For Project Owners
Receiving Your Funds and Fees Payable by Project Owners:
1. There is no charge for creating a Project and publishing details of the Project on crowd-velocity.co.uk. Nor are there any fees payable if your Project does not close successfully.
2. If your Project reaches, exceeds your Funding Target, or is raising money under the Flexible Funding Scheme - at the end of the Project’s Fundraising Period the following fees will be deducted from the Total Pledges received for your Project before they are distributed to you:
(a) Our fee of 6.5%, plus VAT, of the Total Pledges received from Backers for your Project; and
(b) In respect of each Pledge made by Backers using Stripe: Stripe charge a fee of 1.9% + 20p per Pledge for the UK issued cards (Visa, Mastercard, and American Express) and 2.9% + 20p per Pledge for non-UK or European issued cards. Please note that these fees are collected by and Stripe directly, this cost may be covered by the project owner. Please contact us if in doubt of our payment terms.
3. In relation to Pledges made by Backers using PayPal, PayPal charges a fee of 3.4% + 20p on each Pledge. Fees may vary in certain countries. These fees are collected by PayPal directly. We currently do not support PayPal as a third party payment provider.
4. All fees payable by Project Owners are subject to Value Added Tax (‘VAT’) at the rate in force (currently 20%). Please note that VAT is assessed on the above fees and not the Total Pledges raised, and you are solely responsible for ensuring that you are registered for VAT or similar sales tax as required, by the applicable laws of the jurisdiction in which your business is established.
5. If the Total Pledges meet or exceed the Funding Target at the end of the Fundraising Period the amounts due to Project Owners will be transferred to Project Owners (less any fees) as follows:
(a) In respect of Pledges paid by Backers using PayPal, within approximately 24 hours of the end of the Fundraising Period to the PayPal account specified by the Project Owner.
(b) In respect of Pledges paid by Backers using GoCardless, within approximately 5 working days to the bank account specified by the Project Owner.
(c) In respect of Pledges paid by Backers using Stripe, within approximately 7 working days to the bank account specified by the Project Owner.
6. Please note that the above timescales are estimates only and there may be a delay between the end of the Fundraising Period for a successful Project and your access to any funds.
1. Backers may fail to fulfill payment of Pledges and you acknowledge that their payment of Pledges is entirely outside of our control. Consequently, we cannot guarantee and shall have no liability, to any Project Owner for their failure to receive any funds pledged by Backers in relation to their Project(s) via crowd-velocity.co.uk.
2. In the event we are unable to verify any information to our satisfaction, we may delay, withhold, cancel or refund any Pledges, or other amounts, without giving any notice to you and do so without incurring any liability to you.
3. Project Owners may contact crowd-velocity.co.uk to cancel any Pledge for any reason and at any time before the Fundraising Period ends and shall not be required to fulfill any related Rewards if they do so.
4. Under the All or Nothing Funding Payment Scheme, if your Project does not reach its Fundraising Target by the end of the Fundraising Period, any Pledges made by Backers for the Project will be canceled and you will not be entitled to receive any funds in respect to your project.
5. Under the Flexible Funding Payment Scheme, any Pledges made by Backers for the Project will proceed and be given to you the Project Owner, irrespective of your Project reaching its Fundraising Target. Money's may be issued to you on a monthly basis, providing you can issue promised rewards to your backers as soon as they money received. Otherwise, all money will be distributed to the project owner at the end of the Fundraising Period.
6. Under Re-occurring payments method, money will be collected at an agreed date by the backer, providing the funds are available. Any collected amount under re-occurring payment scheme will be distributed to the project owner on a monthly basis upon agreed date with the project owner directly.