Facebook Introduces Personal Fundraising Tool, A GoFundMe Competitor

April 3, 2017, Written By Bill Hardekopf
Facebook Introduces Personal Fundraising Tool, A GoFundMe Competitor

In the next few weeks, Facebook will be launching a beta version of its new personal fundraising feature. Users will be able to set up a fundraiser for themselves, another person, or an organization, even if they are not on Facebook. This is in addition to the site’s existing nonprofit fundraising options.

Facebook will charge a 6.9% fee for personal fundraisers, plus $0.30 per campaign. This money covers “payment processing fees, fundraiser vetting, security and fraud protection.” Creators must be at least 18 years old, and the fundraisers will undergo a 24-hour review process.

Each fundraiser will need to fit in one of six categories: funeral and loss, pet medical, medical, education, crisis relief, and personal emergency. Facebook already has a guide published in their help center for creating personal fundraisers, but those features are not yet live on the website.

Facebook plans to expand its categories and automate portions of the review process after the beta test. The initial launch will help the social media platform determine how people are using the personal fundraisers so they can make adjustments accordingly. The donations will be processed through Facebook, much like nonprofit donations are under the current program.

The information contained within this article was accurate as of April 3, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
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