Instagram Rolls Out New Feature For Crowdfunding
Instagram rolls out new personal features for crowdfunding. The coronavirus pandemic has upsurged the number of crowdfunding campaigns for hospital bills, funeral expenses, and other coronavirus-related causes, and now Instagram has announced Personal Fundraiser, a new tool that lets users raise money for personal causes.
Soon people in the US, UK, and Ireland to raise money for their own personal causes. The company is launching the feature today as an initial test on Android phones, with iPhones to follow, after already making personal fundraising available to Facebook users.
Personal Fundraiser will be available to people over the age of 18 and all fundraisers must go through a review process and be approved, the company said, adding that Stripe is the chosen payment processor. Fundraisers will last for 30 days from when they go live, although they can be extended as many times as creators want. Donors can choose to be anonymous to the public, but campaign creators will be able to see their username, profile name, and donation amount.
Requirements to raise money on Instagram
To raise money on Instagram, your nonprofit must:
- Enroll and be approved to use Facebook Charitable Giving Tools.
- Switch to an Instagram business account, if you haven’t already.
- Link your nonprofit’s Instagram business account with your nonprofit’s verified Facebook Page.
- If this is your first time linking to your Page or enrolling with Facebook Charitable Giving Tools, check to make sure that people are able to add donation stickers on Instagram for your nonprofit. You can do this by clicking Publishing Tools at the top of your Facebook Page and selecting Donation Settings below Fundraisers. Click to check the box next to Allow people to add donation stickers on Instagram Stories and click Save.
To add a donate button to your nonprofit’s Instagram business account:
To create a personal fundraiser on Instagram, edit your profile, tap “add fundraiser,” and then select “raise money.” You’ll then have to categorize the fundraiser, add details, select a photo to use, and then enter your payment info through Stripe. All fundraisers will then be submitted for Instagram’s review before going live. (You can check out the rules around personal fundraising here.)
Although this is only a test, it seems likely Instagram will roll this out globally eventually. The company says people have raised more than $65 million for COVID-19 and racial justice fundraisers globally across Instagram and Facebook since January. In the last 30 days, donations on Instagram have doubled in the US. Earlier this year, Instagram rolled out live fundraisers for Instagram Live, and in 2019, it created a donation sticker for nonprofits that can be used in Stories. The company has clearly found that making money-raising tools available to its users is powerful and popular, so it’ll likely continue expanding that product.