When something goes wrong with a recurring donor's payment, do you lose the donor? Not with Fundraise Up.
Recurring donors are the key to skyrocketing your donor retention numbers. Not only do recurring donors boast an impressive 90% retention rate (45 percentage points above their one-time donor counterparts), by the end of the year, recurring donors will have also given 42% more than one-time donors. But what happens when a recurring donor's credit card expires or get replaced? Do you lose the donor? Not with Fundraise Up.
Auto-update Saved Cards
Our donation repair technology leverages Stripe's automatic collection feature to reduce processing issues with the saved card your donor uses for their recurring donation. This means that most American Express, Visa, Mastercard, and Discover cards issued in the U.S. can be automatically updated even when your donor replaces the physical payment card. Stripe's automatic collection feature runs in the background 24/7 to keep your donor's details up to date—no need to manually check the status of your recurring donations.
Even when your recurring donor's saved card hasn't expired or been replaced, there are times when charging the card fails. This is where our Smart Retries technology comes in handy. Using Fundraise Up's own machine learning algorithm, we're able to determine the ideal time to retry failed payments. For example, we might find that 1:15 P.M. on a Tuesday is the best time to successfully charge a card, and use that for future retries. Like Stripe's automatic collection feature, our Smart Retry technology is constantly running behind the scenes and requires no extra work on your part.
Letting your donor know when something goes wrong with their payment helps reduce the chance of their recurring donation expiring. But you shouldn't have to spend time writing emails to your donor about the issue. That's why Fundraise Up automatically sends alerts to your donors when they need to take action. Your organization also receives notifications about payment issues so you can check-in with your donor as needed.
Each of your donors has access to Donor Portal, a self-service webpage where they can manage their recurring donations and download PDF receipts for past donations. Most importantly, they can manage three key settings:
- Update Payment Method — Your donor can quickly change the payment method they use for their recurring donations. For example, when your donor wants to switch from making their donations from a credit card to a bank account without disruption, they can do so using Update Payment Method in Donor Portal.
- Change Amount — Your donor can quickly update the size of their recurring donation. This is a useful option because it gives your donor the flexibility to lower their donation amount rather than outright cancelling the recurring plan.
- Change Date — Your donor can quickly change the date on which their payment method is charged. This option is meaningful for when your donor wants to better align their giving with their personal finances.
Stripe's tech, our machine learning, alerts, and Donor Portal, combine to power Donation Repair, a feature that works intelligently behind the scenes to keep the donations flowing and which also plays an active role in supporting your retention numbers. Are you already using Fundraise Up? Donation Repair is already active and working to your advantage.
And if you're new around here, book a demo of Fundraise Up to see how Donation Repair and so many other features help you convert more website visitors to donors, boost donation revenue, and increase monthly giving.