July 15, 2019
Helping you make your corporate giving programs simple, democratic and streamlined on a global scale are some of our biggest goals at Benevity. The causes your employees donate to benefit from the electronic payments we send because they’re accurate, timely and travel seamlessly across borders.
Unlike other software providers in this space, we send the majority (88% in 2018!) of payments processed through our platform electronically instead of by check in the mail. It’s faster, more reliable and less costly for the recipient non-profits.
Here are 7 things you may not know about why and how Benevity uses electronic fund transfers (EFTs):
EFTs cut down on manual administration time and costs for causes
Processing paper checks comes with a lot of costly administrative work. The higher the cost, the less funding causes are left with. Non-profits must deposit checks individually as they arrive and issue manual tax receipts to each donor.
There’s also the risk of the check getting lost due to an incorrect address or of causes not depositing the checks at all. If your company makes a payment error, there’s a delay in supporting the cause when and where it’s needed most.
Causes that accept EFTs receive one aggregated monthly payment via the Benevity platform across all clients and donors.
These payments arrive in bank accounts instantly, and we automate tax receipting as well as provide the tools nonprofits and companies need to manage tracking and reporting. In 2018 alone, we saved 920,000 checks from 12 million donations.
We process 100% of international donations electronically.
In 2018, we hit an all-time high rate of electronically disbursed payments at 88% — of over $1.1 billion in donations. This means only 12% of payments distributed to causes through our software were done via paper checks.
One hundred percent of the 440,000+ international donations made through our solution in 2018 were sent electronically. Our high rate of EFTs makes us a leader in our space (by a long shot!) as the industry standard for electronic fund disbursements of donations is under 34%.
EFTs are the ONLY way to support many causes across borders
In some countries, especially outside of North America, nonprofit organizations simply no longer accept checks. In 2018, employees from our client community supported more than 70,000 causes located in 82 countries.
Spikes in giving across borders were most frequently connected to natural disaster relief efforts, including fundraising for those impacted by Hurricanes Harvey, Irma and Maria; earthquakes in Mexico and Indonesia; and flooding in India and Japan.
Using electronic payments helps us verify that the funds your people donated are getting to the intended recipient quickly, and that the funds are accurate.
Ready to learn more about how your giving program could benefit from electronic payments? Request a demo.