Have you heard? There’s a new way to fundraise on Instagram and it’s perfect for creators 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 on Facebook already available, it’s a logical next step.
In this blog post, we’re covering everything you need to know about fundraising on Instagram for your business:
What is Instagram’s New Fundraising Feature?
According to Instagram, more than $65 million has been raised for causes related to COVID-19 and the Black Lives Matter movement this year — from raising money for medical equipment to funding educational resources.
But with the new fundraising feature, you can now raise money for a personal cause. So what does this mean for creators and businesses?
A small business owner could fundraise for an upcoming event, to help support their staff due to COVID-19 cutbacks, or to raise funds for a fellow business-owner in need.
Likewise, creators could raise money for a cause they support, like Danielle Coke. Her fundraising goal is to provide educators in the US with prints and posters of her allyship and anti-racism artwork.
This feature takes fundraising on Instagram to another level — and allows for an array of causes to be supported and funded.
Instagram confirmed it will be rolled out in the US, UK, and Ireland in the coming months, alongside plans to make it easier to share fundraisers in your feed and Instagram Stories.
If you don’t have access yet, sit tight! It could be coming your way soon.
How to Create a Fundraiser for Your Brand or Business on Instagram
If you have a social cause you care about and are aged 18 or over, Instagram’s new fundraising feature could be perfect for your business.
Here’s how to get started:
Step #1: Set up Your Fundraiser
First, tap “Edit Profile”, find “Add Fundraiser”, and then click “Raise Money”.
You’ll be prompted to select a cover photo, add a title, pick a currency, and the best category for your fundraiser.
There are 14 fundraiser categories to choose from, including:
Community Projects and Groups
Hobbies, and more
After adding a description of your fundraiser, you can enter your banking information for Stripe (Instagram’s payment processor for donations).
TIP: Treat your description as an Instagram caption — don’t rush it. It is an opportunity to tell your story, the cause’s importance, why you’re passionate about it, and to encourage donations.
Step #2: Set Up Payouts to Your Bank Account
Now that you have your cover photo, description, and category all set, you’ll need to connect your fundraiser to a valid bank account.
After your payment information is added and saved successfully, your fundraiser will be reviewed before it goes live. Once it’s given the green light, you’ll be able to fundraise on Instagram!
Technically, your fundraiser will last for 30 days, but you’re allowed to extend it an unlimited amount of times.
Once your fundraiser is live, you can promote it across your social channels.
It should feel part of an overall content strategy, so it’s a good idea to remind your audience about the fundraiser on Instagram Stories or through the captions of your feed posts.
You’ll be able to see who donates, along with how much they donated.
TIP: If you have time, send everyone who donates a Direct Message thanking them for their support — this personal touch is a great way to acknowledge contributors and strengthen the sense of community around your business.
Will you try this new feature and fundraise on Instagram? Let us know! Join the conversation on Later’s Instagram account.
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