The stewardship solutions available through Egiving.com have two major aspects: recurring electronic giving solutions and online giving options. Unlike many systems, ours embraces both applications. We also have a continually evolving list of up-and-coming applications in the works. Some of the most frequently asked questions we encounter include those about the exact route and timing of the fund transfers empowered by Egiving.com and the fee structure we embrace.
Movement of Funds
It may help you to know exactly what happens during the process we use to move your money from your ministry partners’ accounts to your ministry. Perhaps you’ve used electronic banking services, on a personal level, and you’ve wondered what exactly takes place when money moves from Point A to Point B. Well, no two systems are exactly alike, but ours typically takes 4 days.
1. On the the same day funds are keyed in by your organization or processed by a giver online, the associated files are received by Egiving.com. They are then encrypted immediately and sent through API to the appropriate processor. Credit or debit card authorization feedback is then relayed to both the giver and your ministry’s account records. In addition, you receive cc-able gift notification e-mails, and the giver is sent a receipt.
2. On the following day, credit and debit cards are routed to the appropriate processors, while checking account transactions are routed through the American Christian Credit Union and then sent on to the Federal Reserve.
3. On the third day, the giver’s bank account is debited for the specified amount, and reporting is relayed to your ministry’s account in Egiving.com by our processor.
4. By the fourth day, all proceeds from the collection are deposited into your ministry’s bank account, and our processor debits the appropriate fees from your account.
Of course, this day-to-day sequence represents an average flow; some high-volume clients may be able to request abbreviated processing times on an individual basis.
Makeup of Fees
Since Egiving.com is a ministry, we aren’t out to make money; however, we do need funds to maintain our partnerships and pay our staff. Our founder, George Eusterman, directs the organization on a purely volunteer basis, offering his expertise gleaned from his years pioneering the use of EFTs within the health club industry.
For setup, customization, and training, we currently (Sept 2011) charge a nominal amount of $100 for a para-church ministry or $200 for a church. An ongoing monthly fee of $30 covers support for your interface, ACH and credit card gateways and professional support. In addition, there is a $0.25 per transaction fee, and additional credit and debit card merchant fees apply. Each credit card company determines its own fees; averages are between 2.1% and 2.2%. (Because of the additional feels involved in credit card transactions, we recommend ACH, or checking account payments, as the preferred stewardship method to recommend to your supporters.)
If you have further questions about our fund transfer pathways or our fee schedules, feel free to fill out the contact form on our website or call the number listed at Egiving.com.