The feature is turning into an extremely useful tool for raising funds
Facebook enabled its users to build strong business connections and connect with friends all across the globe. It now allows more people to raise funds for the friends in need. With an expansion of the personal fundraising feature, Facebook has added community and sports categories for the same. It allows individuals to mobilize around causes that they care about, by enabling them to raise funds for everyone above 18 in the US.
The personal fundraisers will allow people to help friends in need and raise money for themselves or for others directly on Facebook. Individuals can raise funds for different categories that include funeral and loss, education, neighbourhood services, medical, personal emergency, pet medical, crisis relief, sports and community, environmental improvements and community improvements. The users can learn about the individual who created the fundraiser, the cause for the same and the person benefitting from it. Facebook tapped the idea of a fundraiser in March and has since then, inspired people across the globe to be a part of the same.
Earlier, the company allowed users to raise money only for non profit activities, the expansion of this feature will lead to various advantages across different domains. With the ease of raising funds, the users will now be able to generate quick funds for those in need. In addition to enabling this feature for users, it also allows fundraising for pet medical and crisis. The donations can be directly received, but the money may be taxable. Apart from the taxes, Facebook will also charge a service fee of 4.3% and the third party payment processor will charge 2.6% plus 30 cents for every donation. Facebook has direct competition with cause focused sites that aim to help individuals raise funds for a variety of causes.
The company mentioned that the reason behind the expansion of this feature was to create a platform that is sustainable for long duration. It will help generate more payment transactions and also enable quick fundraising for relevant causes. With the addition of new categories, the company is only aiming to reach out to additional users who are aware and passionate about the causes.