Spacehive uses external payment providers to accept and collect pledges to each project, PayPal and GoCardless. You can set up and add either account to start fundraising, but the accounts must be verified by the end of your campaign in order for you to receive the pledges. PayPal/GoCardless ask that you verify your payment accounts to comply with anti-money laundering laws.
The steps below briefly outline the process of creating and verifying a GoCardless account, please read Spacehive’s guide on creating a GoCardless account here to see the process in full.
Verifying your GoCardless account
Log in to GoCardless via their website.
Once your account is successfully verified a green tick will appear by ‘Company Details’.
If you need any help verifying your account then get in touch with GoCardless.
Verifying your PayPal account
To start the verification process log in to PayPal and click the ‘Add bank account’ option in the dashboard. PayPal will then make a deposit of £0.01 into the designated bank account with a 4 digit confirmation code in the reference. Check the bank statement online for the transaction, enter this code when prompted in the same ‘Add bank account’ section, and the account should be enabled to accept payments.
For a business account the email address on the account may also need to be verified. To do this log in to the profile section of PayPal where there should be an email address on the right hand side. Click update email and enter an address, then check your inbox for a verification email from PayPal.
Once this is complete and the bank account has been verified, your account should be ready to accept payments.