PayPal's Mobile Charitable Donations Rose 28% in 2015
As 2015 came to a close, PayPal saw a significant increase in its mobile charitable donations. The company estimates that 10% to 20% of mobile donations came within the last three days of the month as people tried to quality for last-minute tax breaks before December 31.
Overall, PayPal reported a 28% increase in mobile donations to charity in 2015, with a large portion of them coming in after Thanksgiving. An estimated $630 million in donations were processed through PayPal between November 27 and December 28.
PayPal offers several platforms for charitable donations in its fundraising sector. Organizations and individuals can choose to add a “donate” button to their websites for a 2.9% fee, plus $0.30 per transaction. Alternatively, organizations using the mobile card reader PayPal Here can collect money at a 2.7% transaction fee. Individuals can request donations from other people through email and mobile notifications, and organizations can use a variety of other tools available through PayPal to collect donations however they see fit.
For registered nonprofit organizations with a 501(c)(3), PayPal offers reduced transaction fees of 2.2%, plus $0.30 per transaction. There are no setup fees, withdrawal fees or cancellation fees for nonprofits, and organizations can use PayPal in conjunction with other fundraising programs, like Classy, FundRazr and Blackbaud.
About Bill Hardekopf
Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.