gift agreements across all fundraising channels. Instead of relying on outdated, manual, time-consuming gift processing and reminder workflows, nonprofit organizations leverage Givzey’s features to streamline these processes, reduce errors, enhance collaboration – and meet fundraising goals.
Why are Digital Gift Agreements beneficial to organizations?
Givzey’s Digital Gift Agreements offer a plethora of benefits that can significantly impact an organization's efficiency, productivity, and bottom line. Digital Gift Agreements empower organizations to:
Save time and resources.
Givzey has found that 72% of Digital Gift Agreements are confirmed within 24 hours, and that 92% are confirmed within one week. Following up on a donor visit with a Digital Gift Agreement eliminates the need for repetitive and time-consuming tasks, like chasing down well-intentioned prospects to fulfill their verbal commitment, allowing fundraisers and organizations to formally book revenue – and focus on making meaningful connections across their entire portfolio.
Reduce errors.
Manual gift agreement and pledge exercises often leave room for mistakes, which require human lifts and multiple back and forths in various communication channels. Generating a Digital Gift Agreement while the conversation is fresh ensures the initial agreement aligns with donor intent. Effortlessly align with donor-determined reminder schedules and eliminate the risk of human error thanks to automation that reminds donors to complete their form and honor their pledge.
Enhance collaboration & visibility.
With Givzey’s premier Digital Gift Agreement software, donors and staff alike can review gift agreements in real time, so any edits or changes can be made quickly and without pain. This boosts communication, accelerates decision-making, and treats every gift with the deserved respect and gratitude.
Which problems do Digital Gift Agreements solve?
Digital Gift Agreements address several common organizational challenges:
Lengthy signing and approval cycles.
Email follow-up to a verbal commitment infrequently provides an organization with all the critical information to properly book a gift, leading to delays, miscommunication – and sometimes even missed opportunities. Digital Gift Agreement platforms like Givzey are proven to shorten the cycle from verbal to written commitments. Additionally, the automation provided by Digital Gift Agreement solutions route signed documents – or edit requests – to the right person automatically, ensuring timely collection and resolution.
Ongoing automation.
When it comes to pledge reminders and gift renewals, donors want a process that nimbly aligns with their personal preferences. Alleviate the dependance on manual entry and avoid human error thanks to in-platform automation, which delivers the right reminder at the donor-set time.
Lack of visibility.
Tracking pledge forms and gift agreements manually often results in a lack of visibility into statuses and terms. A Digital Gift Agreement solution provides a layer of checks and balances through its centralized repository, making it easy to monitor what is contained within a gift agreement or where it is in the signature process – all in real time.
Who benefits from Digital Gift Agreements?
Digital Gift Agreements provide significant benefits for a variety of critical nonprofit entities all working towards the common goal to fulfill organizational mission statements:
Donors
Donors set the cadence and timing of their reminders, spending more time with organizational representatives on philanthropic impact and goals.
Frontline Fundraisers
Digital Gift Agreements are a game-changer for fundraisers, revolutionizing how they secure gifts and meet revenue goals. By automating gift agreement processes, fundraising professionals can accelerate the entire donor engagement cycle, from initial prospecting to closing gifts. Easily copy colleagues as appropriate when formalizing gift intent and be in the know when donation intentions are fulfilled.
Advancement Services
Digital Gift Agreement platforms created by fundraisers for fundraisers – like Givzey – ensure all the necessary details are automatically included in the gift agreement thanks to predefined fields that ensure consistency in messaging and compliance. Streamline the pledge redemption process by generating automatic reminders based on gift agreement terms, which can help reduce billing errors and minimize payment delays.
Finance
Digital Gift Agreements aid Finance departments in managing donations, pledge terms, and billing cycles. The automation provided by Digital Gift Agreement software minimizes fulfillment delays and improves cash flow management. Ensure that pledge agreements align with internal requirements and controls.
Programs
Support the boots on the ground putting your mission into action by letting them know of restricted vs. unrestricted gifts in real time. Budget management improves and strategic plans are achieved! growth and strategic planning
Bring Digital Gift Agreements to your organization with Givzey.
Digital Gift Agreements are a transformative solution that can reshape how organizations handle incoming donations and broader revenue management. By using Digital Gift Agreements to streamline processes, reduce errors, and enhance collaboration, nonprofit organizations increase efficiency, precision, and collaboration across multiple roles and departments.