Online fundraising is a popular way for modern business to obtain quick cash. While boostrapping a business is ideal, it can take many years to secure a significant amount of funding. As a business owner, you likely want to spend as little money as possible on a fundraising campaign. This allows your business to keep as much as the donated revenue as possible. Online platforms have made this significantly more accessible. However, with so many platforms available, there is still competition on rates and prices. Continue reading this post to learn the best strategies to find the cheapest way to fundraise online.
Locate Low Platform Fees
Locate low platform fees to conduct inexpensive online fundraising. Platform fees are the percentage taken by the platform for each donation processed. With so many platforms available, these platform fees vary wildly. A low fee allows your business to keep the majority of revenue it raised and implement proper cost containment strategies. This effectively reduces the time you need to run fundraising campaigns for. Ensure you locate a low platform fee to find the cheapest way to fundraise online.
Utilize An Easy To Use Platform
Ensure you conduct your campaign on an easy to use platform. Easy to use platforms are often the most popular amongst users. An already popular platform saves your business time and money on marketing your fundraising campaign. You do not to produce multiple advertisements to inform consumers of your campaign if it is marketed on a well-known site. Utilize an easy to use platform to produce an inexpensive online fundraising campaign.
Ensure Multiple Processing Methods
To save money on your online fundraising, ensure there are multiple processing methods available. Many platforms only allow a few number of credit card types or payment types. If users wish to use other payment methods, your business is often charged extensive fees. This reduces the amount of each donation from non-approved methods. Platforms that accept all payment methods generally do not impose high fees based on issuing brand or method. This allows your business to accept donations from all users. Moreover, it guarantees your business is able to keep to majority of funds donated. Ensure you choose a platform accepting multiple payment methods to reduce costs for online fundraising.
Consider Social Media Integration
Social media integration greatly reduces the costs of your fundraising campaign. Social media ensures that your business does not have to spend money to advertise the campaign. Fundraising platforms offer to advertise your business and your mission on the various social media accounts. This is particularly helpful to gain awareness if platforms have large followings to use social media for business. Platforms additionally advertise for your business by sending email blasts, or building your business into blog posts. This reduces the effort needed by your business to conduct online fundraising. Locate a platform offering social media integration to locate the cheapest way to fundraise online.
Compare Additional Costs
Be aware of additional costs before starting your online fundraising. On top of platform or credit card fees, many platforms additionally impose subscription fees on businesses. These fees are frequently charged on a monthly basis. Because of this, businesses often have to carefully coordinate their fundraising time frame. In addition, many platforms impose a donor fee on prospective donors. This fee essentially operates the same as a platform fee, however, it is charged to the donor. When donors are charged additional fees to donate to your business, it often effects how much they are willing to give. Compare additional costs to find the cheapest way to fundraise online.
Online fundraising is an easily accessible option for modern businesses to raise money. In order to conduct your campaign as cheap as possible, ensure you locate low platform fees. Moreover, guarantee that a platform is easy to use and accepts multiple payment methods. Find a platform that offers social media integration to help with marketing. Furthermore, be aware of additional costs imposed by platforms. To best conduct an inexpensive campaign, consider these strategies to find the cheapest way to fundraise online.