We’re delighted to announce that today we’re rolling out our new Crowdfunder Payments System for a select group of project owners, ahead of a full rollout later this year. We catch up with Owen Wallis, Head of Product here at Crowdfunder.co.uk, to talk us through the new feature.
Why are we doing this?
Our current integration with Stripe is great, but we are always looking to improve the Crowdfunder.co.uk platform. Currently, we have the occasional issue where we see a supporter pledge on a project, and because we don’t hold the money there and then, we aren’t able to capture the money once the project closes and pass it on to the project owner.
We do have a system to try and capture those missing pledges, but it would be nicer not to have the problem in the first place.
Also connecting a Stripe account to your project in the first place can prove difficult for individuals, as the Stripe form is asking for (and try saying this all in one breath) Country, Business description, Business type, Company number, VAT number, Business address, Business postcode, Website, Legal first name, Legal last name, Date of birth, Address, Postcode, Business name (for credit card statement), Phone, Bank account currency, Sort code, Account number, Direct debit authorisation, Email, Password – phew!
Project owners and supporters would both get receipt emails from Stripe – which was very confusing for those pledging funds to a project who thought they were just paying by card, not to a company called Stripe.
The fee structure can also be hard for project owners to understand – with a different fee structure depending on which country the pledge was made from. It can all be hard to keep track of, I’m sure you’d agree.
What changes can we expect to see on the new system?
Our main change with the Crowdfunder Payments System is that we’ll be taking the money at the point of a pledge being made. So, ultimately a project owner will know with confidence that what they raise is what they will receive.
The flow to connect up a Crowdfunder Payments account is now much simpler. Individuals won’t need to enter the long list of business details seen above, but conversely a charity, organisation or business can now add more details about themselves to build trust with the crowd.
All emails are now Crowdfunder branded – clearing up any confusion for supporters over where their money went.
We’ve also changed the fee structure, so now rather than there being Crowdfunder fees and then variable Stripe fees on top, there will always be a fixed fee.
When can I start using the new Crowdfunder Payments System?
We’re currently trialling the system with a select number of project owners to get their feedback. If all goes well, we anticipate this new system being rolled out to all project owners in the next couple of months.