Looking for a comparison of crowdfunding platform fees? The majority of crowdfunding platforms charge a fee, but it can be hard to work out ahead of time how much of your funding target this will be. Most charge a percentage of your entire funding target, plus a per-transaction fee – but remember, for an all-or-nothing project, you’ll pay no fees unless you hit your target.
Here are the fees for UK-based projects (with UK bank accounts) on some of the platforms for rewards-based crowdfunding – these are correct as of July 2019, but check details before starting your campaign:
% of funds raised
3% + £0.20 per pledge
Pledges under £10: 5% + £0.05 per pledge
3% + £0.30 per pledge
£25 International Bank Transfer fee to pay funds into a non-US bank account
3% plus VAT
1.67% plus VAT + £0.25 per pledge
Non-EU cards (eg US backers): 3.25% plus VAT + £0.25 per pledge
5% plus 1% VAT
PayPal: 3.4% + 20p per pledge
Not mentioned here is Patreon, who instead of one-shot crowdfunding offer a more ongoing relationship, with monthly (or per-thing) payments.
As you can see, the charges are fairly similar – which means that price doesn’t need to be how you decide which platform to use. It generally works out as around 10% of your funding target (so if you’re hoping to raise £10,000, you should set your target at least at £11,200 to allow for platform fees).
Do you have a favourite platform I’ve missed off? Wondering about which platform would suit your project best? Get in touch.
*Spacehive aren’t technically rewards-based, as they don’t offer rewards for backers – but they’re also not charitable or personal giving; they specialise in funding community spaces, and a lot of creative projects are exploring how to fund a permanent home.