7 reasons why Stripe is the best way to process online donations
At Visufund, it's no secret that we love Stripe. This is why we think they're the ideal payment processor for your online donations.
1. No set up costs or ongoing fees
Just like us, Stripe charge absolutely no set up costs and no monthly subscriptions. We know that you have to keep a close eye on your expenditure budgets, and the last thing your charity wants to do is to spend money unnecessarily.
This is also great because it means that, even if you already use alternative payment processors such as PayPal or WorldPay, setting up a Stripe account won't cost you anything extra, so there's no need to worry about the budget.
2. Low payment processing fees
In the UK, Stripe deducts just 1.4% +20p from each financial transaction (please note, payment processing rates may vary by country). That's a lot cheaper than some of the other providers - PayPal is 3.4% +20p & WorldPay is 2.75% +20p. What this means is that you'll receive more of each donation with Stripe.
Also, because they don't charge any ongoing fees, you'll only pay this fee when a payment is successfully processed. Fees are automatically deducted from the payment, so there's no admin to worry about either.
3. Completely secure and certified to the highest industry standards
Stripe has PCI DSS Level 1 certification and is fully compliant to PSD2 and Strong Customer Authentication (SCA) standards.
What does that mean? It means you can be 100% confident that your donations are safe, and your donor's payment details will be treated with the highest level of security possible. All card numbers are encrypted, so the data won't end up in the wrong hands.
4. Donations sent directly
We use Stripe Connect to collect your donations. This means that when someone makes a charitable donation, we can send it straight into your own Stripe account, less fees. You don't have to wait for us to send it over on a weekly/monthly basis, and you don't have to raise over a certain threshold before you receive any funds. It's your money, so we want you to have it. That's what your donors want too.
Your Stripe account is also linked directly to your bank account, so you'll receive your first payout into your bank 7 days after you've received your first donation, with further payouts sent to you on a daily basis. You can change your payout settings in your Stripe account, if you'd rather receive payouts less frequently.
5. Easy to set up, with no technical skills required
Setting up a Stripe account is really easy. All they require is a few details about you, your charity and your bank details. It only takes a few minutes and costs nothing to set up.
You don't need any technical skills to set up your account, and once it's created, you don't even need to administer it! Everything is completely automated if you're just using your Stripe account to collect payments through Visufund - you'll be receiving donations straight into your bank in no time!
6. Branded checkout experience
In addition to all the above, you can also brand the Stripe checkout to improve your donor experience. Adding your logo to the checkout form is a great way to reassure your supporters that their donation is going exactly where they want it to go.
7. Connect to multiple platforms
Once you've got your Stripe account up and running, you're not restricted to just using it with Visufund. Your Stripe account can be connected to lots of other platforms, allowing you to collect donations and online payments for your cause.