San Francisco: There is good news for people who use Facebook to raise money to support the causes that matter to them as the social networking giant is now all set to do away with its platform fee on fundraisers for personal causes.
"We're eliminating the platform fee on all fundraisers for personal causes, so that people can maximise their fundraising support," Asha Sharma, Facebook's Head of Product for Social Good, said in a statement on Friday.
That means the social network is getting rid of the 4.3 percent platform fee in the US and the 6.2 per cent fee in Canada, TechCrunch.com reported.
But there will still be a small fee charged for payment processing and applicable taxes, Facebook said.
Announcing new tools for fundraisers on the platform, Facebook said that people can pledge to match donations to their nonprofit fundraiser.
"This is a first of its kind tool in online fundraising that's now available in the US and will soon expand internationally," Sharma said.
The social network is also introducing new categories for fundraisers for personal causes so that people can raise funds for more social good causes across family, faith, travel, and volunteering.
"We want to help everyone to meet and exceed their fundraising goals through matching donations," Sharma said.
Now people who create fundraisers can pledge to match donations up to the amount they choose, from $5 to $2,500, helping them build momentum for their cause, Facebook added.
People on Facebook raise money for many personal causes, including loved ones who need critical surgery, teachers needing school supplies for their students, and families in need after losing everything in a fire.
Facebook said it will be adding fundraiser categories for family (like adoption or new baby supplies), faith (like missions or religious community events), travel (like educational trips or travel for medical needs), and volunteering (like volunteer programs or supplies) causes.