Have you heard? There's a new way to raise funds on Instagram, and it's perfect for developers and small businesses!
Instagram's latest feature is a response to the rise of fundraisers to support businesses during the COVID-19 pandemic.
And with the ability to Create personal fundraisers already available on Facebook. This is a logical next step.
In this blog post, we cover everything you need to know about collecting donations on Instagram for your business:
What is Instagram's new fundraising feature?
According to Instagram more than $ 65 million has been addressed for reasons related to COVID-19 and the Black Lives Matter movement this year – from fundraising for medical devices to funding educational resources.
If you previously wanted to raise money on Instagram, you could use that Donation sticker in your Instagram stories or Collect donations on an Instagram Live – specifically for nonprofits and charities.
With the new donation function, you can now collect money for one personal matter. What does this mean for creators and companies?
A small business owner could raise funds for an upcoming event to support their employees due to COVID-19 cuts or to raise funds for another business owner in need.
Likewise, creators could raise money for something they support, such as Danielle Cola. Your donation goal is to provide educators in the United States with prints and posters of their allies and anti-racism artworks.
This feature takes fundraising on Instagram to another level – and enables support and funding for a number of causes.
Instagram has confirmed it Introduced to the US, UK and Ireland In addition to plans in the coming months to simplify the sharing of fundraisers in your feed and Instagram stories.
If you don't have access yet, get stuck! It could come to you soon.
How to create a fundraiser for your brand or company on Instagram
If you're interested in social causes and are at least 18 years old, Instagram's new donation feature may be perfect for your business.
How to get started:
Step 1: set up your fundraiser
First tap “Edit Profile”, search for “Add Fundraiser”, and then click “Collect Money”.
You'll be asked to choose a cover photo, add a title, choose a currency, and choose the best category for your fundraiser.
There are 14 Donation categories to choose from, including:
- Community projects and groups
- Crisis aid
- Hobbies and more
After adding a description of your fundraiser, you can enter your bank details for Stripe (Instagram's payment processor for donations).
TIP: Treat your description as an Instagram caption – don't hurry. It's an opportunity to tell your story, the importance of why you have a passion for it, and to encourage donations.
Step 2: Set up withdrawals in your bank account
Once you've determined your cover photo, description, and category, you'll need to link your fundraiser to a valid bank account.
After your payment information has been added and successfully saved, your fundraiser will be reviewed before it goes live. As soon as the green light is given, you can collect donations on Instagram!
Technically, your fundraiser lasts 30 days, but you can extend it indefinitely.
Once your fundraiser is online, you can advertise it through your social channels.
It should feel part of a general content strategy. So it's a good idea to remind your audience of the fundraiser in Instagram Stories or by subtitling your feed posts.
You can see who is donating and how much they have donated.
TIP: If you have time, send everyone who donates a Direct message Thank you for your support – this personal touch is a great way to recognize contributors and strengthen the sense of community in your company.
Are you going to try this new feature and collect money on Instagram? Let us know! Take part in the conversation Later Instagram account.
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Monique is a content writer at Later and is happy to help brands define their language and content strategy. She usually sips Matcha or adds another book to her ever-growing TBR list. Say hello on Instagram – @mo_thom