Coronavirus

GoFundMe, Yelp Launch Crowdfunding Campaign For SMBs

Yelp

To offer a quick and easy way for independent businesses to begin fundraisers and take donations via their Yelp pages, Yelp has teamed with social fundraising platform GoFundMe. The coronavirus pandemic has been very challenging for small business and especially local businesses, which typically conduct most of their commerce in person, Yelp announced in a blog post.

The company’s data indicates that American consumer interest for eateries has dropped by 67 percent as of March 10. Companies such as breweries have experienced declines of 85 percent, while businesses such as yoga studios have seen contractions of 78 percent because of social distancing.

A number of companies have been mandated to shutter for the time being, which may make it impossible for small and medium-sized businesses (SMBs) to keep paying rent and their staff. But Yelp SVP, Business and Corporate Development Chad Richard said in the post, “Fortunately, loyal customers want to help them weather this unprecedented crisis and are looking for ways to make an immediate impact.”

GoFundMe fundraisers will show up automatically on Yelp nightlife, restaurant, beauty and fitness and active life business pages, which Richard said would move people to take action. “This gives the community a simple and easy way to show support for their favorite local businesses,” he said.

GoFundMe and the Yelp Foundation have promised to match as much as $1 million in donations with a matching grant of $500 to companies that are eligible and bring in a minimum of $500 on their GoFundMe campaigns. Richard said in the post that “additional companies are expected to contribute to the matching fund over the next week.”

In separate news, the co-founder of Instagram, Mike Krieger, and his wife, Kaitlyn, debuted a listing of Bay Area eateries offering gift cards named SaveOurFaves to assist local businesses in bringing in revenue amid the coronavirus limitations.

The platform lists 700 eateries and coffee shops and takes in 50 submissions a day. Similar services like Give Local and Rally For Restaurants have also arisen.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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