When your supporters start a fundraiser for you, it would be nice if you could get that money as soon as possible. After all, it’s better off in your account either working hard for programs or earning interest.
Even if you do absolutely nothing to interact with Facebook’s fundraising tools, you’ll still get a check. However, do nothing and it may take months to get your funds, and they may be missing some administrative fees once they reach you.
The best way to get paid, and get paid quickly, is to register for Facebook Payments. Registering is easy – just provide the account information to which you would like funds transferred, such as your organization’s checking account.
Once donations have reached $100, you’ll be paid in about two weeks by electronic transfer. If you don’t register, you’ll still get paid – but you’ll get a check in about three months instead, minus 3% transaction fees charged by Network for Good, who administers a special charitable account and distributes funds periodically.
Facebook has made it incredibly easy for nonprofits to get paid quickly – and there are no transaction fees. You’ll also have access to downloadable transaction reports in .csv format. Fair warning: These reports are notoriously incomprehensible and only provide limited information about fundraisers and donors.
Facebook fundraisers are going to happen with or without you. By registering with Facebook and for Facebook Payments, you’ll be able to get the most out of the new social giving trends and tools.
Want to learn more? Read or download The Ultimate Guide to Facebook Fundraisers.