Facebook Plans on Saying 'Goodbye' to Donation Fees for Nonprofits
Facebook introduced the “Donate” button on its ever-expanding social media platform back in 2013 in hopes of giving nonprofit organizations more exposure and helping these organizations increase their fundraising dollars. But there was a 5 percent fee associated with donations to cover items such as vetting, operational costs, fraud protection and payment processing fees, a spokesperson told Quartz.
And since then, Facebook has grown into a community of over 1.3 billion people who log into the platform on a daily basis—sharing news stories, life memories and social causes that are important to them.
As many of your passionate donors are sharing your nonprofit through their newsfeed—and donating through this platform, there is good news!
The social media giant is planning to eliminate donation fees to nonprofit organizations, Mark Zuckerberg announced at its Social Good Forum that took place in New York on Nov. 29. While the five percent will be eliminated for the 750,000 charities on its platform, personal fundraisers will still incur fees that range between 6.9 percent and 8.8 percent, according to TechCrunch.
Zuckerberg also announced that the company is setting up a $50 million Facebook Donations Fund, which will match giving on its app; expanding its fundraising tools to 13 European countries, as well as Canada, New Zealand and Australia; and launching a Fundraiser API that will sync fundraisers on Facebook to off-site campaigns, with a goal to connect 500 organizations by the end of next spring.