Venmo For Nonprofits 2023: How To Set Up A Venmo Nonprofit Account
Create a charity profile and start accepting donations with our step by step guide to Venmo for nonprofits.
Using Venmo for your nonprofit is a great option for organizations looking for an easy and affordable way to accept donations.
Keep reading to learn when to use Venmo for your nonprofit and how to create a Venmo nonprofit account, plus when to use an alternative payment platform to start fundraisers online and in person.
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Why Use Venmo For Nonprofits?
Using Venmo for nonprofits is a great option for organizations that want to engage younger supporters and add a social aspect to their fundraising efforts. Venmo is a popular mobile payment app that operates like a social media app, so nonprofits can engage existing donors and reach new ones.
Pros & Cons Of A Venmo Nonprofit Account
- Discounted payment processing fees for nonprofits
- Nonprofits can create a verified charity profile, get donation transaction reports, and include a photo gallery
- Users pay zero fees to donate to Venmo charity profiles
- Add donation links to a website, social media posts/profiles, email newsletters, etc.
- Users can share donations with friends/family on their Venmo profile to encourage others to donate
- Cannot accept donations from outside the U.S.
- No recurring donations feature
- Not suited for large organizations with more customization needs
Venmo Nonprofit Fees
Venmo nonprofit fees include a flat-rate payment processing fee of 1.9% + $0.10 per transaction. Nonprofits must have verified 501(c)(3) status to get this discounted flat-rate processing fee.
Users pay no fees to donate to your nonprofit, even if they use a credit card (Venmo waives the 3% fee users usually have to pay to use credit cards).
How To Set Up A Venmo Nonprofit Account
Before getting started, it’s important to know that you can’t convert an existing Venmo business profile to a charity profile. You’ll need a new phone number and email to create a Venmo charity profile, or you’ll have to contact Venmo to close a business profile and start a charity one.
Translation: Don’t try to create a Venmo business profile and convert it or create any new profile without going through PayPal.
How To Start A Venmo Fundraising Campaign
Since Venmo isn’t built for large campaigns, we suggest starting a small Venmo fundraiser that requires little commitment from donors and allows you to ask a lot of people for a little money. Here’s how to get started.
Best Practices Of Using Venmo For Donations
You can craft Venmo fundraisers for specific causes, and you can take donations on a running basis. To keep donations rolling in:
- Link Your Venmo Account Online: Don’t just include your Venmo link in specific posts and flyers. Add it to your social media bio, a call-to-action button/page on your website, on email newsletter updates, and anywhere else that people may interact with your organization online.
- Print Out Your QR Code: Print out your QR code and place it in your physical building if you have one. You can put it at the entrance, near a sign-in sheet or register, and anywhere else people may stop and see it.
- Show People How To Donate On Venmo: Create a short video on using Venmo to donate to your nonprofit. Pin it to your social media profiles, post it on your website, and include a QR code link to your “how-to” next to your donation QR code in your building.
- Communicate With Your Organization’s Donors: Send a “thank you” message to donors through Venmo. Also, keep donors updated on how your campaign is going, plus the organization’s activity in general. It’ll make donors feel like a part of something bigger than themselves and keep your cause fresh in their minds.
- Save Donors’ Contact Information: Venmo charity profiles allow you to save and export donor contact information. This makes it easier to communicate with them in the future through email or text.
- Keep Up On Bookkeeping: Venmo can export donation reports that can (and should) be part of your bookkeeping solution. Use one of these best nonprofit accounting software programs to keep track of everything, especially when tax season comes around.
5 Best Alternatives To Venmo For Nonprofits
Venmo is a great option for some nonprofits, but several alternative payment providers may be better suited for your organization. These are some of the best credit card payment processing options for nonprofits and when to choose each one instead of using Venmo to accept donations.
Is Venmo For Nonprofits Right For Your Organization?
Venmo nonprofit accounts offer many benefits for small, local nonprofits. The social sharing aspects of the app and the highly discounted payment processing fees alone make Venmo a good choice for many nonprofits. However, Venmo isn’t right for every organization, especially ones that process a medium to large volume of charitable contributions every week.
Payment processing is one of the important factors when it comes to choosing a donation payment platform since these fees can eat up a sizeable portion of donations. Read up on our guide to the best nonprofit payment processing providers to find the right payment processor for your organization.
Also, check out our nonprofit resource tools hub for guidance on everything from the best nonprofit accounting practices, to where you can find your next grant, to how to get a business loan.