Declines in cash donations are happening faster than expected. By 2027, UK Finance have predicted that cash will only account for 16%, and this is already making 70% of UK charities see falls. This decline coupled with the £600m in unclaimed Gift Aid a year, mainly because the lack of opportunities to actually declare it is an obvious problem which needed to be solved.
After a variety of pilots and projects out there within a diverse range of industries, TapStudio eventually started talking to charities. All conversations were immediately centered around combating the fall in cash, collecting Gift Aid declarations and helping supporters stay in touch with charities to sign up to events or volunteer with them.
The team found that these problems were very frequent with every member of the charities they spoke with and requests were made for them to come up with a solution to solve this for the individually. As these problems were so frequent, the team decided to invest into building a full platform that could support any charity to combat the decline in cash and help them capture unharnessed data.
In September 2019, Everfund's initial offering was created to help any charity harness powerful tools and innovative donation channels to help them fundraise in the new digital age.
Everfund specifically helps UK charities take one-off and monthly donation through multiple innovative donation channels, process their Gift Aid and take supporter details within a cloud-based CRM, equipped with intelligent tools to harness untapped data.
At the time of writing, Everfund currently has two innovative donation channels;
Donation Points - Interactive print media
Using ultra low cost contactless technology and utilising TapStudio's partnership with the Print Agency, Ruddocks, Everfund offers digital donation points in the form of interactive print. We've been able to turn poster, banners, sticker or even ordinary fundraising packs into affordable digital donation points.
Tap your phone on these and you can leave a digital donation with the likes of Apple Pay, or even declare Gift Aid.
Donation Portal - Installable web widget
Everfund's donation portal can be installed onto any charity or corporate partner's website to help them turn their website traffic into high yielding donations.
Results for Everfund's charity clients
Since Everfund's release it has been able to yield an impressive average donation of just over £8, an increase of 114% compared to a popular contactless terminal provider. With it's unique cover fee feature, which allows donors to cover the processing fees on behalf of the charity, 95.2% of people cover the fee, meaning that only around 5% of all donations are directly charged to the charity.
In terms of GDPR data capture, 47% of people declare Gift Aid and 42% of people consent to stay in touch with charities meaning that charities are able to capture a great deal more income and data to help with their general and community fundraising efforts.
Everfund's initial offering has proved a major step in innovation for the charity sector and the platform itself has only really just begun. Tap Studio will continue to develop Everfund as a major focus for their company to help a large amount of charityies access their innovation platform at scale.