What is Crowdfunding and how does it work with Funeral Service?
is the process of funding your projects or causes by asking a multitude of
people to contribute a small amount in order to attain a certain monetary goal.
Goals may be for donations or for equity in a project. These people are often
recruited from social networks and email.
Crowdfunding through the years
Since the 19th century, Crowdfunding has been used to
raise large amounts of money relatively quickly. One of the first recorded
examples of Crowdfunding was in 1885 when Joseph Pulitzer asked his newspaper’s
readers to help finance the Statue of Liberty’s pedestal. Now in 2013, the
concept of Crowdfunding has been redefined, finding new life on the web and
becoming an important 21st century method of fundraising.
Crowdfunding, uses modern technology and communication
systems to make fundraising more efficient. Now more than ever, consumers are
faced with economic challenges and need a simple, efficient way to raise monies
quickly for bills like unexpected medical expenses and funeral costs.
According to a study by The National Bureau of Economic
Research, 50% of all Americans polled in 2011 stated that they would not be
able to produce even $2,000 for unexpected medical or funeral expenses. And,
that is a fraction of the overall costs in most situations.
Medical expenses and funeral costs are not optional and
with 50% of Americans unable to pay these bills, the cost falls on the health
care systems and the funeral homes to bear this ever growing burden.
The answer is Crowdfunding. Studies have shown that many
people can afford a small amount of money to donate to a worthy cause and most
people want to help when made aware of a problem. Small amounts add up and are
a gift of love to those in need.
Why Crowdfunding works
Collecting small donations from many people
raises large sums of money. The power in numbers is the simple genius of
Crowdfunding, maximizing benefit with minimum effort from individuals. Social media and email have significantly
expanded individuals’ social networks. By tapping into your online social
networks, you can spread your message in the moment, reaching far more people
than traditional fundraising ever could. Increased interactivity forges community
involvement. Friends and family can easily post personalized messages of
support and encouragement on fundraising pages. When one member of a community
donates, other members follow suit to join in the cause.
Online payment systems have been streamlined,
making it easier than ever to donate to an online fundraiser. Crowdfunding
sites use Wepay & PayPal to collect and deliver payments for you in a safe
and secure environment.