Why is there a delay in receiving funds in Crowdfunder?
Delays in receiving funds in Crowdfunder can occur for a variety of reasons. Below, we explain the key factors contributing to delays, detail the applicable time frames, and provide guidance on what to expect and do if your payout is delayed.
Causes of Payout Delays
There are two primary reasons for delays in receiving funds on Crowdfunder:
Mandatory 7-Day Clearing Period: All pledges made in your project are subject to a mandatory 7-day clearing period. This is a standard policy to ensure the validity and security of the pledges before they become available for payout.
Scheduled Payout Dates: If your payout method is set to weekly payments, funds that clear within the week are queued until the next scheduled payout date. This means that even if a pledge has cleared, your next payout may not be initiated immediately but will align with your weekly payout schedule. Similar applies if you have your payouts set to monthly payouts.
Explanation of the Clearing Period
Crowdfunder requires a 7-day clearing period for all pledge funds to ensure that the funds are secure and valid. This clearing period applies to all new pledges received for your project. After the clearing period, the funds become available for payout. However, you should also consider your payout schedule to determine when the funds will actually be disbursed to your account.
Payout Timing and Scheduled Payouts
Payout Initiation: When your payouts are ready, you’ll be able to initiate them directly from your project dashboard. All payouts will only include the funds that have passed the clearing period and will always be in alignment with your scheduled payout day (e.g., every Wednesday or a day set in your account settings).
Processing Time: After payout initiation, it typically takes a few working days for the funds to reflect in your account. This depends on bank processing timelines and external factors such as public holidays.
Troubleshooting Delays
If you experience delays beyond the outlined clearing period or scheduled payout timelines, the following steps may help:
Double-check Your Payout Schedule: Ensure that your payout method and day are correctly configured in your Crowdfunder account settings.
Wait for Processing Time: After funds are initiated for payout, allow for the routine bank processing time (usually a few business days).
Contact Support: If your funds remain unavailable after the clearing and processing periods, contact Crowdfunder Support for assistance.
By understanding these processes and timelines, you can set clear expectations for receiving your funds and ensure smooth project operations.