What is Crowdfunding and how does it work with Funeral Service?

Introduction

Crowdfunding 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.

Source: https://exploreb2b.com/articles/what-is-crowdfunding-and-how-does-it-work-with-funeral-service

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