During the coronavirus period we are waiving our 5% success fee.
Anyone can start using Spacehive and create a project for free. In normal times, to ensure the continuing development and maintenance of our technology platform, the process of verifying projects, and the support that we provide, we apply a success fee to projects which hit their target with us.
During this time of national emergency we are waiving this fee, which is calculated as 5% of the cost of a project + VAT.
When you input your project costs, our system will still calculate this fee and it will appear as if you are having to raise this additional amount. However, when you launch your crowdfunding campaign, we will pledge the fee straight back to you, thus removing it.
For example, if your project costs £100, we will add 5% +VAT to your target, which works out as £106. This will be your crowdfunding target. However, as soon as you launch your campaign, we will pledge £6 to cover this fee.
It is important to note that there are transaction fees for accepting electronic pledges which again we calculate for you once you've input your project costs. These are set by external payment providers. Read our dedicated article on these to find out more.