We use two platforms, PayPal and GoCardless, which give project creators and backers flexibility and choice. We recommend you use both to maximise your pledges.
PayPal allows backers to pledge directly from their PayPal account, whereas GoCardless is a direct debit system that allows people to make payments directly from their bank account, via a one-off direct debit. The direct debit is set up when Backers pledge, allowing Spacehive to collect the funds from their bank account at the end of the campaign, should you reach your funding goal. Because it’s a one-off direct debit, only one payment can ever be taken as a result of this pledge.
For project creators, we recommend adding both options as it gives potential backers more choice, and each platform has different benefits. PayPal allows Backers to pay from anywhere in the world, while GoCardless has lower transaction fees for UK-based pledges.
For more information on setting up a GoCardless account check out our guide.
While you can receive pledges when you have created a PayPal and/or GoCardless account, you will need to verify these accounts in order to receive funds from a successful campaign. Please see our separate Help Centre article on 'How do I verify my PayPal/GoCardless account'.
The table below has more information on both platforms.
|Transaction fee||2.9% + 30p||0.5% (will change to 1.2% on 1 September 2020)|
|Payment types supported||PayPal account, credit & debit cards||BACS and debit cards|
|Maximum pledge size||£1,250||£10,000|
|Payments can be made from||Anywhere in the world||UK-only|
|Funds deposited in||Your PayPal account||Your bank account|