Fintech Feature – Evershare
Evershare enables cashless donations for Charities using a unique QR code. Through a combination of QR codes and regulated Open Banking payments, people can make socially distanced cashless donations from their mobile banking app directly to the charity’s bank account and Charities can save up to 75% in card payment processing fees.
We spoke to Tim Hegarty, the CEO of Evershare, to find out more about this exciting fintech.
How and why did you form Evershare?
When COVID hit, we pivoted our proposition as I realised that cash is gone forever, but that charities need cash now more than ever and what was going to happen to the charities that are standing on the street asking for spur of the moment cash donations.
I’d also gone to China in 2019 and was amazed at the use of QR codes there. QR codes were everywhere, and I mean everywhere, getting into a taxi, going into a shop with no shopkeeper as you just needed to scan the QR code, getting into your house using a QR code etc. The use of QR codes never really took off in the UK, they were always there and were something people were aware of, but no one really used them. Now with track and trace it is ubiquitous. It’s going to be everywhere.
So I thought, let’s take the basis of the QR code, which is a fantastic piece of technology when you think about it. Very simple, very robust. Combine that with Open Banking to create a digitised, simplified and great customer experience for donating to charities.
Tell us more about how the QR code and donating process works?
The QR code triggers the user’s mobile banking app, money goes directly to the charity and then it hands back to us and we sort out the Gift Aid and the receipts etc. I think we’ve developed the world’s first QR enabled cashless donation system. And because it utilises Open Banking, it’s ultra, ultra-low cost.
There is a misconception that PayPal, Virgin Giving, Just Giving etc are free. They are charging ~4.5% that comes off the donation. They just direct you to the credit card payment in Stripe, then you have type in your information and your credit card details.
The world has moved on, Evershare allows you to just point your phone and click and then the donation is done.
And because we use a great company called Moneyhub, we have got 94% of the banks covered in the UK via their APIs.
We have also partnered with a company called Swiftaid who are brilliant. They facilitate Gift Aid by automating the creation of Gift Aid declarations and the submission of claims to HMRC, making the process fully automated and simple. So, we partnered with two great companies to enhance our offering.
We have just launched, and we have started onboarding charities which is fantastic.
Our QR codes are unique to each charity and they are dynamic in the sense that you can change the result of what happens with the QR code in an instant. For example, a charity could say we want to collect £5 donations to raise £500 for a particular cause. Once that has been raised, they can change it to a different target or area in the charity.
So we’re really excited about what we’ve built. We think it is revolutionary. We are faster, cheaper and easier than anybody else in the industry.
Are you also working with the delivery channels that could position the QR codes to be used?
We are talking to a major building society who are celebrating their 20th anniversary with a major charity. What they want to do is have their QR codes in stores, on their website and embedded in emails, so when a donor scans it they donate directly to the charity.
Most major corporations have partnered with a charity or charities.
What is your long-term vision for Evershare?
I’ve got a vision that I want every charity in the UK to have our QR code and then if it’s a homeless charity to give to the individual homeless person their own QR code, and then you’ve got no excuse not to give them money as it’s a safe, quick and ultra-low cost environment, so it’s a win win for everybody.
And I have to reiterate, I’m absolutely horrified at the fees that are being charged by the big players. It’s unconscionable. There’s no need for. And I’m going to change it.
Charities now more than ever need our help, they lost ~£6.4 billion last year because cash is disappearing. But at the end of the day if it is difficult to make a donation people are less likely to do it, it needs to be as quick, easy and convenient as possible.
Also, we’ve decided we are not doing an App, because trying to get people to download an App is really difficult and 98% of Apps are never used. So, I didn’t want to do that for the user or the charity because they are busy enough without trying to get people to download the app. I wanted Evershare to have no technical integration, it is super simple and secure and people are using it.
It’s clear to see that COVID has accelerated us towards a cashless society. The reduction in cash, combined with the disruption to normal life and physical events, led to many charities experiencing a critical drop in donations as invaluable fundraising activities were stopped and the sectors heavy reliance on cash. This has required the creation of new and innovative ways to allow charities to continue to raise the vital funds they require.
Through a combination of QR codes and Open Banking technology, Evershare have created a super simple but effective mechanism to donate to charities in a fast low-cost way.
It’s been said time and time again that convenience is key for customers – and that is what Evershare’s proposition epitomises. Through their partnerships with Moneyhub and Swiftaid they ensure the end-to-end process of donating and applying giftaid it automated, fast and secure. Not to mention highly competitive against its peers when it comes to costs.
That said, Evershare will need to continue to carve out their name and stand their ground against some of the bigger players such as Just Giving, PayPal and Stripe, by highlighting the comparative convenience and cost-effectiveness of their solution.
Evershare is the type of Open Finance for good proposition that is so great to see – simple, secure and win-win for all involved.