Social media has not been the best medium for fundraising campaigns in the past. The cause tends to get a lot of buzz but most people don't get passed the credit barrier.
The Red Cross is taking a new approach with it's Haiti relief efforts.

They have been using Twitter and Facebook to spread the word about their text message campaign "text "Haiti" to 90999 and a $10 donation will be added to your cell phone bill." While the news coverage has helped spark desire, the social media/text collaboration has made the process efficient and enabled tens of thousands of individuals to take action toward a common goal.
Four of Twitter's top trending topics are currently related to the Haiti earthquake. As of last week the Red Cross had raised more than $4 million in donations. The simplicity design of the campaign has made it quick and easy for more people to open their wallets.

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