In this Gofundme review we will check the legitimacy of Gofundme company if it is legit or just a scam.

Is Gofundme a Scam?

gofundme.com The Short answer is not a scam. GGoFundMe currently gets an average user rating of 4.6 out of 5 on Trustpilot based on 4,735 reviews, which is quite impressive for a public-facing company doing as much business as GoFundMe. The company also manages to address complaints against it in a timely fashion and retains an A+ rating with the BBB.

What is Gofundme?

Was Launched in 2010, GoFundMe is the world’s largest social fundraising platform. With over $9 billion raised from more than 120 million donations, we’re on a mission to help people fundraise for personal, business, and charitable causes. GoFundMe is the best place to fundraise, whether you are an individual, group, or organization.

The GoFundMe crowdfunding site’s meteoric rise is a sobering reflection of our frayed times. But what many don’t realize is that GoFundMe can be used to raise funds for business projects as well.

Touting itself as the world’s largest social fundraising platform with over $5 billion raised so far, GoFundMe stands at the confluence of escalating human need and social-media-fueled virality. Launched in May 2010 by Brad Damphousse and Andrew Ballester and headquartered in San Diego, GoFundMe is unique among crowdfunding platforms in that it does not operate on an incentive-based model. A GoFundMe crowdfunding campaign is not required to provide rewards of any kind to its backers, though it certainly can.

While GoFundMe offers the use of its platform to entrepreneurs, businesses, and individuals alike, GoFundMe’s brand centers on charity, with personal and charitable causes accounting for most of the GoFundMe campaigns. In fact, crowdfunding for medical expenses has been a primary factor in the growth of GoFundMe and other crowdfunding sites. GoFundMe has become a sort of emergency stopgap measure to help plug the holes in America’s skimpy safety net. In 2020, it’s not an unfamiliar sight to see business recovery fundraisers on GoFundMe for companies negatively affected by the COVID-19 outbreak or social unrest.

Considering the role GoFundMe plays in raising money for people in crisis, its 5% platform fee for campaigners had always come under criticism, opening the door for competitors to undercut them with charitable crowdfunding free of platform fees. On November 30th, 2017, GoFundMe announced a big policy change: It no longer charges a 5% platform fee. Initially, this policy only applied to US-based personal campaigns but has since expanded to Certified Charity nonprofit campaigns and to campaigns launched anywhere GoFundMe operates.

Bear in mind that ~3% of what you raise will still go to the payment processor.

In place of the platform fee, GoFundMe added a “tipping” option to all donation pages, hoping that these tips help offset the loss of fee revenue. These tips to GoFundMe are entirely voluntary — when you donate, you can choose “Other” in the tipping drop-down menu and enter $0 as your tip, and your donation will still go through.

Let’s take a closer look at GoFundMe’s approach to crowdfunding.

Is Go Fund Me legit?

The short answer is Yes. With over $9 billion raised from more than 120 million donations, GoFundMe offers users a proven and legitimate platform for fundraising. As part of this, GoFundMe relies on the help of our community to keep GoFundMe secure.

GoFundMe Review 2021 How GoFundMe Works

How do you get the money from GoFundMe?

  1. Start by selecting “Withdraw” on your fundraiser Dashboard.
  2. Step 2: Confirm your email.
  3. Step 3: Verify your phone number.
  4. Step 4: Select beneficiary.
  5. Step 5: Adding your personal information.
  6. Step 6: Adding your banking information.
  7. Step 7: Documents needed for verification.

Woman Launches GoFundMe To Help Re-Pay PPP Loan: ‘Help! The Feds After Me

Who gets the money from a GoFundMe account?

Important information after you’ve accepted your beneficiary invitation: As the beneficiary, you’ll have sole access to the funds raised on your fundraiser. You’ll need to withdraw the funds within 90 days of the first donation, otherwise all donations will be refunded.

Final Verdict

GoFundMe has grand ambitions, and for those helped by its particular conception of crowdfunding, it has proven an invaluable resource indeed. However, for the entrepreneurs reading this, I should note that Kickstarter may be a more suitable platform for tech and creative projects, due to a higher level of support provided by the company and a pool of backers more inclined to fund business projects. Of course, Kickstarter is famously selective in deciding what business projects it allows — an entrepreneur rejected by Kickstarter may well sign up with GoFundMe and have a successful campaign.

GoFundMe is far from a comprehensive solution in making access to medical care affordable. I would be remiss, however, if I didn’t acknowledge that for those who have used GoFundMe successfully to cover the costs of emergencies and tragedies, the platform has been a godsend. Since there are numerous such cases, the folks at GoFundMe should be recognized for their efforts to promote charitable giving. Furthermore, GoFundMe’s decision to waive the 5% platform fee signals a willingness to respond to the needs of users. However, as some of the horror stories show, it would behoove GoFundMe to be a bit more attentive to those who have been forced by cruel circumstances to rely on its crowdfunding platform to cope with the unthinkable.

At this point, we kind of have to root for GoFundMe. Anyone could be forced to rely on them for survival someday.

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