Cashless Fundraising, Does It Work?
“SORRY, NO CASH ON ME!”
Welcome to the world of cashless school fundraising.
Prior to COVID-19, the growth of our digital economy was well underway, but the virus has super charged our move away from cash.
None of this is breaking news! We all know that fewer people use cash these days, but School Fundraising is traditionally a cash fuelled enterprise. So, what happens when so few of us carry cash now-a-days?
Well, let’s take a look.
The use of cash has been steadily declining across Australia.
Some State Education Departments have asked schools to go cashless wherever possible.
Charities have witnessed a reduction in cash donations and have created alternatively options for people to donate.
Even before the coronavirus pandemic hit, Australia was estimated to be among the top six countries in the world experiencing a decline in the use of coins.
The practical applications of this shift are wide ranging, I mean have you recently walked past a busker and not been able to support them simply because you don’t carry cash in your wallet these days? I know I have!
School Fundraising is another area that is right in the firing line as we move away from cash...
Sausage Sizzles, Chocolate Drives, Raffles, Trivia Nights, Free Dress Days, Father’s/Mother’s Day Stands (and alike) are very much fuel by gold coin donations… which is tough when no one carries gold coins!
At School Fun Run, we also saw a big drop in cash during 2020. In fact, during COVID our schools raised over $6M and only 4% of the funding raised come in cash; many schools took the cashless option and chose to fundraise online only.
SO, IS CASHLESS SCHOOL FUNDRAISING THE WAY TO GO?
It’s a big YES from us, and here’s why cashless school fundraising is not just the future… it’s here now… and it’s here to stay!
The world of School Fundraising is set to benefit in significant ways from online fundraising.
First and foremost, the community wants it. From tap-and-go card readers at retail store and phone banking apps on smart phones, to peer-to-peer payment services like PayPal, it’s a digital consumer world and if school fundraising moves with consumer demand success is assured.
Here are the facts:
Raising money online means your school community is no longer local; it’s global! Grandma in England. Uncle interstate. Aunty across town. They can all donate directly to your school now… and they do!
The average donation online is over $30 and tells you that these donors really care for the kids they’re supporting.
The average student gets four online donations which all adds up to around $130 per student! That’s massive when you compare it most other school fundraisers.
Example: If all the kids at a 300-student school raised $120 each that would see the school raise $39,000. Which is a lot more than most other kinds of school fundraising. It’s like a School Fete or Carnival, but without all that work. In fact, speaking of work…
Online Fundraising is easy! Families can fundraise from home; the money comes in while they sleep, and fundraising cannot be easier than that!
Cashless school fundraising also means that kids are super safe as they are not out in the public door knocking etc.
It also means no cash for the school to manage.
School Fundraising online is just a total winner all around! Using the power of cashless fundraising is how we get schools raising over $100,000 in single fundraising events!
Since introducing Online Fundraising in 2012, our partner schools have seen total revenue go from around $3M a year back then to around $10M in 2019. Individual School Fun Run averages have gone from $3,500 in 2012 to $15,200 in 2020. Before online fundraising, our highest fundraising school raised around $21,000 in 2011. Last year (during COVID) our highest fundraising school raised over $114,000 and that’s all thanks to Online / Cashless Fundraising
A QUESTION OF TRUST!
Now... before your school rushes off to make millions online. You need to ensure that your online fundraising service has a PCI Compliance Level of 1. It is the highest, and most stringent, of the PCI DSS levels. In practical terms, it means your community will have the most protection possible when they process their credit card transactions online.
At School Fun Run we use JustGiving as our online fundraising partner. JustGiving are the world’s largest online fundraising platform and they have a Level 1 rating with regards to PCI Compliance.
CYBER SAFETY
Another thing to consider (before choosing an online fundraising partner) are the child safety measures that your online fundraising service uses. These are in place to keep your kids safe online so don’t compromise on them! If you would like to see what we do just click here.
Are you ready to run?
Click here to start your journey with us.
