PayPal Rivals GoFundMe With Generosity Network Fundraising Service
PayPal is continuing its expansion into financial services with a new fundraising service called Generosity Network. The service is to rival GoFundMe and allows you to set up a fundraising page and process donations through PayPal’s payment platform.
PayPal had launched previous initiatives, like trading cryptocurrencies and touch-free payment features for partnered retailers in 2019.
Generosity Network has just one major difference from GoFundMe; it limits the length of campaigns to 30 days and has a cap on the maximum amount of donations receivable at $20,000. There are also no Transaction fees on donations made with credit and debit cards. PayPal does intend to charge eventually, according to TechCrunch.
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The service can be used by individuals, businesses, and organisations on the condition that they abide by PayPal’s rules around misleading claims, incitement of hatred, and other guidelines. PayPal removes campaigns that violate its terms and mostly relies on the community to report anything that looks suspicious to prevent fraud. This in no way different from GoFundMe.
PayPal had a fundraising feature prior to Generosity Network known as Money Pools. However, its designed for use between friends and family, with direct requests for contributions was the limiting factor for the site. Generosity Network in contrast allows you to go into detail about the planned use of the funds you collect and provide photo evidence.
Generosity Network is available starting from 20th November 2020 in the US for new campaigns and donations.
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