Did you know that there are several ways in which you can process your charitable donation to a nonprofit organization? Most nonprofits will accept a variety of payment forms, providing you with flexibility and choice when supporting their mission.
Below are some payment options that most nonprofits will accept. Goodnation will accept all of these options when processing your gifts to your selected organizations.
Donating by check is the most traditional option. This method is useful because it eliminates any extra fees for the nonprofit. On the other hand, a donation by check is subject to the speed of the mail.
By credit card or debit card
Donating by credit or debit card is another traditional method, and most nonprofits will be set up to accept secure online donations through a credit or debit card. These transactions are quick and easy for all parties. The potential downside of this option is that small transaction fees may be included for the nonprofit.
By donor-advised fund
A donor-advised fund, or a DAF, is an account in which you set aside funds specifically for charitable giving. Many DAFs have a minimum balance amount or gift amount, so are typically used for larger donations. Initiating your donation is typically a simple process through your DAF portal.
By wire transfer
Donating by wire transfer is convenient as a quick and electronic transfer between accounts. In this case, fees apply for both the sender and the recipient.
By ACH payment
ACH payment is another electronic transfer between accounts, albeit a bit slower than a wire transfer. On the plus side, transaction fees are lower.
Stocks are another option for completing a charitable donation. Your contribution and tax deduction may instantly increase.
If you’re not sure which donation method is right for you, talk to your Philanthropy Advisor, who can help you decide. Contact them today.