Our fee changes came into effect on 1 April 2017. We sent out notification last month, as required by our terms (and because these changes are important!), and today is the day!
How does this affect you?
For our campaign creators
Overall we are making it cheaper for you to fund the things you care about.
Previously, campaign creators were charged around 7.5% in fees for each succesfull campaign. That’s a 5% success fee and a 2.5% credit card fee plus $0.25 transaction fee on pledges made on credit cards.
Now you won’t have to pay the credit card fee. If your project is successful all you will be charged is a flat fee of 6.5% (for equity & project campaigns) or 5.5% (for lending campaigns).
New campaign creators wanting to launch equity or lending campaigns will need to complete CrowdfundingU as well. You can read up on that here.
For our pledgers
Now you can choose from two ways to pay:
- By Direct Deposit into our bank account if the campaign is successful, or;
- By Credit Card (if chosen, you’ll be charged a 2.5% fee and a $0.25 transaction fee)
Note: you will still need a credit card to secure your direct deposit pledge, but that will only be used if your pledge isn’t transferred within 10 working days of the campaign closing (and after we’ve reminded you three times).
If you have any questions, send us an email on [email protected]. Thanks for helping Kiwis fund the things they care about!