In short: your donations to causes are tax deductible | your tip to PennyLoafer, if you choose to leave one, is not tax deductible
PennyLoafer is working hard to make sure as much of your donation as possible is going to the causes you care about. That’s why we have a 0% platform fee and only make money off of tips left by our generous donors.
The only thing that comes out of the donation is the payment processing fees, which occur essentially anytime you use your credit or debit card.
At the moment, we use Stripe for payment processing and their fees are 2.9% + 30 cents of each transaction.
So, for example, if you checkout with the following:
- $25 to Climate Change (tax deductible donation)
- $25 to Mental Health (tax deductible donation)
- $5 to PennyLoafer Tip (not tax deductible)
Total checkout amount = $55/month
Total tax deductible amount = $50/month
More questions? Please feel free to email us at [email protected].