An Overview of Indiegogo’s Fees and Charges.
Indiegogo is an amazing platform that is used to promote fundraising campaigns. This is a great option for anyone that is looking to raise money for personal, community, business and for many other reasons. Indiegogo helps to get information out to investors so they are aware of your fundraiser and they even help you to collect the money that you raise. Indiegogo is available to use through most countries around the world. Funds can even be sent from one country to another however, the fees carry from location to location. This article will help you to access any and all charges that may be included.
IndieGoGo’s Standard Fees:
If you started your fundraising campaign at Indiegogo they will charge you a five percent platform charge on any funds that are received for your fundraising campaign. Since there is a set percentage that is charged, it is impossible to say exactly what the cost will be in the end. The charge is calculated and deducted from all of the money that you raise, not from the goal that you set when you set up your campaign.
If You’re Switching Your Fundraiser To IndieGoGo From Another Platform:
On the other hand, if you began your campaign on a different fundraising platform like GoFundMe before you switch over to Indiegogo, then you will be charged an eight percent fee on any money that you raise during your designated time frame. There is also a possibility for other percentage costs if you and Indiegogo have made other arrangements prior to starting your crowdfunding campaign. The payment processors will also charge you a processing fee that is set according to your location and your home country’s currency.
Fees That Your Campaign’s Supporters Should Know About:
It important for each of your campaign’s donators to read the fine print and to be aware that they will also be charged a transaction fee every time they make a donation towards your campaign. Transaction fees are dependent on the location of their bank account and also dependent on the currency in which the funds are raised. They might also be charged a processing fee by their credit card company if their credit card is not from a local area. All transfer and bank charges will be applied every time funds are withdrawn or added to your bank account.
Additional Fees For International Transactions, Currencies, Etc.
The personal banks of both the campaign manager and the donators, will most likely charge additional funds for currency conversions, wire transfers and possibly other items as well. It is best to contact your personal bank in order to ask the questions about what will happen on their end. The reason for this is that every bank is different and has different policies. Differences also occur according to your location of town, city, state, country. You may also find that the charges vary depending on what type of bank account you have, whether it is a personal, business or other accounts.
If you begin a campaign that is a Fixed Funding campaign and you do not meet your designated goal, everyone that donated will receive their donations back in their bank accounts within five days after the campaign ends.
In the event that your goal is to raise money entirely from United States currency, the raised funds will arrive to you from Stripe. Stripe is the credit card processor that is utilized by Indiegogo, for all of their crowdfunding accounts. Stripe creates and account for your campaign and that is where all of your funds will sit until your campaign ends. After the campaigns end date, your funds will arrive in your bank account with in fifteen days after the end. If your campaign is not completely run thru the United States, then there are other rules that will apply. In order to receive your funds from Stripe, you will need to be verified on Stripe before they will release your funds to you. This was a rule that was set in place in order to make sure that the money that has been raised is being sent to the correct person and bank account. This is just in order to protect your money that you have raised through your fundraising campaign. Once the funds have been dispersed by Stripe they will arrive into your designated bank account within two to five business days. After that time frame, you should see the funds arrive in your account as being sent by Stripe rather that Indiegogo. These funds will be sent to your checking account not your savings account, as savings accounts do not support receiving funds from outside sources..
In the case you are creating this fundraising campaign for a nonprofit you will be charged the same amounts that you would be charged for every other type of campaign. You will be charged the normal 5 percent platform fee, plus the three percent for the Stripe credit card processing fee in addition to any fees that your bank is going to charge to your account.