While crypto trading can be complex and confusing, setting up your non-profit organization to receive crypto donations is very simple. The easiest way to process donations in the default crypto currency for almost every non-profit organization is to automatically convert donations into fiat money, US dollars or a currency issued by your local government.
First, your organization will need to select a crypto donation platform – preferably one that has years of experience and partners with reputable companies to process internal transactions. Unfortunately, at the time of this writing, several existing donation platforms support cryptocurrencies, so it makes sense to identify and use one that specializes in crypto donations.
In addition to the crypto donation platform, you will also need to create an institutional level account (crypto wallet) with a company that will perform the crypto-to-currency conversion (and charge a trading fee, which is typically in minimum percentage). You will need to confirm on your crypto donation platform which crypto exchanges they do business with. In many cases, they will handle the format of this account.
Once both of these accounts are set up, you will be able to host a donation widget on your website that donors will recruit to make their donations.
At this stage, you will join the first of the non-profit organizations that will benefit from the crypto economy.
Enabling the mechanics of accepting crypto donations is a good first step, but non-profit organizations can maximize their donations by using fundraising networks that are open 24/7 to raise funds from crypto donors.
Getting listed on these networks is a huge benefit – some non-profits receive 80% of their crypto donations through fundraising networks.
Donor campaigns are crucial – not only do they raise awareness for your cause, but they also inform donors that they can save a lot of money and make a bigger impact by donating cryptocurrencies. Look at your donation platform to see what they offer from their network – it’s a big advantage if your donation platform finds and educates potential donors for you.
We are still at the beginning of a financial sea change reflecting a world that is just starting to use cryptocurrencies, and there is a first-mover advantage that is now appearing on lists of nonprofits accepting crypto donations. When a donor decides they want to make a crypto donation, donor platforms offer them an easy way to channel that donation. Over Flow offers a convenient and efficient way for donors to select nonprofits on their website, enhancing the nonprofit’s fundraising efforts.
The following sections describe four easy steps to get started with the donation platform:
- Select the crypto donation platform and associated crypto account
- Add the donation platform’s widget to your nonprofit’s website
- Receive donations from donor campaigns
- Enjoy the availability of a listing on the donation platform’s website
There are sorts of crypto donation platforms, which currently have little overlap with traditional donation platforms (although traditional platforms will in time also support crypto).