Virgin Money covers its not-for-profit fundraising platform's 2% 'platform fee' until the end of lockdown
- Virgin Money Giving (VMG) will waive its platform fee for all charities for the remainder of the government lockdown
- Traditional fundraising events are not possible during lockdown and charities have been concerned about a decline in fundraising income at a time when demand for their services has increased
- By covering the platform fee for VMG, Virgin Money will help the efforts of charities, fundraisers and donors go that little bit further
Virgin Money UK PLC has announced it will cover the platform fee for its wholly-owned not for profit fundraising business, Virgin Money Giving (VMG), for the remainder of government lockdown. VMG will waive its platform fee on all donations and fundraising activity, including the '2.6 Challenge to save the UK’s charities', from 18th April. This fee, set at 2%, covers the running costs of VMG to enable it to provide charities, fundraisers and donors with a safe and secure digital fundraising service without making any profits.
By temporarily covering the fee in this challenging time, Virgin Money will help people's generosity stretch even further in support of charities and the valuable work they do all across the UK.
VMG introduced 'Donor Covers Fee' in November 2018, which gave donors the option to cover the 2% platform fee on behalf of their charity. This was expanded in September 2019 to cover the 2.5% payment processing fee. This popular feature makes the service free for charities on over 80% of donations. For the remainder of lockdown, the 2% platform fee will be removed and donors will still be given the option to cover the 2.5% payment processing fee for the charity.
David Duffy, CEO said: "With many charities seeing a large drop in their fundraising contributions during lockdown, we want to make it that little bit easier for all the generous donors, fundraisers and the charities they support. We believe that a not-for-profit model is the only way for a digital fundraising platform like VMG to ensure as much money as possible goes to good causes while maintaining a safe, secure and user-friendly service. But in this extraordinary and challenging time we wanted to do more to support the generosity of the public and our beloved charities. By covering VMG’s small platform fee for the rest of lockdown, we hope to help charities raise much needed funds to continue their valuable work during the worst of this pandemic."
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NOTES TO EDITORS
About Virgin Money Giving
- Virgin Money Giving is the UK’s largest not-for-profit online fundraising website from Virgin Money and was established in 2009. In October 2019, Virgin Money Giving turned ten, and since launch, has helped over 14,000 UK charities and 1 million fundraisers raise over £800 million to support their work in the UK and overseas.
- Virgin Money Giving has never made a profit, meaning as much money as possible goes to good causes, while maintaining a safe, secure, user-friendly and reliable service.
- Virgin Money Giving provides charities with tools such as fundraising and ‘in memory’ pages, campaign and appeal pages, donate buttons, event creation, regular giving, custom solutions with APIs, and reporting and data management. Virgin Money Giving collects gift aid for free for charities and provides them with a dedicated help desk, training and advice, marketing consent collection and the option for donors to cover their fees. There are no monthly fees for charities.
- Fundraisers can personalise their fundraising pages, send out email alerts and manage their fundraising events. They can include their own content, photos and links to their page as well as customise messages for their supporters and link their page to social networking sites. Virgin Money Giving provides fundraising ideas and tips, offering help and advice on how to raise more for charity. In addition to supporting individual fundraisers, Virgin Money Giving also supports Appeals, Corporate and In Memory fundraising.
- Virgin Money Giving is the official fundraising partner of events that include the Virgin Money London Marathon, Swim Serpentine, Prudential RideLondon and the Royal Parks Half Marathon.
About Virgin Money
- Virgin Money is the new disruptive force in UK banking. Bringing together the combined history and expertise of Clydesdale Bank, Yorkshire Bank and Virgin Money, we are the only bank outside the 'Big 5' that boasts a genuine full-service personal and business banking capability.
- We serve 6.6 million customers across the UK through a digital-first approach that offers leading online and mobile services, supported by telephone and branch banking, including a national network of branches and business banking centres.
- We are structured around three divisions – personal, mortgages and business – offering a full range of products and services for consumers and small and medium sized businesses, delivered through our leading technology platform to deliver a consistently world class experience for customers.
- Our ambition is clear – to make Virgin Money a new force in consumer and business banking that will disrupt the status quo.