A pledge is a promise that the backer will pay the project delivery manager if they hit their target. When a project 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.
After this email, Spacehive will collect the pledges and endeavour to send them to the project delivery manager within 1-2 weeks. It’s very 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 raised 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. Please note, 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 from each of your backers in your PayPal account. PayPal will notify you when the deposits are made. Once you have received your funds you can extract them to your bank account.
For funds received via GoCardless you will receive a single deposit directly in your bank account. GoCardless will notify you when the deposit is made.
If a project creator has not verified their GoCardless/PayPal accounts then the funds transferal is delayed. In order to make sure your account is set up sufficiently to receive funds, please either log into your GoCardless/PayPal accounts or contact their respective customer support teams.