You will receive your pledge payments once your project has closed successfully. With ‘all or nothing’ funding, a project is only successful if it hits it’s target. With ‘keep what you raise’, all projects that raise any funds are considered successful.
Project supporters will be charged at the time of making their pledge and the funds will then be transferred to the project owner once the project closes successfully. Payments will be transferred into your bank account within 7 working days after the project has closed.
However, your money will only be transferred if you have successfully verified your ID against your bank account details. After the ID has been successfully verified (if this is after the closing date of the project) it will take 7 working days from when the ID was verified for the money to reach you. See the 'Money' section of your edit project dashboard to check if your ID has been successfully verified.
The total fees of 8% will be collected from your funding total. All fees will already have been taken by the time the funds arrive in your account.
If you want to know the maths, this breaks down to a 5% Crowdfunder fee, a 1.67% transaction fee and VAT.
Has your payment system changed?
At the beginning of 2018 we updated our payment system. So if you have Crowdfunded with us before, things might be a little different. The great news is that these changes will make your Crowdfunding experience much smoother. The main changes are:
The fee structure has been simplified - The Crowdfunder fee of 5% VAT is exactly the same. However, the previous payment provider fees of 1.4% 20p per pledge is now a easy peasy 2%. With the Crowdfunder fee, VAT and the payment provider fee included this all rounds out at 8%.
No more failed payments - On the old system there was the chance of payments failing when the project closed but now this cannot happen. Hurray!
You will not need a Stripe account to collect your money - The money simply goes straight to the bank account that you add to the project. Simple.
Supporters are charged at the time of making a pledge - On the previous system supporters were charged when the project closed. With this new system they are charged at the point that they make the pledge. If the project is unsuccessful they will receive a refund within 5 days of the project closing.