WHAT IS PROMISE OR PAY
Promise or Pay is an online honour system that helps you stick to your goals by donating money to charity if you don’t follow through and encouraging others to donate if you succeed.
WHY MAKE A PROMISE
It’s no secret that sticking to self-improvement commitments is difficult, and what’s more, failing to reach a goal can be disappointing and discouraging. But did you know that your chance of success increases by 33% if you share your goal with others and by up to 72% if money is put on the line!? Promise or Pay combines these two approaches to help you stick to your goals by making them public and using charitable giving as an incentive. It is the win-win way to make good on your goals and drive wide-scale social change.
WHAT KIND OF PROMISE CAN I MAKE?
You can promise to do anything – give up smoking, find a new job, reconnect with an old friend, save more money, or climb Mountain Everest! We do ask that you keep your promises family-friendly. Posts that contain defamatory, explicit, obscene, threatening, or offensive content willbe removed.
WILL I BE CHARGED UPFRONT FOR MAKING A PROMISE?
No. You will only be charged if you break your promise or if you do not update your promise before your completion date. You may see a small payment authorisation in the pending charges section of your credit card, this is not a true charge and will disappear – this may take anywhere from a few minutes to a few days depending on your bank.
DO I HAVE TO SHARE MY PROMISE?
No. However we really want you to keep your promise so we encourage you to share it. Years of social and behavioural research shows that people who write down their goals and share them with others are up to 10 times more likely to achieve them. So don’t be shy, tell the world!
HOW ARE CHARITIES SELECTED?
To maximise the impact of every dollar donated we have partner with charities that are clear about their purpose, mission and values. We believe they use their resources wisely to effectively implement programs that have the ability to actually make a difference. We also want to give you the opportunity to choose from a number of charities working to combat a wide range of social issues.
WHAT DOES IT COST CHARITIES TO JOIN PROMISE OR PAY?
Nothing. Zero, Zip, Nada, Zilch.
DOES PROMISE OR PAY CHARGE A FEE?
We charge our selected charities a 10% service fee plus a mandatory 2.7% and 30cents card processing fee from our partner, Stripe, on each donation, then reinvest these fees into making constant improvements to Promise or Pay and offering new services. We hope to reduce this in the future. At the moment however, Promise or Pay receives no funding from outside agencies and the service fee will contribute towards the running costs of the project and achieving our aim of becoming self-sustainable as quickly as possible. Our priority is to raise money for our selected charities but in order to keep our website robust and maximise Promise or Pay’s huge growth potential and social benefits – a 10% fee is required.
WHEN WILL MY SELECTED CHARITY RECIEVE MY DONATION?
Total donations are transferred on a first day of each month.
WILL I RECIEVE A RECIEPT FOR MY DONATIONS?
Yes. Once your donation has been processed you will immediately receive a receipt to your email.
CAN I GET A TAX DEDUCTIBLE RECIEPT FOR MY DONATION?
Promise or Pay is not qualified to offer tax advice on the deductibility of donations made by a donor. You should obtain independent tax advice about the deductibility of your donation. Some charities whose behalf we collect donations for have represented to us that they have tax deductible status and have authorised us to issue receipts on their behalf on this basis. You will only be issued with a tax deductible receipt for those charities that have tax deductible status. For these you will be issued with a tax deductible receipt on or before the last day of June 2017.
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