For many colleges and universities, the fall 2020 semester is posing numerous challenges no one would have expected a year ago. But one challenge that never seems to change is the need to raise money. Alumni and families are often willing to help, but is your school making the most of its fundraising efforts?
If you think about it, making a donation should be as easy as paying the mortgage. For many Americans, the latter is accomplished without a second thought. Consumers enroll in automatic, recurring payments to deduct the amount each month from their bank accounts, and it’s done.
Are you offering your alumni the ability to make donations the same way?
The ACH payments system is the key to making that happen. ACH powers Direct Deposit, as well as the electronic payments that cover mortgages, car payments, and a host of other monthly bills.
It also works extremely well for nonprofit organizations, including institutions of higher education, to raise funds on a recurring basis.
“Research shows that when ACH is used as your primary donation method it increases the chances of one-time donors becoming sustaining donors,” said Brad Smith, Nacha Senior Director, Industry Engagement and Advocacy. “They can authorize an amount to donate at a specified frequency, be it monthly, quarterly, or anything else. And since bank accounts rarely change, there’s a very low likelihood of the payment being declined.”
More than likely, your school already collects recurring tuition payments and pays employees using ACH. Are you making use of this same ability to raise funds?
Be sure that your school is offering ACH as a form of making long-term, recurring donations. It’s not only convenient for alumni and families making those donations, it can also enable giving for a long time.