Facebook announced 3 new products today that will make it easier for people to donate to charities and causes they want to support by MichaelFNunez
The products include a new fundraiser sticker for Facebook Stories, a donate button for Instagram business accounts and a donate button for video game live-streamer accounts.
The updates push Facebook deeper into online charitable donations industry, which is currently dominated by incumbents GoFundMe and Paypal—both of which charge a 2.9% payment-processing fee on each donation, in addition to 30 cents for every donation. Facebook does not charge a fee on any donations. “Before Facebook, we were nickel-and-diming fundraisers through Paypal and getting a percentage taken,” said Military Mama Network founder Geriann Wiesbrook at the Facebook product unveiling on Thursday. “I don’t know who came up with the [automated monthly donations] thing, but that was also a game-changer because our monthly donors are going up.”
The nonprofit donations industry is a fringe business that quietly generates billions of dollars each year. In 2018, more than 55 million people used Paypal to give
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