The goal of any fundraiser is one and the same: to raise as much money as possible for a cause we hold dear. With Followmybid auctions, this mission is achieved first and foremost through the organization of a successful auction. But once the euphoria of the auction fades, it’s time to pay the bills. As a participant, you’re faced with a dilemma: in addition to the price of your items, transaction fees are deducted from the total amount raised for the organization. Although the fees are low, they can add up quickly, depending on the total amount of your purchases.
That’s why Followmybid has integrated an option into the platform, allowing participants to cover transaction fees. At Followmybid, we know this option raises a lot of interest and questions, so we’ll try to cut to the chase and cover all that in this blog post!
- How much are the fees?
- Where do these fees come from?
- What are the benefits of giving the option to cover the transaction fees?
- How does it work?
How much fees are charged?
This fee is approximately 8%, although the figure may vary depending on the profile of the organization receiving the funds.
These fees include bank charges of approximately 2.9% + $0.30 per transaction. These fees come from our payment processor, Stripe. Again, depending on the credit card you use when paying, there may be some variation. The rest corresponds to the Followmybid platform fees.
Where do these fees come from?
In addition to the banking fees outlined above, the service provided by Followmybid to both organizers and participants is also included in the cost.
Using Followmybid greatly enhances your auction experience compared to a traditional auction. While we try to keep costs as low as possible, these fees are explained by our platform security, the automation of the whole process and the service we provide. Holding a Followmybid online or in-person auction saves much time and money on the many steps required when organizing a fundraising event.
And that's it. There are no hidden costs, commissions or other deductions on the total amount raised.
What are the benefits of giving the option to cover the transaction fees?
Having the option to cover transaction fees is significant not only for the organizers but also for you, the participant. Paying the fees ensures that 100% of your financial participation goes to the organization and the cause you support. This small amount on the scale of your donation can make a big difference!
On the organizer's side, the auction may cost the organization nothing if all participants choose to cover the costs.
While asking participants to cover the transaction fees may differ, it's a fairly standard feature in the philanthropic sector that remains essential to ensuring that the most money can go to the causes despite these costs.
How does transaction fees reimbursement work?
When the feature is activated, a message announcing that it is possible for a participant to cover the transaction fees will appear at the end of the Followmybid auction. As you prepare to pay your item invoices or confirm a donation, you'll be asked if you'd like to assume the transaction fees so as not to reduce the fundraising total.
We hope this blog post has given you a clearer insight into the feature to cover transaction fees offered by our platform. We hope to convince you to cover the fees and help organizations save more money by informing you about the reality of these fees that affect your charity.
We thank you in advance for your commitment to the causes you support. Please don't hesitate to contact us if you have any further questions about covering the transaction fees or any other topic.