Why Swiftaid exists
Streeva was created to solve problems in the payments industry. What better place to begin than with the charity sector. With £564,000,000 in Gift Aid going unclaimed by charities each year it’s clear that something isn’t working quite as well as it could. Streeva recognised this and gave birth to their first product; Swiftaid.
What Swiftaid does for Charities
Swiftaid creates more opportunities for charities to claim Gift Aid on donations whilst relieving burdens of administration by taking care of the entire process on their behalf.
When a charity signs up to Swiftaid they hand over all of the pains that come with processing Gift Aid, whilst gaining the full financial benefit from the government. Currently, when it comes to contactless, practically all Gift Aid goes unclaimed because it’s simply too difficult for charities to manage.
This has now been made simple with Swiftaid. Donations are compiled and matched to donors and then paired with charities. A declaration is then created and a claim sent to HMRC. The Gift Aid then makes its way straight from HMRC to the charity. All this without the charity lifting a finger.
With Swiftaid Charities no longer need to submit claims, keep records or fulfil audit requirements as this is all taken care of. This means there’s no need to deal with errors on Gift Aid forms, or worry about making sure everything is correct and in line with HMRC specifications.
Along with all of this support, Swiftaid is also building awareness around Gift Aid and are forming a nationwide network of donors that, once signed up to Swiftaid, all donations made to any charities that use Swiftaid will have Gift Aid added, boosting funding for charities all across the UK.
To make all of this possible, and to continue innovating for improvements within the charity sector, Swiftaid must charge a fee for processing declarations. Swiftaid charges charities a fee of 5% on the amount of Gift Aid claimed per donation. We recently moved away from a fixed fee as it wasn’t viable for the smaller donations. Using a percentage-based model allows even the smallest of donations to benefit from Gift Aid.
£20.00 eligible donation + £5.00 Gift Aid = £25.00
5% Swiftaid fee = 0.25