💡 Frequently Asked Questions (FAQ)
- Q: How much did GoFundMe earn from George Floyd related campaigns?
- A: Estimates show GoFundMe processed nearly $19M in donations for George Floyd related funds, with the platform earning an estimated $760K-$950K in fees plus payment processing revenue.
- Q: What fees does GoFundMe charge on donations?
- A: GoFundMe typically charges a 2.9% platform fee plus 2.9% + $0.30 payment processing fee per donation, totaling around 5.8% per contribution.
- Q: Why is GoFundMe’s liability described as a black hole?
- A: GoFundMe’s terms limit its legal liability, disclaim responsibility for misuse of funds, and allow campaign takedowns after money is raised, leaving donors with little recourse.
- Q: Did GoFundMe donate its profits from these campaigns?
- A: No. GoFundMe kept its standard fees and did not publicly pledge to waive commissions or donate profits from George Floyd memorial campaigns.