How do you send money to churches? This question gets asked a lot now that the donations and money transfers are being made virtually. When it comes to sending and receiving money in the United States, Venmo is swiftly becoming the go-to app. Those seeking a hassle-free digital wallet can also benefit from this app. If you ask someone today if they can transfer money using Venmo, they are likely to say yes. This is especially true for young adults who have recently graduated from college or are just beginning their careers.
Many Venmo users are unsure about what they can and cannot do with their accounts now that they don’t have to carry around credit cards or wallets. One of the most frequently asked questions is, can churches use Venmo, especially if users are Christian or visit the church regularly?
Can Churches Use Venmo?
Venmo has become increasingly popular as a money transferring app among the younger generation in the last few years. In 2019, more than 40 million people used this app to send or receive their money. The recorded data shows that many users were in the 18-34 age bracket.
Now that the pandemic has seized the on-site operations, more and more people are turning to this app. In 2020, the app processed over $160 billion in payments. Since every business entity is opting for this efficient app, non-profit organizations and churches are also willing to try Venmo.
How Does Venmo Work?
You must link your bank account, debit card, or credit card to your Venmo account to send money. Every time you transfer money, you’ll be given the option to use a different payment method. This makes it easier for people with many credit cards or bank accounts to send money through the app. In addition to transferring money to your bank account, you can also choose to keep the money in your Venmo account for future payments.
What are the Benefits of Using Venmo in Your Church?
Using Venmo can help your company reach new heights thanks to the following reasons:
1. Excellent Performance
Venmo remains the newest and most popular alternative as more people resort to digital applications as their preferred method of sending and receiving money. New donors used to be skeptical before because of the time it takes to enter sensitive payment information. Now, Venmo has emerged as a terrific approach to reaching these potential donors. They may be more willing to donate if they can do it promptly.
Venmo users, on the other hand, tend to hold money in their accounts for future payments. Because they already have the money in their account, they are more likely to donate. There’s no need to transfer money from a bank account or credit card, so they’re more likely to donate because they know the money is already there.
2. Ease of Use
You should consider integrating Venmo into your church’s collection of tools to make it easier for your donors to donate to your cause. Your contributors can complete their transactions in a matter of seconds without filling out sensitive payment information, using a credit card, or writing a check, thanks to the simple-to-navigate mobile app.
Moreover, your supporters won’t have to constantly look for your account in Venmo. Each user is given a unique QR code that can be utilized to transfer money. Using a QR code to access your account is as simple as scanning the code and connecting your accounts. Use this tool to its fullest potential by including the QR code in your emails, newsletters, and fundraising documents besides your Venmo handle. It allows you to donate without touching your phone or keyboard. All a donor has to do is scan a barcode to make a donation.
3. Commitment
Venmo’s prospective new audience also influences the kind of participation you can have in the app with your supporters. People can like and comment on the Venmo feed. It is similar to a social media platform that displays information about your friends and the recipients of their payments. Even though this may not seem like much, it can be a beneficial tool for the church as a means of attracting additional donations.
You can quickly like or remark on all of the donations that have been made to your church. You can also send a thank-you email to your donors using this simple method immediately after a donation. You can even utilize GIFs, images, and emoticons to show your appreciation to your donors. They can also reply to your comments, allowing you to engage with them in a way you hadn’t before.
4. Functionality
Venmo is extremely functional. You can take advantage of its functionality by streaming your Venmo feed live during an in-person or virtual fundraising event, depending on your preference. All of your supporters will be able to see and reply to any donations that come in during or after the event. You can personally thank each donor for their contribution, and everyone who sees the broadcast can see it. People tend to rely on the advice of others, known as social proof while deciding on their actions. Live-streaming donations encourage others to donate, which also leads individuals who observe a webcast to donate. Use Venmo’s capabilities like these to the fullest to get the most out of your interactions with donors.
5. Cost-Effective Solution
The final benefit of using Venmo for your business is the extra cash it will bring in. All Venmo accounts have the following fees:
- There are no costs associated with signing up, using the service, or sending money using a linked bank account or debit card.
- Transferring funds to your bank account is free of charge. This usually takes 1-3 business days.
- There is only a 3% cost when using a linked credit card to transfer money.
- If you need money right away, you can pay a 1% fee for a fast transfer.
- For the first 30 days, Venmo does not charge any fees for collecting donations. After that, it charges a 1.9 percent + $0.10 fee.
Our Final Thoughts
Can churches use Venmo? Of course! It is the most cost-effective mobile payment solution when compared to other options. It is an excellent option for churches because of its zero-fee transfer fees and low transaction costs. Ultimately, this means that more of your supporters’ money is reaching you and, consequently, is used to accomplish your goals.
