A Waterloo tech company that allows users to donate to charity by rounding up purchases has formed its first partnership with a financial institution in Waterloo Region.
ChangeIt users are able to round up their debit and credit purchases to the next dollar, and donate the remainder to charities of their choice. The rounding doesn't show up at the cash register but is calculated by ChangeIt software and the difference is taken out of the user's bank account at the end of the month.
The firm has now extended its services to the Mennonite Savings and Credit Union, which is based in Kitchener with about 19,000 members and eight branches in southern Ontario.
"Basically members can say I would like to activate ChangeIt on my payment card, so that when I make a purchase, I choose to have that purchase rounded up in the background," said ChangeIt chief operating officer Jim Stirtzinger.
Brent Zorgdrager, the CEO of the Mennonite Savings and Credit Union, says he expects the new service to be popular with members, given the importance of charity in Mennonite culture.
"We think this is in the spirit of who they are. This aligns with who they are as people," said Zorgdrager.
Over 400 charities have signed up with ChangeIt, and any registered charity is eligible to be a part of the network.
The Mennonite Central Committee is one local charitable organization which has signed on.
"We're always looking for new ways in which we can raise donor dollars," said Greg Yantzi, a fundraising coordinator with the group. "This can help us do some of the work that we do, but also expand the work that we do."