According to Mobile for Good author Heather Mansfield: “More than any other mobile payment processing technology, mobile wallets have the greatest possibility for transforming fundraising, but the technology and its implications are not well understood in the nonprofit sector.” She goes on to explain that many nonprofits incorrectly assume mobile wallets can only be used to process payments at retail establishments. On the contrary, mobile wallets offer digital wallet services which enable users to make payments online.
So what exactly are mobile wallets? And why should your nonprofit consider incorporating them into its fundraising efforts? Keep reading to find out.
What is a mobile wallet?
Mobile wallets utilize near-field communication (NFC) chips inside smartphones or tablets to communicate payment information to merchants. Users of mobile wallets simply open an app, enter their personal identification numbers (PIN) or scan their fingerprints, and select which credit or debit accounts they wish to pay from. Once setup is complete, users can either tap to pay at payment terminals or click to add a payment to their wallet to pay online. Special offers, reward points and customer loyalty programs can all be stored here as well—an added benefit for your donors.
The benefits of mobile wallet
Now that you know what mobile wallets are, it’s time to put them to good use for your nonprofit organization. Here are some of the benefits of mobile wallet fundraising and giving:
- Convenience: All the personal and account information needed to make a donation, is stored in your donors’ mobile wallet so they can simply tap to give. No more writing in credit card information, filling out online forms or cutting cheques.
- Security: Donations made via mobile wallet may be more secure than those made online via credit or debit card. Take Apple Pay, for instance. It safeguards a user’s security because account numbers are not stored anywhere. Rather, it uses a substitute number that is useless to hackers unless they have both the donor’s phone and fingerprint.
- Ease: The ease of mobile giving may increase the likelihood of receiving donations, and it can grow your repeat donations as well. With mobile wallets such as Google® Wallet, for instance, online donation history is stored and easily accessed, allowing donors to easily repeat their donations with just a few clicks.
Making mobile wallets work for your nonprofit
The benefits of mobile wallets are clear, and they are easy to integrate into your organization. Be sure to include mobile wallet icons on your website and in all your online communications, and encourage supporters to download and add your organization to their wallet. A mobile phone wallet or tech buddy makes a nice incentive and, at the same time, promotes the benefit of mobile wallets.
At your next gala or fundraising event, imprint table tents and table goodies, such as individually wrapped cookies or after-dinner candies, with a quick response (QR) code that directs people to the mobile wallet app store. Also if possible, have a terminal at your fundraising event where donors can simply tap to give.
The benefits of mobile wallets are many—both to your organization and to your donors. Give it a try today. You may just find that the extra effort is well worth your while.
Mansfield, Heather. “Mobile for Good: How Mobile Wallets Will Transform Fundraising.” NTEN: The Nonprofit Technology Network. N.p., 16 Apr. 2014. Web. Retrieved 19 Nov. 2014.
“Mobile Wallet Technology.” Chase Paymentech. N.p., n.d. Web. Retrieved 19 Nov. 2014.
“Apple Pay Donations Research & Infographic.” MobileCause. N.p., n.d. Web. Retrieved 19 Nov. 2014.
“Mobile payments: Pros and cons of mobile wallet systems.” CBSNews. CBS Interactive, 11 Nov. 2014. Web. Retrieved 19 Nov. 2014.
Koenig, Mark. “5 Online Donation Tools to Delight Your Donors.” Nonprofit Hub. N.p., 03 Mar. 2014. Web. Retrieved 19 Nov. 2014.