Funds generally take around 10 working days to reach your bank account. Making sure your GoCardless and/or PayPal account is verified will ensure this is done swiftly.
On average it takes around 10 days from a campaign ending successfully to the funds hitting the project’s bank account.
When a campaign hits its crowdfunding target and comes to an end, Spacehive sends an email to all backers informing them that their pledge will be taken in the next couple of days and reminding them to make sure they have sufficient funds available.
If you have enabled your project for overfunding and hit your target before the deadline, your campaign will continue to run until your chosen end date before being drawn to a close and triggering these email notifications to your backers. If you change your mind about overfunding, you are able to stop your campaign manually via your Project Dashboard
It’s normal for a small percentage of payments to fail during the collection. If a payment fails first time around, Spacehive will send an email to the backer to explain what's happened and then attempt to re-collect the failed pledges twice more. Once over 90% of the funds are collected Spacehive will then transfer the funds to the project creator. Backers whose pledge fails to be collected three times will be emailed again with the Project Delivery Manager's contact details with instructions to make payment directly. If Spacehive cannot collect enough pledges to be deemed sufficient for project delivery (e.g. less than 90%), then all collected pledges will be refunded to the backers.
For funds received via PayPal, you will receive several individual deposits in your PayPal account. PayPal will notify you when the deposits are made. Once you have received your funds you can then withdraw them into your bank account.
For funds received via GoCardless you will receive a single deposit directly in your nominated bank account. GoCardless will notify you when the deposit is made.
To receive funds, the nominated GoCardless and PayPal accounts must first be verified. Funds cannot be transferred to unverified accounts which means that if you haven’t done this when your campaign ends, this transfer will be delayed. You should be prompted to verify your accounts when you set them up. Read more on the 'Receiving funds' section of the Help Centre.