GiveMN increases transaction fee for donations by two percentage points
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Starting July 1, it's going to cost Minnesota nonprofits more to get a donation through GiveMN.
The online giving agency has worked to keep transactions low since it started up in 2009.
But, because of increased costs incurred by its technology provider Razoo, the fee for transactions on GiveMN is jumping from 2.9% to 4.9%.
Executive Director Dana Nelson stated in a news release that "The technology required for keeping GiveMN innovative, secure and reliable comes with significant costs. Even with this increase, GiveMN still offers one of the lowest transaction rates for online giving. Credit card processing fees alone are 3% on average. On high-tech platforms comparable to Razoo, transaction fees range from 4.75% to 15%."
According to GiveMN, more than $73 million has been channeled to Minnesota charities through its site.
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