Managing a non-profit organization can be difficult, especially when raising funds for a project or donating to a cause. However, your fundraising method significantly impacts how long your organization will last and how credible you will appear to your many donors. In this article I will share how I managed my non-profit organization accounts with one crypto wallet.
Are the funds of others safe with you? Do you keep a record that each donor can check? Transparency is the fundamental tenet of any charitable or non-profit organization. However, you lose relevance when you allow people to question your trust.
Speaking of strategy to raise donations, the explosive growth of cryptocurrencies presents compelling opportunities for non-profits to broaden their donor base and raise more money. As a result of the widespread adoption of cryptocurrencies, it was unavoidable for my organization not to accept cryptocurrency donations. Surprisingly, more people learned about my organization, generating more revenue than expected.
Before using cryptocurrencies to raise money for my organization, donations and funding were made in cash or gifts like everyone else. These monetary contributions are made using various payment options, such as wire transfers, ACH transactions, bank deposits, checks, and other convenient methods for the donor.
Conventional Donation Issues
We raise funds by receiving donations through conventional payment methods such as wire transfers, ACH transactions, bank deposits, and checks. However, setting up this payment method and processing the funds takes time and effort. To begin, we had to go from bank to bank to determine which service was best for the organization when setting up donation accounts to receive funds.
However, in order to accept donations online, we must first establish a merchant account and a payment gateway so that donors can use their preferred payment method on the website. As a result, all online payments and transactions are processed through the online merchant account before being transferred into the organization's account.
Of course, doing this for multiple projects means creating separate donation accounts for each project's cause. Unfortunately, it takes a lot of work to keep track of these accounts, manage the online payment gateway, and withdraw money to the organization's bank account. In addition, using these traditional methods to handle donations presented several difficulties.
- Processing donations through wire transfers, direct deposits, and checks takes several days.
- Online merchants charge a high processing fee for donations through credit cards or any online method.
- Donations are vulnerable to chargebacks if there are issues with the payment.
Conventional donation methods cost too much because donors and organizations pay a portion.
Accepting Crypto Donations
My organization's revenue changed when we started accepting donations using cryptocurrencies, and since we no longer have to wait days for donations to show up, as with the case of wire transfers, bank deposits, and ACH transactions, project goals can now be completed on time. So even though donations made using cryptocurrencies may be a new concept, their impact should not be underestimated.
Interestingly, since my organization started accepting cryptocurrency donations, there has been growth in the donor base due to increased participation since cryptocurrency donations are tax-efficient. In addition, accepting cryptocurrency donations fosters participants' virtue in society by encouraging them to commit to a cause they believe in and increasing the number of participants interested in the technology.
How I Managed Multiple Donation Accounts
Despite the technical nature of cryptocurrency, I do not require a thorough understanding to get started. Surprisingly, all I needed to accept cryptocurrency donations was a crypto wallet. So, after conducting extensive research on the best crypto wallet to use, I discovered Cwallet. However, getting started with Cwallet was the simplest and quickest option for a crypto newbie like me. I only had to link my social media accounts to get a cryptocurrency wallet; there was no unnecessary KYC procedure, and I didn't need to present any identification or legal documents.
I particularly liked the Cwallet's ability to handle multiple donations without requiring me to create different wallets. I can have multiple accounts and switch between them seamlessly from the same crypto wallet.
Since I have a crypto wallet to accept donations, all that is needed is the address on the donation website. On the other hand, to save donors from copying long strings of addresses prone to error, Cwallet provides a Tip box with a QR code that can be scanned without entering an address.
The wonderful thing about the Cwallet tip code is that I can set a specific amount for each donation, eliminating human inefficiency when making donations.
Cwallet, unlike online merchants, does not charge a processing fee, and donations are received immediately. Donors can use any cryptocurrency they want because the wallet supports multiple currencies and is simple to use. The best part is that it is completely FREE.
Other benefits Cwallet provided to manage my donations account includes;
- Receiving international donations without exchange charges.
- All donations are easily tracked and transparent.
- Donors pay no capital gain tax on donations.
- Receiving all donations tax-free.
- Investment opportunity for donations.
Furthermore, swapping between various cryptocurrencies received was easy without incurring any transaction fee. With Cwallet, I managed all donation accounts with one crypto wallet without incurring any charges. It is easy, convenient, and free! You can start managing multiple accounts and enjoy tax-free donations as I did by creating a tip code following this detailed guide.
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