Are charities prepared for the ‘cash eclipse’? - Earnest
Are charities prepared for the ‘cash eclipse’?
Last week The Guardian reported that notes and coins are being surpassed as the UK’s favourite payment method as cash is being eclipsed by digital payments.
And while this may not come as a worry to retailers who are already set up to take payments in the way their customers want, it may (and should) come as a concern to charities that have not yet set a strategy for moving to contactless donations.
When it comes to fundraising, charities already have a number of obstacles facing them - including increased competition, new regulation including the confusing and scary GDPR and donor fatigue setting in. These, coupled with the news that cards are now the payment method of choice, should be the catalyst for much needed change in the fundraising sector.
This is is a genuine opportunity for charities; not only are people who donate by card likely to donate an average higher amount than whatever change they manage to scrabble out of their pockets, the use of contactless donation boxes can ask for a donation at a point when people already have their card out and have a higher propensity to donate (at the bar, at the counter, when paying for travel etc.) as proven by Lunchbox that was launched in partnership with Mary’s Meals (and soon returning with HSK)
Time for change
While the barriers to the move from cash to contactless have existed for charities up until now (costly technology, high transaction rates and complicated set up processes), with Tap for Change these obstacles have been taken away – giving charities a clear path to move towards contactless collections.
We’ve spoken to a number of charities who are making the change to keep up with the way people are paying today – with innovative ideas of how to implement the technology at fundraising events, in stores, around cities and in places of worship and we are continuing our mission to help charities keep ahead of the curve and to avoid being effect by the cash eclipse.
If you would like to find out more about our one stop shop offer for contactless donations take a look at the one minute explainer, visit www.tapforchange.org.uk or give us a call on 01525 306 800.