PayPal has found that the gift that keeps on giving — that is, charity — has been growing across mobile, to the tune of double digit percentage gains in the most recent data compiled through the holiday season. In a press release from the company on Monday (Dec. 28), the firm said that the donations have all come in a rush, as 10 to 20 percent of total charitable donations come through the last three days of the month.
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The company noted that the rush can be attributed at least partly to the deadline to grab tax breaks that comes on Dec. 31.
Separately, the statistics show growth of as much as 28 percent in charitable donations done through mobile channels year over year, with a fairly sizable sum coming through the month that ended from Nov. 27 to Dec. 28 of this year, to the tune of $630 million across the PayPal platform.
Separately, the company said that in reference to maximizing tax impact as relates to charitable giving, there are a number of avenues to pursue. Among those recommendations, as prescribed by Clam Lorenz, general manager of social innovation for PayPal, donors can check to see if their companies can match charitable donations for their employees. On this front, the company takes no fees and will add another 1 percent to donations of at least $10 or more for all donations to charities made through the PayPal Giving Fund.
In addition, the donations should be treated as an investment would be, said Lorenz, with a tax deductible designation in place, such as a 503c. That can be ascertained with a check of the database known as the Exempt Organizations Select Check, said PayPal. And as always, donations should be cross-documented with a paper trail that includes receipts geared specifically to the tax deduction status.