Do you want a more reliable flow of income?
Does your charity ever have slow donation periods?
Do you want to make budgeting easier?
Do you want to raise more money?
If you answered “yes” to any of those questions (and seriously, who wouldn’t?!), you might want to consider setting up options for recurring donations. Recurring donations are a wonderful way your donors can show long-term support for your organization.
So What Are Recurring Donations, Exactly?
When a donor sets up a recurring donation, they choose to give a pre-determined amount of money on a regular basis. Many people like to give monthly, bi-monthly, or yearly, but they can give as frequently as they’d like.
Why Are Recurring Donations Better Than One-Time Donations?
For donors, recurring options help them manage their charitable giving without worrying about missing a payment. Charities also benefit; when donors opt to set up recurring donations, charities can adjust their ask strategies and campaigns accordingly. More long-term donations mean fewer reminders, brochures, and time-consuming e-mails that are associated with one-time donations. Instead, they can focus on the ever-important emotional bond between them and their supporters by keeping them involved in the organization’s narrative.
There are more financial advantages, too. Recurring donations can help keep revenue flow stable during slow donation periods. Recurring donors typically donate more than their one-time counterparts, too!
Will My Supporters Actually Use Recurring Donations?
Yes! Recurring options are increasingly popular among donors. In fact, the 2013 eNonprofit Benchmarks study by NTEN says “For groups with monthly giving programs, monthly giving revenue grew at a much faster rate than one-time giving revenue.”
So are recurring donations right for you? If you want to earn more money, focus more energy on donor retention, build a stable revenue flow, or make financial planning easier, they’re definitely something to consider.