You work at a nonprofit. You have a mission and a vision to change the world, but that vision takes money. Every time a person makes an online donation, a payment processing company takes a 2.9% cut out of the money intended for your mission. Some say that's the cost of doing business, and while we understand that mindset—we believe it can be different.

Industry Standard Pricing Model

Before we get to My Well's pricing, we want to educate you on two of the most popular pricing models in the payments industry.

Interchange Plus Pricing

The first and most widely used fee structure in the payment industry is Interchange Plus Pricing. PushPay and Kindrid are examples of companies that use this model.  Interchange is the collection of 400+ base fees set by the primary credit card payment networks: Visa, Mastercard, Discover, and American Express.

For example, Interchange + 100 basis points or Interchange + 30 basis points. (1 basis point equals 1/100 of a percent or .0001.) Let's say that a payment processor is charging you 2.9%. If the average effective Interchange rate is 1.75%, then you are paying 1.15% (115 basis points) in addition to the Interchange rate.

As your processed volume increases, the number of basis points you pay in addition to the base Interchange rate decreases. Using Interchange Plus Pricing is the only way you can can get the most savings as possible, by negotiating down the number of basis points added to the base Interchange rate.

Aggregate Pricing

Another option that is gaining popularity due to it's simplicity is aggregate pricing. Stripe and Paypal are two companies that use this model. Rather than worry about the massive number of Interchange rates, businesses get charged a single rate like 2.9% on every transaction.

While this is certainly simple and easy to understand,  most organizations don't realize they're drastically overpaying for credit card pricing. With aggregate pricing, if your processed volume increases, your rate stays fixed, meaning that your processing fees will always increase proportionately to your processed volume.

My Well's Pricing Model

My Well Ministry's processing partner, Transnational Payments, operates on an Interchange Plus Pricing model. (If you haven't already, don't forget to read our article What is Interchange and why should I care?

With My Well Ministry, you will always get Interchange Plus Zero. Put simply, we don't profit from any of the money processed

The average effective rate we see across all of our organizations is 1.75%. So, if you're currently paying 2.9% for credit card processing with another company, you would instantly save 40% by partnering with My Well Ministry.

It's easy to look at these small percentages and breeze right past, so let's make this more tangible. If you currently process $250,000 annually at 2.9%, you would pay $7,250 each year in fees. With My Well Ministry, $250,000 at 1.75%, you would only pay $4,375 annually in fees. That's nearly $3,000 of savings that goes back into your mission every single year.

Other processing companies may offer reduced percentage rates, like 2.3% or Interchange Plus Pricing with lower basis points, but no one, to our knowledge has opted to not profit from any of the payments processed. 

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