Platform Payments

NEW REPORT: Crowded Crowdfunding And The Rise Of Social Fundraising Fatigue

With the payments-powered platform space constantly evolving as new technology and customer demands impact the market, providers are finding strength in numbers and forging new partnerships and relationships in order to offer the most complete solution possible.

Recently, BluePay and Datacap debuted a new partnership that will certify BluePay devices for U.S. EMV level three certification, in a move designed to reduce the number of merchants still struggling with EMV acceptance. Similarly, Cayan is also celebrating a new certification, as the payment technology provider recently announced a new collaboration with payments processor Elavon, resulting in EMV certification for the company. Cayan merchants will now be enabled to accept payment via EMV chip credit or debit cards via Cayan’s Genius Platform EMV gateway to Evalon. 

While BluePay and Cayan coveted new collaborations in order to improve their offerings, GoFundMe found an alternative in acquisition. The crowdfunding firm announced it had recently purchased CrowdRise, a fundraising firm focused on nonprofits and charities, including the American Cancer Society and UNICEF, according to a report from TechCrunch.

Crowdfunding chronicles 

With more non- and for-profit organizations getting involved with crowdfunding, it’s getting increasingly difficult for groups — be they for-profit enterprises or nonprofit organizations — to raise money for their cause, no matter how worthy that cause may be. It’s a problem Daryl Hatton, founder and CEO of the crowdfunding platform FundRazr, is all too familiar with.

PYMNTS recently caught up with Hatton to discuss how his crowdfunding platform has had to work to find new ways to interest potential donors in worthy fundraising campaigns, the differences between how nonprofit and for-profit companies raise money and the future of the crowdfunding industry.

Hatton started FundRazr in 2009, with a mission to use the power and popularity of social media to help non-profit community groups like athletic teams and school clubs raise money and collect dues. While the company has found success by taking to social media, Hatton said that the huge volume of crowdfunders make it harder than ever to break through the noise, forcing his team to find new ways to attract attention for both non- and for-profit enterprises alike. 

“People are turning crowdfunding off, because they don’t want to see campaigns anymore,” Hatton said, causing consumers (and potential donators) to feel fatigued. “So our challenge is, how do we expose campaigns that have that more critical need to the community, and how do we cut through the noise on Facebook and on social media to get that exposure to happen.”

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To download the February edition of the PYMNTS Payments Powering Platforms Tracker™, click the button below.

About The Tracker

The Payments Powering Platforms Tracker, powered by WePay, serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players contributing across the segments that comprise the payments-integrated platform ecosystem.

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