Donor Retention. Two of the most important words in fundraising. With only 1 in 3 first time donors renewing their gifts, non-profits are scrambling to find ways to help keep donors connected. One of those ways is through a sustainer or monthly giving program that encourages donors to give a specific amount consistently every month. Research says that monthly donors give an average of 31 consecutive months—far better than the more typical one and done gift.
Of course that average can be compromised if the credit card used to fulfill this ongoing commitment expires or is compromised. It seems like it happens in our family about once per month. I came across a resource that can help non-profits retain their donors even when credit cards expire. It is called an Account Updater and it automatically updates expiration dates or new card information for cards stored in your recurring gifts system. On average it will catch about 25% of changing cards in your system—which may really be worthwhile depending upon the number of recurring gifts you have.
Check out this resource I found when reading a blog post at wildwomanfundraising.com to learn more about Account Updaters, or as suggested in the link talk to your banker—he or she may have other ideas about how to effectively retain your recurring donors. It is well worth the conversation.
Please keep communicating the impact of your donors’ investments—the most important step in donor retention, but also use technology where you can to help you work smarter not harder.