Tami Cohorst recently published an article with Entrepreneur magazine that explores the future of mobile wallets and credit card processing technology. Cohorst is a contributor at Entrepreneur and the vice president of Abtek, a credit card processing company, where she is responsible for new account sales and retention of current merchants.
‘Mobile Wallets,’ the Future of Loyalty Marketing Programs
By Tami Cohorst | Entrepreneur | 8/04/15
“Mobile wallets” are steadily inching their way into the mainstream. With the technology now readily available — and affordable — and the stigma of security issues steadily fading, consumers are finally jumping on board.
Nonprofits Facing A Future of Mobile Wallets
Have you ever wondered why additional cash donations are few and far between at fundraising events?
More than likely, it has to do with the fact that more than 66% of people, regardless of age group, carry $50 or less around with them on a regular basis. Mobile wallets offer the convenience of keeping the donor’s credit and debit card information securely stored in a mobile wallet within the phone. Whenever a supporter uses one of your mobile fundraising forms, their credit card information is automatically added.
Why carry cash when you can swipe your card and earn air miles?
Credit cards have developed extensive rewards programs for their own marketing purposes. And since charitable contributions are not exempt from qualifying for rewards, your donors can get something in return for their donation without it costing your organization an additional cent.
Remind supporters that aside from being safe and secure, their mobile donations can help them earn rebate rewards or a few extra miles towards their next vacation.
Additionally, the future of mobile wallets in a mobile-centric world means mobile donations can be made from anywhere at any time. Odds are, when your supporters make the decision to donate to your cause, they’ll have their smartphone and credit card nearby. Those are two things people rarely, if ever, leave at home anymore and mobile fundraising forms make capturing impulse donations a breeze.
Your nonprofit benefits from the donation and the smart donor data, that belongs to your organization and can be used to develop stronger relationships with constituents. Donors can rest assured because, your organization is not actually receiving their credit card number, only the mobile number, which has and any custom field of information you include on your form.
By adopting mobile fundraising early, you are not only providing the most convenient way for people to donate and stay connected to your org, but also propelling your nonprofit ahead of the curve that can lead to revenue growth and better positioning.