In recent years we have seen a huge increase in digital giving as charities and fundraisers are increasingly creative in how they use platforms such as Virgin Money Giving to drive donations. Sites like Virgin Money Giving allow fundraisers to reach out to their whole network easily and quickly as they can integrate their fundraising into their social media and they can keep people regularly informed as to their fundraising or training journey.
However what sets Virgin Money apart from its competitors in this space is that it is first and foremost a not-for-profit online fundraising service which aims to put charity ahead of profit.
Our not-for-profit model
When Virgin Money Giving was set up in 2009, it was as a not-for-profit fundraising site and this has never changed. This means we can charge lower fees as not one penny goes towards any profit margin, meaning more of the money raised goes directly to the charities it is intended for.
Following the debate in the House of Commons Westminster Hall this afternoon on ‘Charitable fundraising websites and their associated charges’ we are happy to support the proposal that all giving platforms should present their fees clearly and transparently. For every £10 donated we pass on the donation minus a 2% fee for our services. At the same time we claim and pass on the full 25% Gift Aid for the charity. We ask our charity partners to pay a small one off registration fee to cover their set up costs and there is no monthly fees or extra charges for their corporate partners. In relation to donations made by credit card, there is a processing fee of 1.45%. This applies to all cards except American Express which is 1.6%.
More than 13,500 charities have registered with Virgin Money Giving and, by the end of Q3 2017, over £590 million had been raised for charity through the service since our launch, resulting in an estimated £18 million more raised for charity because of our not-for-profit model.
Our support for charities
Through Virgin Money Giving we provide fundraisers and charities with a low cost, easy to use platform to raise money. We provide charities with reporting information so that they know where they stand at all times and who has supported them and we make sure that their funds are secure and passed on to them as quickly as possible. We deal with all the payment and Gift Aid administration for the charities free of charge and we provide charities with free training support to help them make the most of digital fundraising.
Supported by Virgin Money we charge charities the minimum fees needed to cover the running costs of the site, allowing us to ensure continuous investment in Virgin Money Giving to expand and improve our services.