Hey there! So, we're all about being crystal clear here. Our fees? Well, they're like the little party hats on a fan's contribution cake. We charge an 8 - 20% service fee, kind of like that sneaky VAT thing you encounter elsewhere. But, wait for it... for donations, we're waving that VAT and slotting in our service fee instead. That means the creators get a break from the fee-frenzy and fans pay a small amount so you keep 100%. (Update - VAT is applicable on Subscriptions, Memberships & Bills. Single wishes and the Piggy Bank are VAT Free) However, please note you are responsible for setting your VAT percentage, it is NOT applied automatically.
Specifically we charge fees based on each feature, this keeps it fair for us and fair for you!
Spennypiggy.co
Bills - 10%
Memberships - 10%
Subscriptions - 10%
Piggy Bank - 20%
Single Purchases - 20%
Profile Shop - 20%
On our UK domain the fees are slightly varied as we offer both card and Open Banking:
UK.spennypiggy.co
Open Banking:
Bills - 8%
Piggy Bank - 10%
Crowdfunding -15%
Subscriptions - 20%
Memberships - 20%
Single Purchases - 20%
Profile Shop - 20%
Card Payments:
For all PayPal card transactions - 25% due to the chargeback risk. We will reduce this as time progresses and creators have become established.
Additionally we have a £1 administration fee on all transactions which covers the cost of Age verification and Fraud checks for both Creators and Gifters.
What's cooking in that fee pie? Let's break it down based on 20%. Remember not all of our charges will bring in 20% so of course we need to balance the books.
2% goes into our magic cauldron for features and web development. We're talking about making this site not just good but *magic*. We're throwing in everything but the kitchen sink for a shared success story!
Then, there's creator promotions 5% sprinkled randomly throughout the year. Sometimes, we're feeling extra generous and paying out more than 100%. Cha-ching!
Ah, servers. They gobble up 5% of the fee pie, sometimes a bit more. But fear not, we're mastering the art of cost control to keep it in check.
Next up, payment processing. This chunk—5.5%—not only covers the regular stuff but also plays superhero with chargeback protection. Those costs covered by us!
We've got your back with fraud protection too—0.5% for those sneaky chargebacks. Prevention is key, and we're on it like a detective in a mystery novel.
Team operating costs and profits? A modest 2%. No Lamborghinis here, folks! Just enough to keep the wheels turning and the team fed.
Now, what do we do with the tiny bit extra? It's our rainy day fund—stash for the unexpected, keeping our business afloat, and paying those pesky VAT obligations.
Wish we could lower that service fee? Oh, we've dreamt about it! But to craft a successful, long-lasting business, it's part of the secret sauce. We've seen others stumble, and we're not about to trip. We've got our playbook ready, the A-team assembled, and all the cool gadgets to be the superhero of Spicy creators and their supporters. Especially in a world not too fond of the Spicy ones.
Hope that gives you a peek into our fee-fiesta! Got more questions? Dive into live chat, and we'll spill all the juicy details! 😇