The realm of digital payments is ever changing, and the array of new features to allow for frictionless transactions are all part. These advancements are especially important on peer-to-peer fundraising platforms. For instance, there is the credit card auto updater tool to keep your recurring donations intact. When these devices are paired with an effective donation platform, nonprofits and fundraisers can secure regular funding, as well as improve donor relations.
Credit Card Auto Updater | What Does That Mean?
Credit Card Auto Updater (CCAU) — an initiative by credit card processors and financial institutions to automatically update a customer’s card information when their credit card expires or has been replaced. This is a critical service for any business or non-profit that depends on recurring payments, such as monthly donations that make it possible to avoid canceling services simply because the card number was new.
This alternative method can take time for the donors to update their card info and might lead to payment delays or loss of support whenever previously paid supporters fail to provide the new card information. This can create a huge problem for not-for-profits since the value of funding is critical and there ends up being administrative issues with follow-ups for bad payment orders.
The Foundations of Modern Fundraising: Peer-to-Peer Donation Platforms
Peer-to-peer donation platforms have changed the way in which fundraisers operate. By enabling people to set up their own fundraising pages and garner support from their friends, these platforms make it accessible for everyone to raise money for things they believe in. Be it for some charity walk or disaster relief, or your community contribution, peer-to-peer donation platforms are made to simplify and enhance the whole fundraising experience.
There are a number of benefits to using these platforms:
Distributed fundraising : rather than relying solely on the direct scope of an organization, constituents can raise money for a cause using their social channels messengers respectively — thereby broadening the field of potential donors.
Donor Relationship: Peer-to-peer fundraising gives donors the ability to make much more personal and relevant donations. Donors who give to one of their friends or family members feel more connected to the cause, which increases the likelihood they will donate.
The ability to SHARE: A fundraising campaign on this platform, which is being shared on social media for others to view and donate towards has a greater reach in raising money in usual ways.
Yet, for all the benefits peer-to-peer platforms provide, they have their own drawbacks specifically when managing recurring donations and making sure payment information is current.
Credit Card Auto Updaters Meets Peer-to-Peer Donation Platforms
When linked up with these peer-to-peer donation platforms, the credit card auto updater becomes a powerful tool. Monthly donations are essential for the functioning of many fundraising campaigns. They provide an ongoing stream of revenue that allows non-profits to be able to better plan and budget for the future.
With Credit Card Auto Updater available, organizations can now safeguard ongoing donations from falling due to contributions on expired credit cards —right in your peer-to-peer platforms. This provides a more consistent funding pipeline and minimizes the back-and-forth expected from donors updating payment information.
Advantages for P2P Platforms That Use Credit Card Auto Updater
Better Donor Retention: Maintaining the continuity of recurring gifts is crucial when trying to keep donors on board. The less donors have to worry about updating their card information, the more likely they are to continue supporting a cause in the long run.
Fewer Failed Transactions: One of the leading reasons recurring donations fail is because the payment information has become outdated. An auto updater for credit cards automatically updates donor payment details, reducing the risk of a missed payment.
Superior donor experience – Donors like a friction-free journey. You can also upgrade your payment information automatically which will save you from having outdated cards or changing ones causing any friction. Donors now have consistent access to opportunities, allowing them to maintain continuity in their funding.
Time and labor-intensive: In-person finding donors is a hassle for you to update payment information which can be manually found or automatically find using the churn analysis. With a credit card auto updater, a non-profit has one less thing to worry about and can put more of its time and effort into other mission-based events.
The number of nonprofits and fundraisers using peer-to-peer donation platforms to crowdsource cash from their communities continues to ramp up, highlighting the need for these payment systems to work hard even at a time when no one is allowed to go outside or meet. The credit card auto updater is an essential feature used to maintain continuity in recurring donations that is central to organizations in order for them to keep up with their operations and meet their fundraising goals. When used together, they can ultimately help nonprofits to decrease donor attrition, reduce failed recurring gifts and build a smoother journey for volunteers and donors to be able to reach in and help when their time is needed the most.