Facebook launches its own crowdfunding service for its social network users

31 March 2017

Following the exponentially spreading trend of raising funds through crowdfunding services, Facebook decides to add its own money collection functionality to the available features on its website. Users will now be able to collect money for specific causes by creating personal fundraising pages in the social media network.

Facebook adds the new feature allowing users to create a dedicated page similar to the Facebook Group which will display Donate button and the amount contributed at the given moment. The service will cost 6.9% plus thirty cents that will go for processing the transaction, verifying the identity and protecting users against fraud.

As is the case with many crowdfunding platforms providing money collection assistance on a limited number of categories, Facebook also establishes specific cases, for which users may raise funds on the personal fundraiser page. These categories include:

– Education

– Medical treatment

– Care of pets

– Personal emergency

– Funeral and losses

While the categories may seem very inclusive, they are also limited to several particular causes. Apart from personal crowdfunding pages, Facebook will also be providing fundraising option to celebrities, public figures, brands, businesses and entities, adding the Donate button to their live streams, thus, allowing them to collect money for the non-profit organizations they support.

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