2020 saw most physical events cancelled and accelerated the UK’s advance to becoming a cashless society. ATM cash withdrawals were around 40% lower in October 2020 compared to October 2019. As a result, many charities experienced a critical drop in donations as invaluable fundraising activities were stopped.
To solve this challenge, Bristol based fintech business Evershare has launched a QR-code based donations tool for charities, with payments powered by Moneyhub, the market leading data, intelligence and payments platform. Moneyhub’s Open Banking payments API initiates direct bank to bank payments. This removes the need and cost of traditional card based solutions, enabling charities to keep more of the money gifted.
Moneyhub’s payment API enables donations to be paid directly from the donor’s mobile banking app to a charity’s existing bank account. The technology ensures instant, more secure and cheaper payments, and provides a safe alternative to cash. The service is supported by 22 major UK banks and has automated Gift Aid, boosting donations by an additional 25%.
According to Statista, the average donation in 2020 was £24. For that donation, Stripe charges 54p, PayPal 54p and Just Giving 66p. With Evershare, a £24 donation would cost a charity only 17p – making Evershare the most cost efficient cashless payment provider in the UK, supporting charities with saving costs and making the most of all-important donations. Gift aid is automated, boosting donations by 25%.
The Evershare platform can be used for donations of up to £10,000 providing charities with a cost-effective and seamless payments solution at a time when fundraising has never been more important.
Tim Hegarty, CEO and founder of Evershare.io commented: “Charities are struggling to support their aims and initiatives as annual events last year and into the near future have had to be postponed or cancelled.
“At the same time, COVID has all but destroyed the use of cash, but it has exponentially increased the use of QR-codes. Our partnership with Moneyhub and its Open Banking abilities has allowed us to harness a transformational technology into a one stop solution.
“Reducing costs for charities was one of our number one priorities, and we’re delighted that the direct bank to bank function of Evershare means that we offer 75% cheaper donations than using credits cards or PayPal.”
Samantha Seaton, CEO of Moneyhub commented: “2020 was a turbulent year across the board, and the charitable sector was particularly hard hit by a fall-off in footfall donations and household finances being squeezed by economic uncertainty.
“QR code technology has been around for a while, but as the pandemic prompted a move away from cash and the necessity of socially distanced payments, the ingenuity of QR codes was a ready-made alternative. Combining these capabilities with Moneyhub’s Open Banking payments technology has provided a seamless solution for charities, whilst also establishing Evershare as the cheaper, faster and easier alternative to other payment providers.
“This partnership demonstrates the versatility of Open Banking technology and the possibilities it can offer. It is our responsibility to support charities during challenging times and we are honoured to partner with Evershare to help the third sector.”