How much does it cost Development and Peace to process monthly donations by check or credit card?
Development and Peace pays the same rate charged to vendors or businesses using credit cards. This means an administration fee of roughly 3% is applied to each monthly donation. For example, Development and Peace pays 51 in administration fees on a $17 monthly donation. This is not the case for contributions via preauthorized withdrawals. In this case, the donor assumes any administrative costs, and these differ depending upon the financial institution and type of bank account involved. Basically, costs can vary between 30 and 50 per monthly contribution. In addition, as a charitable organization we have special agreements with some financial institutions, to reduce other costs like those attached to their payment authorization system, which costs roughly $1,000 per year. This system is required to authorize monthly donations via preauthorized withdrawals on various financial institutions.
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