Great way on how to RAISE your DONATIONS
I noticed you only accept money in the form of Euros. That's discouraging a large portion of potential donations, here's why:
- If I were to donate €10, that would actually cost me $12.70 American dollars - using today's conversion rate. (Costing me an extra $2.70 to send you €10)
2 There are additional losses when paying by credit card, called 'Foreign Transaction Fee'. There are 2 parts to this Fee:
a. I am charged a 1% Conversion Fee, any time I convert American Dollars to any other currency. (Cost to me of $.13).
b. I am also charged a Convenience Fee of 2%. Basically, this is how the bank makes their money, as a Fee for usage of this service. (Cost to me of $.26)
TOTAL COSTS TO ME to send you €10 = $13.09. Which may not sound like a lot, but it's actually a 23.6% loss of actual money to me, while your company loses $2.70 in purchasing power by converting $ to €. Many potential donors may conclude the loss is not worth it.
~ SUGGESTION: I'm not sure how large you plan on making your company - I've used this product for over 6-7 years now in USA - but if you would like to grow into a more international market, here's what I'd do.....
Receive donations in whatever currencies you feel are of benefit to your company - maybe consider size and population (examples: 10 Russian Ruble, Australian / Canadian / American Dollar, Japanese Yen etc.). Then, use that currency DO NOT CONVERT IT in their home countries for merchandise / advertisements. Items like: T-shirts, Coffee mugs, Mouse pads, Pop-up ads on other websites..... whatever you feel would reach your target audience.
Based on this example: The donator (us) will not have to pay Foreign Transaction Fees and Conversion Rate differences ($3.09 savings for us), and the donatee (you) will not lose buying power (of $2.70) by using the funding in its perspective country. These differences, while seemingly minor, add up quickly when you start considering 20 donations of 10 (local currency) from each country. In this scenario, assume you receive 20 donations for $10:
* Donors save: $61.80 and avoid the hassle of conversion uncertainty.
* Donatee will receive $54.00 of buying power, by not converting currency to €. Called an 'Opportunity Cost'.
Hope this helps, please send me an email if you have any other questions. Wishing you success!
~ Gunn, United States, Washington DC