Facebook just added a new component to its fundraising feature that will allow individuals to raise money for nonprofit organizations.
Current fundraising platforms (such as GoFundMe, which says it has raised over $2 billion) already can connect with Facebook accounts, but users still have to leave Facebook to donate. The idea is to make charitable giving easier while keeping the donors on Facebook, according to according to Fortune.
The fundraising feature was first introduced last November, according to Tech Crunch, but only the nonprofits themselves could set up the fundraising. Now, the new feature will let you and your friends start a campaign to raise money for your favorite nonprofits by sharing a personal story and connecting to the organization.
But there are a few caveats.
Who can raise money?
So far only 1 percent of users in the U.S. will be able to start raking in the moola for their choice nonprofit, USA Today says. More users will be given access in the coming weeks, but only in the U.S. Members from 39 other countries, however, can still donate to the causes.
Who gets the money?
Right now the selection is pretty limited, as Facebook is only allowing donations to 100 vetted nonprofits, Fortune reported. That number is expected to get a lot bigger as any U.S. based nonprofit that is verified by Facebook and agrees to the terms will be able to sign up, according to USA Today.
Still, not quite all the money will go straight to the charitable coffers – 2 percent is taken to compensate for running the service, and 3 percent goes to payment processing.
Currently it's mostly big name charities such as Oxfam or Nature Conservancy that users can donate too, but pages can sign up fairly easily. Click here to sign a page up.