The Institute of Fundraising (IoF) has been conducting a survey of their members into trends in the methods of payment used to give to charity. The survey that found that:
70% of charities are reporting that in the last three years they have seen a decrease in the percentage of overall donations given by cash.
86% of respondents expected a decrease in the proportion of donations given via cash payments over the next 5 years.
Charities report differences in donation habits when looking at age of donors.
75% of charities say that 16-24 year olds are less likely to give cash compared to the same age group 3 years ago, compared to 29% of those aged 45-64 and 10% of people aged 65+.
Interestingly statistics from UK Finance shows that the propensity to use contactless payments shows no such age variation.
The IoF report that smaller charities are less likely to say that they think they will be using contactless payments in the future, 64%, compared to 75% of medium organisations, and 78% of larger ones. The IoF asked why organisations haven’t yet tried contactless payment systems, the most common reason given was that ‘it costs money to buy the equipment’ (56%).
RSM 2000 are bringing down the cost of contactless payments through our EventPay scheme which provides contactless enabled devices to charities (or other types of organisation) for events, whilst not requiring them to have an existing card acquiring relationship, or go through the expense of setting one up. With the EventPay scheme the charity simply pays to rent the terminals by the day for their events, plus delivery and a small transaction charge.