Wonderful Payments Launches Low-Cost Fundraising Solution via Open Banking

https://thefintechtimes.com/wonderful-payments-launches-low-cost-fundraising-solution-via-open-banking/
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Wonderful Payments, a fundraising organisation based in Cheshire, is set to relaunch ‘a fee-free’ system, which will allow charities that run event-style fundraising to receive 100% of their donations. For other charities, the new Wonderful Payments service will process their donations for just 10p per transaction, which, for the average donation of £40, is 90% cheaper than other UK online giving sites. 

The organisation has partnered with Citizen, a payment provider which facilitates secure, direct transfers from the donor’s bank account to the charity’s – enabled through open banking. This agreement with Citizen yields a 90% saving over the costs from card-processing – meaning that charities can now save 90%.

Wonderful Payments has already started processing donations for the charity, Cost of Cancer.

“Seeing that first donation reach this worthy charity was a really rewarding, exciting moment,” said Kieron James, founder of the Wonderful Organisation. “We’re so pleased to have Cost of Cancer be the first to cross the finish line and go live with Wonderful Payments. We look forward to helping this and so many other charities process donations in the most economically efficient way. The Wonderful Organisation was launched in 2016 because we firmly believe charity donations shouldn’t be lost to platform fees, card processing costs and tip-jars, but funnelled directly into charities’ work.”

Cost of Cancer is dedicated to providing financial support for people undergoing treatments for cancer. Its founder, Nicky Moss, wanted as much of each donation as possible to reach the charity.

“The thought of so much of donors’ hard-earned money – and fundraisers’ energy and efforts – being lost like that didn’t sit right with me,” said Moss. “When I found Wonderful, I was over the moon. I can’t tell you how pleased I am that Wonderful is back up and running, ensuring donations reach the people who need them.”

The Wonderful Organisation was launched in 2016 with the aim of ensuring charity donations should not be lost to platform fees, card processing costs and tip-jars.

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https://thefintechtimes.com/wonderful-payments-launches-low-cost-fundraising-solution-via-open-banking/