As you progress through your campaign, we have a more concrete idea about the payment transaction fees you will pay, so we are able to calculate this figure more accurately.
Your crowdfunding target fluctuates according to the range of payment methods that are used by your backers, as transaction fees differ for each one.
The fee for debit/credit card transactions is 2.2%, for BACS payments it is £0.80 and for Direct Debit payments it is 1% (min. £0.20, max. £2).
Spacehive estimates your total transaction fees at the start of the campaign based on average pledge method choices and add this onto the funding target. We generally over-estimate the fees, so you’re highly likely to see your fees decrease throughout your campaign, especially if you’re get large pledges such as one from your local council, which will always be done via direct debit or bank transfer.