Understanding Gofundme Credit Card Fees

Gofundme credit card fees can add up quickly, taking a significant chunk out of the funds raised for a cause.

The fees are calculated as a percentage of the donation amount, with a minimum fee of $0.30 per transaction.

To put it into perspective, if you're raising money for a friend's medical expenses, a 2.9% fee on a $100 donation would be $2.90.

This means that for every dollar raised, 2.9 cents go towards the credit card company, leaving 97.1 cents for the cause.

Crowdfunding platforms, including GoFundMe, charge fees to cover their operating expenses. These fees can start from 2% and reach 8% per donation, depending on the platform.

GoFundMe claims to have a 0% platform fee, relying on donors to support the platform through tips. However, there is a payment processing fee of 2.9% plus $0.30 per donation, which goes directly to the payment processor.

This fee of 2.9% plus $0.30 per donation is unavoidable, as every purchase or money transfer needs to be securely processed and verified by a third party payment processor.

A recurring donation is a feature that allows donors to make regular contributions to a fundraiser on platforms like GoFundMe. Donors can set up recurring donations to support their favorite causes on a schedule that works for them.

The fee for recurring donations on GoFundMe is 5% per donation, which helps make this feature possible for the community. This fee is charged to the donor, not the fundraiser, so it's essential to factor it into your giving plan.

Crowdfunding platforms charge fees to cover their operating expenses, which can start from 2% and reach 8% per donation, depending on the platform.

These fees are usually charged directly from the donations, leaving the organizer with the remaining sum.

GoFundMe claims to have a 0% platform fee, instead relying on donors to contribute tips to maintain the platform.

However, payment processing fees are unavoidable on any crowdfunding website, with GoFundMe charging a fee of 2.9% plus $0.30 per donation.

Donors who choose to make their donation recurring on GoFundMe pay a fee of 5% per donation to support this feature.

These fees go directly to the payment processor, which is necessary for secure processing and verification of transactions.