Cost effectiveness of contactless giving examined in white paper
Melanie May | 3 July 2019 | News
UK contactless technology provider GoodBox has published a white paper giving an insight into the effectiveness of contactless fundraising, based on the experiences of its charity clients.
Contactless Technology: Worth the Investment? was launched at Fundraising Convention on Tuesday 2 July, and is the first in a two-part series supported by the IoF.
GoodBox both rents and sells contactless hardware, as well as delivering purpose-built solutions for spaces with heavy footfall such as museums, art galleries, places of worship and hospitals.
It analysed its client performance under several different metrics; including purchased, rented and purpose-built devices, and found that in less than a year purchased devices produced an overall ROI of 340% for its clients, while rentals have produced an overall ROI of 212%, and purpose-built devices 1,384%.
Looking at its charity clients’ experiences with purchased devices, it found that in total, the 25 organisations in the study that had bought devices spent £69,035 on the upfront cost of contactless technology with the technology yielding £303,967 in returns so far to give the ROI of 340%.
84% of these organisations saw a full return on investment within 12 months. GoodBox estimates that they will have made a return on their investment of 2,485% within five years – the expected lifespan of a GoodBox device.
The 35 organisations in the study that rented GoodBox devices raised a total of £53,849, having spent £17,225 on the cost of renting hardware – a total of 212% return on investment. Renting for a week is roughly one tenth the price of buying a device outright, according to GoodBox’s figures, which also show higher levels of profitability for devices rented over a shorter period of time, due to the devices being used for targeted events.
Andrew O’Brien, CEO GoodBox commented:
“GoodBox is founded on the belief that in order to prosper, charities must have equal access to cutting-edge technologies. However, for charities to put their trust in innovation, is it essential that we increase access to relevant data. This white paper provides ground-breaking and honest insight into the effectiveness of contactless fundraising. I hope that it will enable more charities to thrive in an increasingly cashless society, and to do so with confidence. I am very grateful to the IoF for their support in the creation of this work; a report which I believe will meaningfully contribute to shaping the future of giving.”
Adam Bryan, Director of Partnerships and Innovation, Institute of Fundraising added:
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“I have no doubt that this paper will help to clear some of the confusion around contactless; helping fundraisers make more effective decisions and enabling them to address the rapidly evolving contactless landscape with greater confidence.”
Digital copies of the full report are available by emailing
ou******@go*****.com
.
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.