In order to process donations in RaiseDonors, you will need to integrate your account with a payment processor. RaiseDonors integrates with Virtuous Payments.
With every transaction, the merchant will charge a small fee to cover the cost of processing credit card payments from donors. You do, though, have the option to ask donors to cover the processing fee of their gift on top of the donation amount they give. This means your donors can increase their gift to cover the credit card processing fee, so the full gift amount goes toward your Projects!
How Much are the Processing Fees and When are They Collected?
Virtuous Payments powered by Stripe generally collects 2.9% + $0.30 per transaction. You can find more details about this here.
How Do I Enable the Donor Covered Fees Option?
Once you navigate to the page builder, then scroll down- you’ll see that the “covers costs” component has already been added to your form for you. This option can be defaulted to true if you would like. You may also choose to delete this option by selecting it and deleting the component.
Virtuous Payments
Virtuous Payments collects the processing fees at the time of the transaction. When it comes to reporting of the processing fees, your organization has two options depending on your preference:
- "Only Split when Donor covers Costs"- Gifts that have been opted in to Cover Cost by the donor will split the processing costs into a separate Processing Costs (CREDITCARDCOST) project. Gifts that have not been opted in to cover costs will not witness a processing costs split.
- "Always Split Costs" - All gifts, regardless if they have not opted in to covers costs, will have a processing fees split into the Processing Costs (CREDITCARDCOST) project. Netting the processing costs from the gross total of all donations.
Check out this article to learn more about the Donor Covered Costs project.