Facebook removes fees on donations made to non-for-profit organizations

30 November 2017

Facebook Facebook is removing fees charged for online transactions made to contribute to non-for-profit organizations using its social network, as reported by Mark Zuckerberg this week. The new rules are aimed at stimulating Facebook’s further expansion into the new fintech industry, crowdfunding.

Until recently Facebook levied 5% fee for donations to non-for-profit organizations made by users on its website or through the mobile application. Meantime, the social media company will not change the rule for individuals raising funds through the social network, they will be charged 6.9% processing fee along with 30 cents paid per donation.

Apart from the fee policy change for non-for-profit organizations, Facebook is reportedly establishing a dedicated fund with a pool of $50 million allocated each year for special causes like natural disasters. The fund will be titled Facebook Donations Fund.

Zuckerberg commented on the change, noting that at the inception of Facebook there was no intention to make it a fund raising platform for addressing diseases or disasters, but over the years of monitoring the company has seen that there is a great number of people using the social network for collecting money to provide support for various causes.

Facebook will also introduce its Fundraisers API, a software designed for campaigners to facilitate the synchronization of Facebook fund raisers with other crowdfunding pages.

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