PayPal Launches A GoFundMe Competitor Called Generosity Network
PayPal has launched a new fundraising network, called the Generosity Network. This is a GoFundMe-esque service that allows users to launch fundraising campaigns.
During the pandemic, a lot of individuals along with several companies have lost their foot on the ground. Via the new PayPal Generosity Network, interested individuals can raise funds and help the ones in need.
Moreover, the company says that the new fundraising network is accessible, easy to use, and a secure way to raise funds for those in need at the moment.
One thing that has been an annoying factor of using PayPal, i.e. the transaction fees, will be waived off on donations. However, donations need to be made via credit and debit cards, in order to waive off the transaction fees.
There is one difference between PayPal Generosity Network and GoFundMe. Apparently, the fundraising campaigns in PayPal Generosity Network will last up to 30 days. There is also a capping of the total amount of donations you can collect.
Notably, individuals can raise up to $20,000. Besides, this service can be used by individuals, businesses, and organizations, provided they abide by PayPal’s rules around misleading claims.
PayPal Generosity Network differs from Money Pools, as it allows raising money for anyone
Well, this is not the first service from PayPal that allows the users to pool money. In fact, there was a service called Money Pools, which was designed to be used between friends and family.
In Money Pools, any member of the family or any friends can direct requests for contributions. On the other hand, PayPal Generosity Network is more of a public-facing service.
With dedicated campaign pages, individuals raising funds via this service have to provide all the details about the planned use of the funds you collect and provide photos.
This is very important to keep the sanity of raising funds. As there have been several fraud cases of fundraising, in which the money is not used for the purpose it was meant for.
Meaning that all the fundraising campaigns on the PayPal Generosity Network should abide by the rules and regulations of PayPal. PayPal will remove campaigns that violate its terms.
These are some good and safe ways to generate funds for the needy as several people have been fired from their work. And there are many who are not in a position to pay bills during the current pandemic scenario.