Facebook Now Allows Personal Fundraising

For the developers of our favorite social media channels, it’s a constant competition to stay current with the newest happenings in the cyber world. With the wild success of GoFundMe, the home base platform for raising money during a time of need, it’s only right that Facebook introduce their newest addition, Personal Fundraising.

Set to launch in the U.S over the next few weeks, Personal Fundraising is an extension of the donation feature for charities launched by the site in 2015. Wherein users are able to donate money to verified charities and nonprofit organizations through their profiles.

Similar to business profiles, users can build a page dedicated to their cause, set a goal based on their needs, and receive funds from anyone with an active Facebook account. After undergoing a mandatory review, their fundraiser will go live. Non-account holders will be able to view the fundraiser but will not have the ability to donate without logging in. The new feature allows any user over the age of 18 to create a fundraiser within six categories: education expenses (tuition, books), crisis and disaster relief (public crisis, natural disasters), medical bills (procedures, treatments, injuries), pet medical bills (procedures, treatments, injuries), personal emergencies (house fire, theft, accident), and assistance for families after death, with the possibility of additional categories being added in the future.

Major perks of their newest add-on is the ability to:

  • Link your personal profile to your fundraiser page, making it more personable for those who may not know the parties involved but would like to donate to the cause.
  • See if you have any connection to the person running the fundraiser.
  • Browse new and popular fundraisers in the discover section.
  • Track the success of fundraisers you have donated to via the manage tab.
  • Share the campaign with your Facebook friends to spread awareness.
  • Add a donate button to live broadcasts.

Although Facebook doesn’t profit from the donated monies, they do take 6.9% plus an additional $0.30 per donation for costs related to payment processing, security and fraud protection, and fundraiser vetting. This is a slight decrease compared to GoFundMe’s 7.9% plus $0.30 per donation. Recipients are able to receive their funds within 7-13 business days, although, for some financial institutions it may take a few additional days.

Facebook upped the ante by incorporating additional features that aren’t offered by its competitors. Similar to department stores, the addition of Personal Fundraising gives users one more reason to handle all of their needs in-house without ever venturing off to other platforms.