The San Francisco area company that provides nonprofits with a full suite of integrated fundraising tools, CommitChange, is working to offer the lowest processing costs available to users.
CommitChange is headquartered in Oakland but has a growing team on the ground in New Orleans, led by chief marketing officer Jason Nicosia.
The social impact company has lowered its credit card fees from 2.9% per transaction to 2.4% per transaction, which passes savings directly to the nonprofit users. With the current trajectory, this rate decrease will result in over a $500k in fee savings for their nonprofit users in 2015.
“Today’s technology can change our world in unprecedented ways, but only if companies in our industry re-evaluate their business models. Donation skimming, hidden fees, and lock-in contracts make it harder for nonprofits to effectively raise money online. We’re eliminating those business practices and calling out the people who engage in them.” says CommitChange CEO, Roderick Campbell. CommitChange is on track to process over $10,000,000 in 2015, so we plan to lower these fees even further.”
The company currently serves over 300 nonprofits across the country, and more than 9000 donors have used the platform for charitable giving in 2014.
In June 2014, the digital philanthropic platform closed a $700,000 seed round led by Tim Draper and Mark Cuban, along with an investment from 500 Startups. Through their investment, the platform can work to turn the $217 billion charitable giving market in America “on its head,” offering free tools to nonprofits and focusing primarily on the donor experience.