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Centers for Disease Control and Prevention, which defines such plans as having a $1,300 deductible for an individual and $2,600 for families. High-deductible health insurance plans now cover more than four of 10 Americans, according to the U.S. Millions more people gained health insurance under the Affordable Care Act, but even those Americans who are insured cannot always cover their rising out-of-pocket costs including deductibles, copays or coinsurance. GoFundMe is deliberately permissive regarding the sorts of campaigns it allows on its site.What to do about health care pricing concerns. GoFundMe may be best known for crowdfunding campaigns related to personal/medical tragedies, but businesses can successfully use the platform as well. Numerous examples can be found in GoFundMe’s campaign lists of successful business project campaigns, from a first-year teacher who raised $1K to equip her classroom, to a San Francisco restaurant that raised $50K to get out of debt, to the veteran who raised $2K to start a motorcycle repair shop. However, businesses and entrepreneurs can use GoFundMe for crowdfunding as well. You might note that the majority of categories given have to do with need-based causes. When you sign up with GoFundMe to set up a crowdfunding campaign, you’ll find that you can fundraise for the following purposes:Īs long as you don’t encroach on GoFundMe’s forbidden territory (see below), your campaign has a place on the site. GoFundMe provides a platform for users to solicit money from friends, family, social media followers, and anybody who might be moved to action by their campaign. Let’s take a closer look at GoFundMe’s approach to crowdfunding. These tips to GoFundMe are entirely voluntary - when you donate, you can choose “Other” in the tipping drop-down menu and enter $0 as your tip, and your donation will still go through. In place of the platform fee, GoFundMe added a “tipping” option to all donation pages, hoping that these tips help offset the loss of fee revenue. Initially, this policy only applied to US-based personal campaigns but has since expanded to Certified Charity nonprofit campaigns and to campaigns launched anywhere GoFundMe operates.īear in mind that ~3% of what you raise will still go to the payment processor. On November 30th, 2017, GoFundMe announced a big policy change: It no longer charges a 5% platform fee.
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In 2020, it’s not an unfamiliar sight to see business recovery fundraisers on GoFundMe for companies negatively affected by the COVID-19 outbreak or social unrest.Ĭonsidering the role GoFundMe plays in raising money for people in crisis, its 5% platform fee for campaigners had always come under criticism, opening the door for competitors to undercut them with charitable crowdfunding free of platform fees. GoFundMe has become a sort of emergency stopgap measure to help plug the holes in America’s skimpy safety net. In fact, crowdfunding for medical expenses has been a primary factor in the growth of GoFundMe and other crowdfunding sites.
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While GoFundMe offers the use of its platform to entrepreneurs, businesses, and individuals alike, GoFundMe’s brand centers on charity, with personal and charitable causes accounting for most of the GoFundMe campaigns. A GoFundMe crowdfunding campaign is not required to provide rewards of any kind to its backers, though it certainly can. Launched in May 2010 by Brad Damphousse and Andrew Ballester and headquartered in San Diego, GoFundMe is unique among crowdfunding platforms in that it does not operate on an incentive-based model. Touting itself as the world’s largest social fundraising platform with over $5 billion raised so far, GoFundMe stands at the confluence of escalating human need and social-media-fueled virality. But what many don’t realize is that GoFundMe can be used to raise funds for business projects as well. The GoFundMe crowdfunding site’s meteoric rise is a sobering reflection of our frayed times. Some campaigners have trouble withdrawing funds.Can collect funds without meeting your funding goal.World’s largest charitable crowdfunding site.Credit Card Processing Fees Infographic.BigCommerce VS Shopify Comparison: Which Is Better For Your Business?.Advanced Guide to Growing Your Online Store.Beginner's Guide to Starting an Online Store.
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