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How payments work on Spacehive
How payments work on Spacehive
Updated over a week ago

Making a donation

When someone backs your project, they can pay by:

  • Debit/credit card (including Apple Pay and Google Pay)

  • Bank transfer (for donations over £50)

Payments are processed securely through Stripe, our payment partner. The money is taken when someone donates and held safely until your campaign ends.

Setting up payments

Before you can start crowdfunding, you'll need to:

  1. Create a Stripe account through your project dashboard

  2. Add your bank account details

  3. Complete Stripe's verification checks

This ensures you can receive funds if your campaign succeeds.

Understanding fees

There are two types of fees:

Platform fee

  • 7.5% (+VAT) of your project target

  • Added automatically to your fundraising goal

  • Helps us maintain and improve the platform

Transaction fees

These vary by payment method:

  • Card payments: 2.9% + 20p

  • Bank transfer: £0.80 per transaction

All fees are included in your target from the start, so you don't need to worry about them eating into your budget. Note that your target at the start is based on an estimate as we don't know at the outset which payment types backers will use. As the campaign goes on we update the target based on realtime data. In most scenarios your target will reduce.

Receiving your funds

After a successful campaign:

  • Funds are transferred in about three weeks

  • You'll receive an email confirmation

  • Money goes directly to your verified bank account

For this to happen smoothly:

  • Your Stripe account must be fully set up

  • All Stripe verification checks must be complete

  • Your bank details must be correct

Important things to know

  • Funds are secured at the point of pledging

  • Backers get automatic refunds if you don't hit your target (All or Nothing model)

  • You can check your donations in your project dashboard

  • Transaction fees are deducted automatically

  • We're here to help if you have any payment queries

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