On average it takes around 10 days from a campaign hitting its target to the funds hitting the project’s bank account.
When a campaign hits its target Spacehive sends an email to all backers informing them that their pledge will be taken in the next couple of days and reminding them to make sure they have sufficient funds available.
It’s normal for a small percentage of pledges to fail during the collection. If a pledge fails Spacehive will send an email to the backer reminding them what the pledge is for and asking them to check that their GoCardless/PayPal account is set up to make the payment. Spacehive will attempt to re-collect the failed pledges twice more. Once 90% of the funds are collected Spacehive will then transfer the funds to the project creator. Backers who cancel their pledge after the target is reached, or whose pledge fails three times will be emailed individually with instructions on how to pledge to the project creator outside of Spacehive. If Spacehive cannot collect enough pledges that they deem sufficient for project delivery (e.g. less than 90%), then all collected pledges will be refunded to the backers.
For funds received via PayPal you will receive several individual deposits in your PayPal account. PayPal will notify you when the deposits are made. Once you have received your funds you can then withdraw them into your bank account.
For funds received via GoCardless you will receive a single deposit directly in your nominated bank account. GoCardless will notify you when the deposit is made.
To receive funds, the nominated GoCardless and PayPal accounts must first be verified. Funds cannot be transferred to unverified accounts which means that if you haven’t done this when your campaign ends, this transfer will be delayed. You should be prompted to verify your accounts when you set them up, but you can also see our short guide to verifying which explains how to do it.