Facebook Inc (FB) Takes on GoFundMe With New Personal Donation Tools

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Facebook Inc (NASDAQ:FB) is allowing for personal donations to take place on the social media site with new tools.

Facebook Inc (FB)

The company is following the initiative that crowdfunding sites such as Kickstarter and GoFundMe have launched in order to help people pay for a variety of situations and bills, including medical costs, tuition and funding for a new startup’s technological marvel.

Here are some things to know about Facebook’s new set of tools:

  • U.S. users age 18 and older can access the donation tool sometime over the next few weeks.
  • A donation goal can be picked by users and others can put as much as they want into the cause.
  • It is very similar to GoFundMe, but the fact that it is in Facebook allows users to get much more exposure, possibly increasing the chances of them getting money.
  • Each donation to personal fundraisers will cost an extra 6.9% plus 30 cents , which is slightly higher than the 5% non-profit organizations pay.
  • This amount helps to cover “payment processing fees, fundraiser vetting, and security and fraud protection,” the company wrote.

You can now do pretty much anything on Facebook as  you can pay others, you can make donations, you have access to a marketplace where you can sell items, and you can even play games on its Messenger app,.

FB stock fell 0.2% Thursday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/facebook-inc-fb-donation/.

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