Here are some questions to consider if you're looking into partnering with My Well for online giving or credit/debit card processing.
Beginning to accept credit & debit cards online can be a daunting process—especially if you're just entering the online giving space. This article won't cover the entire process, but we will do our best to help you quickly discover if My Well is a good fit for your church or ministry.
Does your current software integrate with My Well?
One of the first questions we ask is what software your ministry uses. It could be a Church Management System (ChMS), Online Giving platform, Financial software, Missions Trip Management software, or even something custom. See if your current software is on the list of supported integrations.
If you don't see your software on the list, the next step is to see if your software is on our list of unsupported integrations. While we are always working to find ways to integrate with a wider set of software, some services simply aren't willing to integrate.
Lastly, if your software isn't currently listed, there's hope! Simply contact us, and one of our ministry consultants can help determine if we can support your current software. In many cases, simply asking has opened the doors for new partnerships!
What if I'm a smaller church, or a ministry just getting started?
We love local churches and ministries, and are always looking to serve them in any way we can. One thing we often ask organizations who are just starting out, or who simply have a lower volume of online transactions is: How much do you anticipate bringing in through online donations each month?
From our experience, if you're bringing in less than $4,000 each month, signing up for Paypal will most likely be your best option. Paypal for Nonprofits offers a very low 2.2% + $0.30 flat rate per transaction with no monthly fee. Because we pass on a required monthly fee through My Well, the break even point averages out to $4,000 per month. Once you reach this point in online giving volume, partnering with My Well would make the most sense, since you would likely end up with an average effective rate lower than 2.2%.
What Will My Well Cost my Organization?
As someone who wants to be a good steward of your ministry's dollars, pricing is important. In fact, it's one of the most asked questions we get.
You can read our full article about How Much Does My Well Cost, but the bottom line is that we will always be the lowest cost option for credit and debit card processing. We can state that strongly, because we do not mark up the fees passed on by the major credit card brands—we simply pass those costs onto you through our Interchange Plus Zero pricing.
The average effective rate across all My Well accounts is 1.75%. This includes all interchange fees, monthly fees, and individual transactions fees.
For credit cards, this rate is based on which types of cards you process, so organizations with a high volume of rewards cards could result in a slightly higher rate. Others who have a higher volume of debit cards, will have a much lower rate.
For ACH or bank account transactions, we charge 0% + a small required, transaction fee. This percentage isn't factored into the 1.75% listed above, so if you encourage your people to give with their bank account, you can easily decrease your overall processing cost!
We hope this article helps you on your journey to find the best online giving solution for your ministry. If there's anything we can do to help you further—whether it's a savings analysis to compare your current rate to My Well rates or perhaps another question—simply use the chat icon in the bottom right of your screen or contact us. We're always happy to help as you explore giving options!