How much does gofundme take calculator
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Introduction:
Crowdfunding platforms have surged in popularity over the past few years, and GoFundMe is among the most widely recognized. Often used to raise funds for medical bills, individual needs, or even charitable causes, it has become the go-to platform for people worldwide. However, one crucial aspect to consider is that like other crowdfunding platforms, GoFundMe also charges some fees. In this article, we will discuss the GoFundMe fee structure and help you understand how to calculate the amount taken from your campaign with a simple calculator.
GoFundMe Fee Structure:
In delivering its services effectively, GoFundMe charges two main fees – a platform fee and a payment processing fee.
Here’s a breakdown of these charges:
1. Platform Fee: Previously, GoFundMe charged a 5% platform fee on all donations received in the United States. In November 2017, they changed their policy and now offer their services for free. This means there’s no longer a platform fee for personal fundraising campaigns in the US, Canada, and some European countries.
2. Payment Processing Fee: Alongside the waived platform fee, there’s still a payment processing fee incurred on each donation. This fee covers credit card processing and safely transferring funds. The typical processing fee is 2.9% + $0.30 per transaction.
GoFundMe Take Calculator:
To help you calculate the net amount you might receive from your GoFundMe campaign after accounting for fees, follow these simple steps:
1. Note down your total donations (before any fees): $X
2. Calculate the total payment processing fees using this formula:
– Processing Fees = (2.9% of X) + ($0.30 per transaction * number of transactions)
3. Subtract processing fees from your total donations to get the final amount:
– Net Amount Received = X – Processing Fees
Example: Let’s say you’ve raised $5,000 in total donations from 100 transactions. To calculate the amount taken by GoFundMe, follow these steps:
1. Total Donations = $5,000
2. Processing Fees = (2.9% of $5,000) + ($0.30 * 100)
= $145 + $30
= $175
3. Net Amount Received = $5,000 – $175
= $4,825
In this case, you’d receive an amount of $4,825 after accounting for GoFundMe’s payment processing fees.
Conclusion:
Understanding how much GoFundMe takes from your campaign is essential to planning and managing your fundraiser effectively. Be mindful of the processing fees when setting up your campaign and ensure to factor them into your fundraising goal. With the help of this calculator, you can determine the net amount you’ll receive and make informed decisions to reach the desired outcome for your cause or project.