How do I receive the funds? How long will it take?

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.

By |2017-12-06T13:23:25+00:00June 6th, 2016|

About the Author:

From teaching in the Tanzanian mountains to the digital universe of Spacehive, Aaron has stopped off in a few places along the way. After receiving an MA in Publishing from Oxford Brookes University, she worked for big internationals including Oxford University Press and the International Labour Organization, small but interesting types including Pambazuka Press and Internet Retailing Magazine before heading up the award-winning eSeller.net. Looking for her next big adventure she joined Spacehive as their Content Marketing Manager. Here she works the words whether describing the awesome potential of a civic crowdfunded future or outlining the many dazzling features of our grant-making software. She gets to meet the project creators and share their stories as well as working with our partners to ensure they have the material they need to make impact. Outside of work she mentors with The Girls’ Network, solves mysteries and once made jam from the blackberries in her garden of which she is inordinately proud.