Virgin Money Giving offers to cut online donation costs by over 70%
Howard Lake | 14 April 2009 | News
Virgin Money Giving, the new online fundraising service from the Virgin Group, claims that it will cut the cost to charities of raising money online by 72%. The new service, run on a not-for-profit basis, launches this summer.
Virgin Money Giving unveiled its pricing structure and functionality at a reception for London Marathon Gold and Silver Bond holders in London.
Its pricing will be:
* Annual subscription fee: £0.00
* One off setup fee: £115.00
* Transaction fee (on a £100 donation plus Gift Aid) £2.00
* VAT: nil
* Debit card fee (per donation): £0.16
The company contrasted its £2.16 fees on a £100 donation plus Gift Aid with those of Justgiving (£7.60) and Bmycharity (£7.48). This resulted, it claimed, in a net donation to charity of £126.04 via Virgin Money Giving compared to £120.60 via Justgiving and £120.73 via Bmycharity.
Joanna Barnett, Executive Director of Virgin Money Giving, said: “We researched extensively with charities, both large and small as well as fundraisers to get the proposition just right.
“As a result we have better pricing and improved functionality compared to current online fundraising engines to ensure the best experience for charities and fundraisers alike”.
Functionality on the Virgin Money Giving site will include fundraising teams, fundraising groups, a Facebook application, collection of Gift Aid, fundraising history dashboard for fundraisers, and collection of event registration fees. The company will also offer technical support and a helpdesk.
Virgin has signed a five-year deal to be the official sponsor of the London Marathon, “the biggest fundraising event in the world”. The first Virgin London Marathon will take place on 25 April 2010.
www.virginmoneygiving.com
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.