We all do, but do we all know some simple ways to do so?
Transforming credit card or check sustainers to using automatic bank withdrawals (EFT) is one actionable step you can take to increase retention.
This will take care of donors lapsing due to expired or declining credit cards; keeping their donations on a steady path. Your station no longer has to worry about this and your donors don’t have to be bothered with updating their information.
Also, the fees are lower than card payment fees. The option to give and receive more doesn’t sound bad to either of the parties involved.
When and how do you convert your donors? We found an article that outlines four appropriate times.
- When a donor’s card expires or declines: You can mention EFT and mention, since fees are lower, their donations give a bit more. Testimonials help. Messages within sustainer renewal pages should include converting to this option. Also if there is a credit card breach going on with major retailers, you can address this situation and mention EFT (Previous Blog Post Reference).
- During an upgrade request: Why not ask?
- With a special appeal aimed at existing credit/debit card monthly donors: Use the savings message here again to thank and encourage them to change methods.
- If you offer a monthly check reminder option: Some donors still use checks and get those monthly reminders. This is a good chance to get them to use EFT since this group’s retention rate is usually the lowest.
Give it a shot! Like the article said, you have nothing to lose from mentioning the new method. Before you reach out, check out our page on EFT processing information and government regulations.
Does your station have other retention tricks? Let us know.
For more information about ways to reach your sustainers, take a look at our Sustainer Checklist.