Virgin Money Giving signs up to fundraising regulator code of practice and introduces ‘Donor covers fee’
- Virgin Money Giving among the first major fundraising platforms to sign up to the Code
- Donors will be able to cover the 2% platform fee, helping charities raise even more
Virgin Money Giving, the UK’s largest not-for-profit fundraising platform, has today confirmed its intention to sign up to the Fundraising Regulator’s Code of Fundraising Practice. As a result, Virgin Money Giving will be among the first major fundraising platforms to sign up to the Code.
The Code of Fundraising Practice outlines the standards expected of all charitable fundraising organisations across the UK.
In addition, Virgin Money Giving has also begun the roll-out of its new ‘Donor Covers Fee’ feature which will give donors the opportunity to cover the flat 2% transaction fee which charities are charged to use the site. The new feature is initially available to ten major charity partners and will be rolled out to all Virgin Money Giving’s charity partners by the end of the year.
Virgin Money Giving was established in 2009 and uses the infrastructure and expertise of its parent company, Virgin Money, to deliver a low cost, efficient and secure service to its charity partners.
More than 14,500 charities have registered with Virgin Money Giving and, by the end June 2018, over £660 million had been donated to charities through the service since its launch in 2009, resulting in an estimated £20.6 million more being donated to charities because of its not-for-profit model.
Gerald Oppenheim, Chief Executive at the Fundraising Regulator said:
“The purpose of the new Code and guidance for fundraising platforms is to ensure they work to the highest fundraising standards and make sure the public are clear about where their donation is going. By confirming that it intends to sign up to the Fundraising Code, Virgin Money Giving is sending a powerful message to both fundraisers and donors about its commitment to good fundraising and operating to the highest standards.”
Jo Barnett, Executive Director at Virgin Money Giving said:
“We are delighted to become one of the first major fundraising platforms to sign up to the Fundraising Code of Practice. We believe it is an important commitment at a time when the sector is being scrutinised and some practices are being called into question. As one of the leading brands in the sector, it is important to take the lead and make sure that charities and fundraisers understand our commitment to continue to operate at the highest standards.
“As a not for profit business, backed by Virgin Money, our low charges mean we don’t make a profit from the generosity of charity supporters. Our fees only cover the cost of running our business. Our ‘Donor Covers Fee’ feature will give fundraisers the option to pay our fee on behalf of charities, which will mean that even more money goes to those charities. Donors can be sure that the fee they pay for using Virgin Money Giving only covers our costs, unlike other fundraising sites, who profit from the fees they charge. In addition, we don’t charge a fee on the Gift Aid collected on behalf of charities as we strongly believe that 100 per cent of Gift Aid should reach the charities.”
Paul Lawler / Graeme Tones
Virgin Money Press Office
0191 279 4676 / 07826 922 064
NOTES TO EDITORS
Donor Covers Fee Charges
Why we charge a 2% transaction fee
We charge a 2% transaction fee to fund our running costs and to allow us to keep developing our service to find new and better ways to help charities maximise their fundraising. We don’t make a profit, meaning more money for charities using our services.
Here’s what that means for a £20 donation
|Donor Covers Fee||No||Yes|
|Transaction fee @2%||£0.40||£0.00|
|Card processing fee @1.45%*||£0.29||£0.29|
|Total cost to charity||£0.69||£0.29|
|Total received by the charity||£24.31||£24.71|
* This assumes MasterCard or VISA is used. If American Express or PayPal is used the fee is £0.32.
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. Virgin Money uses its infrastructure and expertise as a financial services business to ensure that Virgin Money Giving is efficient and secure.
- More than 14,500 charities have registered with Virgin Money Giving and, by the end June 2018, over £660 million had been donated to charities through the service since its launch in 2009, resulting in an estimated £20.6 million more donated to charities because of its not-for-profit model.
- 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.