FundRazr

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FundRazr

5% Platform Fee

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FundRazr was founded in 2008 and was originally created to be a Facebook app that allowed users to crowdfund money over Facebook. Since then users are able to log in to FundRazr using several other platforms. With over 40,000 people and organizations raising millions of dollars for varying needs and projects, FundRazr is gaining more and more recognition in the crowdfunding community.

 

The Good

  • Model type
  • Fees
  • Fund type
  • Maximum allowed raise
  • Deadlines
  • Receiving funds

Model Type

Fundrazr is a Donation and Rewards model. Although optional, you can add perks to your campaign as well. Users may create a campaign for any of the following categories: Personal Cause, Animal Rescue & Pets, Memorials & Funerals, or Health & Medical. Nonprofit organizations are also able to create a campaign. The option to offer Rewards works well for those for whom offering perks or rewards would be more of a hassle in a time of need, such as raising money for a funeral. Frankly, some people don't have perks to offer at all.

Fees

It's free to create and launch a campaign on Fundrazr. Contributors pay no fee. Recipients pay a 5% FundRazr fee plus a processing fee of 2.9% + 30¢ per transaction.

While FundRazr's pricing and fees are not outrageous, they certainly aren't on the cheaper end of the spectrum. Charging 5% plus a processing fee of 2.9% +$.30 per transaction won't exactly have potential users on the edge of their seats anxious to be involved with the company-especially when there are less expensive options out there. There is, however, there's no fee for uncompleted projects that did not reach their goal.

Fund Type

Fundrazr has a unique funding option: you can choose whether you want to Keep What You Raised or the All or Nothing funding option. The All or Nothing option lets you receive all the funds that were donated, even if you fall short of a specific monetary goal. Almost all crowdfunding websites only let you have one funding option. For anyone raising funds for whatever the cause, this is an excellent feature because it allows you to create the type of funding for your campaign that best suits your needs. If you're afraid you won't be able to meet your goal, for example, then you can choose 'Keep What You Raised'.

Maximum Allowed Raise

There doesn't appear to be a limit to what the site will let you raise. Fundraisers can shoot for any amount they deem possible and collect whatever they raise along the way.

Deadlines

Fundrazr does not enforce a maximum deadline, which means users can take as much time as needed to reach their target.

Receiving Funds

At the end of your campaign, Fundrazr lets you access your money right away. With other crowdfunding sites taking as long as 15 days to deliver funds, instant availability really is a standout feature users can look forward to.
Supporters to your campaign can donate from all over the world. FundRazr can be used in any country where you're able to use PayPal, and in 25 currencies worldwide. U.S. and Canadian users can also accept funds via WePay. You can also get donations through credit card or debit bank card.

The Bad

  • Administrative work options

Administrative Work Options

It seems to be a bit of a hassle to raise money for another person or organization when compared to other sites. FundRazr's site suggests the verification process is enforced in an effort to protect against fraudulent campaigns. As understandable as that may be, it can be quite a hassle. Other sites make the process of fundraising for another person or organization basically seamless. It would benefit FundRazr to simplify this process.

Users can get administrative tips through Fundrazr's blog, their Help Center, opening a support ticket with their Team via email and through Live Chat held on their site Monday to Friday 11am - 3pm Eastern Time. They do not, however, offer hands-on assistance with running a campaign the way some crowdfunding sites do.

The Bottom Line

FundRazr is a viable option for individuals looking to raise money for causes they are passionate about. Pricing is not the worst nor the best, but with the unique option to choose their campaign funding type, users keep everything they raise, with no additional fees and no deadlines to worry about. People looking to raise money for another person or organization, however, should consider using an alternate crowdfunding site that is likely to provide a smoother, less-complicated experience.

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