Yearly’s Co-founder Jeff Rum, recently sat in with Stephen Garten, the founder, and CEO of Charity Charge. Charity Charge and Stephen.
to talk about the reason we do the things we do, and why we’re both working to make nonprofits more efficient and more efficient.
Although our Whys have a lot in common we’ve carried out our work in different ways. Charity Charge and Stephen.
Jeff uses Yearly Interactive, an interactive annual report creation tool as well as Stephen by way of Charity Charge. Charity Charge and Stephen.
a financial services firm that assists nonprofits in making more informed financial choices. Below is a small portion of their discussion.
Jeff for those who don’t know what exactly is Charitable Charge?
Stephen: Charity Charge was created on the belief that credit cards traditionally are meant for people and businesses.
not for nonprofits. Since they don’t have the threshold of $250,000 in annual revenue The majority of the 2 million registered non-profits aren’t eligible for a business credit card of any type.
To address this issue, we developed an entirely new type of credit card, one that is specifically.
that was specifically designed specifically for nonprofits and that doesn’t have a personal guarantee, no annual or per-card fees, and also automatic cashback generation. Charity Charge and Stephen.
Jeff: That’s fascinating I’m sure I’ve met several people who used their own credit card to make a payment on a company credit card. What is the reason why eliminating this practice (of personal guarantors) vital to the non-profit sector?
Stephen is often the case that this idea was an outcome of feedback. Charity Charge was initially a card for consumers. Charity Charge and Stephen.
that would allow customers to automatically donate to the charity that they wanted to support with each buy (think: Amazon Smile).
The moment the consumer-facing card was introduced CFOs and directors of non-profit organizations began to request cards for their organizations as well as their employees.
They were either using debit cards despite the risks they were aware of or conventional credit cards which required annual fees and relying on their employees to personally guarantee the cards that bind an individual’s personal and professional financial identity.
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What’s great about people who work for non-profit organizations is the enthusiasm and commitment they demonstrate toward their job.
It remains a bit unjust (and possibly dangerous or discriminatory) to demand that they accept credit cards in their names.
Furthermore, nonprofits are able to boast high turnover rates and this can become complicated when it comes to transitions between leadership and employees. It’s basically an all-win situation.
Jeff: That appears to be a simple idea, yet I’ve not even thought of the idea prior. How did the idea hit you?
Stephen says: I think it’s a classic social-entrepreneurship story. Like many of us, I relocated to a new city to begin my career.
In the beginning, I started working with Hill Country Conservancy, a local conservation organization located in Austin, TX.
As the year came to an end I realized I was unable to redeem my cashback points for travel plans as I had planned, and I did not want any more items either.
That’s when I received an email from Hill Country Conservancy announcing their final fundraising campaign for the year.
I was thinking of myself, Instead of using the credit card to give myself a gift, what if you could make use of it to help reward an organization?
Jeff: Smart. Entrepreneurship seems to be in noticing that something that is supposed to be easy can be quite difficult to accomplish.
Our clients who span the spectrum in regards to size and budget, what should they be aware of or do to acquire a Charitable Charge card?
Stephen, generally speaking, nonprofits must have two years of operating finances to be eligible for the charity Charge business card. Charity Charge and Stephen.
However, they may also begin with personal cards and upgrade after they’re is eligible. There’s a wide variety of non-profits, ranging starting with those that have $50k to $100 million in annual revenues.
The most appealing aspect of Charity Charge is that its effectiveness is cyclical. If large corporations join.
it encourages small organizations to join as well as smaller local groups to form the basis that makes up Charity Charge and allows the organization to be more than just a credit card. The common thread is an effort to make a difference.
How do you incorporate empathy into your strategy for your work?
Stephen, You have a great question. In the beginning, I would pick up the phone and help companies through the process of setting up.
When I was finished with one phone call, a customer who was shocked to find herself speaking about the company’s CEO thanked me for my support direct and enthusiasm.
She stated that you won’t always be able to achieve such things, but it’s amazing that you’re doing it right now.
I think about this when I consider the best way to differentiate my business. It’s all about the people in the final.
In order to keep Jeff’s New Year’s resolutions In an effort to keep his resolutions, he questioned Stephen about his plans for 2020.
In a true reflection of Stephen’s character, he believes his goal isn’t limited to charity Charges.
He is motivated by a bigger purpose to encourage the creation of more items and products that can add instead of drawing the value of non-profit organizations.
He’s thrilled to continue the work that they’re doing already: helping non-profits attain financial stability, as well as encouraging other businesses to run with a mission. Visit Charity Charge whenever you get the chance.
You can also hear Stephen and Jeff talking in The Podcast called Charity Charge.
Jeff is a fan of being able to connect with other social entrepreneurs, so give a shout-out to Brian Levenson for making this introduction! official website.
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