Sorry GoFundMe. Facebook wants to steal your business, too
The social network grows its personal fundraiser tools.
Some examples of personal fundraisers on Facebook.
Facebook is expanding its personal fundraisers tool into two new areas: community and sports.
Since March, the social network has been testing the fundraiser tool, which helps people raise money from friends and family on Facebook. The categories people can select for their fundraisers now include education, medical, pet medical, crisis relief, personal emergency, funeral and loss, sports, and community.
The tool, while a very small part of Facebook's broader ambitions, offers another way for the social network to draw in people to its website and keep them there. The ability to easily set up personal fundraisers also threatens GoFundMe, a much smaller player offering a similar product.
Facebook, though, was quick to say its goal isn't to make a profit off its charitable giving tools.
All these Facebook fundraisers are reviewed within 24 hours. Personal fundraisers have a fee of 6.9 percent plus 30 cents, which Facebook says pays for payment processing, fundraiser vetting, and security and fraud protection. GoFundMe's fees are 7.9 percent plus 30 cents per donation.