What are the guidelines and timelines for processing payouts on Crowdfunder?
Crowdfunder provides structured payment timelines to ensure safe and secure transfers of pledged funds. Here's a detailed guide to understanding the payout process, including clearing periods, weekly schedules, and match funding timelines.
Understanding Clearing Periods
Before any payout is initiated, all pledged funds undergo a 7-day clearing period. This ensures that the transactions are verified and secure before funds are transferred. Example case: If a pledge is made to your project on a Monday, those funds would only become eligible for payout the following Monday.
Weekly Payout Schedules
Crowdfunder offers the option to process payouts weekly. Once initiated from your project dashboard, the payout is processed on its designated weekly day (e.g., Thursday). You can expect to receive the funds within a few working days after the processing date. For example:
Day of the Week for Payment: If payouts are set to process on Thursdays, you’ll see the transfer initiated that day.
Expected Transfer Time: Funds should arrive in 3 working days, depending on your bank's processing time.
Match Funding After Project Completion
If your project has received match funding from partners, this funding becomes payable after the project is closed. Ensure that your funding wallet is complete to facilitate the payout.
Timeline for Match Funding:
Once your project closes, it may take up to 21 working days for the additional funds to be transferred to your account.
Also, note that during this time, weekly payouts for crowd funds will continue as per schedule.
Common Scenarios and FAQs
What happens if my project doesn’t meet the unique supporter requirement?
If your project falls short of the required number of supporters, you may request to reopen the campaign and continue gathering support to qualify for funds.
What should I do if I haven’t received my payout?
If your payout hasn't arrived as expected, first check:
Whether the 7-day clearing period for new pledges has passed.
Your scheduled payout day (e.g., if it's set for Thursday).
If these checks are satisfied and you still haven’t received your funds, contact Crowdfunder support for further assistance.
How can I track, enable, or modify payouts?
You can monitor and control payouts directly from your Crowdfunder project dashboard, in the payouts section. The interface also offers prompts regarding incomplete wallets or funding statuses that may affect additional payment processes.
For any additional questions or specific concerns, feel free to reach out to Crowdfunder's support team or browse the help centre.