Chapter 11You’ve Reached Your Funding Goal—Now What?
Your reward-based crowd funding campaign will come to an end after a predefined number of days. Hopefully, you will have reached your funding goal, or better yet, exceeded your goal by perhaps utilizing one or more stretch goals. Then, depending on which crowd funding platform you used, once the funding goal is met and your campaign ends, the funds you’ve raised will soon be transferred to your bank account (minus the commission charged by the crowd funding platform and the fees associated with the third-party payment processing company). Now, you’ll be ready to get your project underway.
If you used a crowd funding platform that doesn’t use an all-or-nothing approach to dispersing funds raised, after your campaign ends you’re entitled to receive whatever funds were collected during your campaign, whether or not its funding goal was met. In fact, some platforms forward funds to you as they’re received. If your funding goal is not met with one of these platforms, you’ll typically wind up paying a higher commission to the crowd funding platform and higher fees to the payment processing company, but you’ll still receive some of funds you were hoping for.
Whether or not your project was fully funded, if you accept any funds, you’re ...
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