Hi! New here. I had a question about donations and the processing fees. Is there a specific rate or fee that Stripe charges for credit/debit donations? I’m trying to gauge which route to go given the fee structure + admin overhead.
I believe I read somewhere that manual transfers + wires have more admin overhead such that they may only be beneficial if the donation exceeds $1000. Is that true?
I believe my options to donate are only a Wire Transfer with my bank. It only offers Zelle, Bill Pay, and Wire Transfers. The wire transfer comes with a reasonably high fee. So I’m trying to assess which is more beneficial for the o
Hi Alex! Strip charges 2.9% + $0.03 for most debit or credit card payments (plus extra for currency exchange or international cards). Stripe also supports ACH (eCheck) payments, which all bank accounts support, with a fee of 0.8% or $5.00, whichever is less. If the organization’s Stripe account already has ACH allowed, this should be no trouble for them.
Givewell asks to receive donations under $1000 through card payment and over $1000 through check. However, not all charities are Givewell—some are happy to receive a check at $500, for instance.
Lastly, don’t forget to check to see if you can use a workplace charity matching program, as many of them cover credit card fees in addition to matching your donation.
Hi! New here. I had a question about donations and the processing fees. Is there a specific rate or fee that Stripe charges for credit/debit donations? I’m trying to gauge which route to go given the fee structure + admin overhead.
I believe I read somewhere that manual transfers + wires have more admin overhead such that they may only be beneficial if the donation exceeds $1000. Is that true?
I believe my options to donate are only a Wire Transfer with my bank. It only offers Zelle, Bill Pay, and Wire Transfers. The wire transfer comes with a reasonably high fee. So I’m trying to assess which is more beneficial for the o
Hi Alex! Strip charges 2.9% + $0.03 for most debit or credit card payments (plus extra for currency exchange or international cards). Stripe also supports ACH (eCheck) payments, which all bank accounts support, with a fee of 0.8% or $5.00, whichever is less. If the organization’s Stripe account already has ACH allowed, this should be no trouble for them.
Givewell asks to receive donations under $1000 through card payment and over $1000 through check. However, not all charities are Givewell—some are happy to receive a check at $500, for instance.
Lastly, don’t forget to check to see if you can use a workplace charity matching program, as many of them cover credit card fees in addition to matching your donation.