Facebook Now in Fundraising Business

A social media giant is dipping its hand into another cookie jar.

Facebook is now competing with GoFundMe in the personal fundraising  business. The social network says it will allow people 18-and-older to  raise money for themselves or a friend under six categories. The  categories include education, medical, pet medical, crisis relief,  personal emergencies, and funeral and loss.

A spokesman says there will be a 24-hour fundraiser review process  before a campaign is posted to protect against fraud. Only people with  Facebook accounts will be able to contribute.

How much will it cost, though? Donations will see a transaction fee  of 6.9%, plus 30 cents, per donation. The fee covers security and fraud  protection, vetting and payment processing. By contrast, nonprofits pay a  5% fee.Source: CNN