You will receive your pledge payments once your project has closed successfully. With ‘all or nothing’ funding, a project is only successful if it has hit it's target at the time of closing. 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.
Please note if you have received any 'Extra Funding' from our partners that these funds will be transferred a little differently as explained below.
The total fees will be collected from your funding total. All fees will already have been taken by the time the funds arrive in your account.
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:
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.
HOW LONG DOES IT TAKE TO RECEIVE MY EXTRA FUNDING?
We transfer partner pledges differently to the way we transfer the money you raise from the crowd. While the latter is transferred automatically within seven days of your project closing, all extra funds are processed via our payment provider MangoPay.
They have a number of additional due diligence checks in place, which means it can take a little longer to process the partner pledge. Part of this process requires you to set up an extra funding wallet in your project dashboard.