Welcome. This guide explains how best to collect money through Fundable.
What do I need in order to create a Fundable.com collection?
First, create an account on Fundable. This takes less than 15 seconds (no annoying e-mail verification) and is free. Your contributors will not have to do this to make payments.
You must also have an address to which Fundable can mail you a check (note: checks cost $10) OR have a PayPal account to which funds can be transferred.
What are the basics I need to know before I start a collection?
- How much money do you want to collect? This is the total.
- How many contributors/buyers will you need? This is the number of participants.
- How much will each person have to pledge? This is the pledge amount. Can some people pay over the pledge amount?
How many participants should I expect to recruit?
If you are recruiting from your immediate social network, 20-25 people is probably your limit. Collecting pledges from more than 25 people involves recruiting outside of your circle. This demands planning and effort. If your collection seeks more than 40 participants, you must have access to a large audience.
How can I make sure that my collection succeeds?
- Set a collection goal you can reach. If you aren't sure how much you can raise, set your collection goal low (not too low) and then check the box "continue accepting pledges." This allows you to continue accepting money after you have reached your goal.
- Explain your collection in depth when you write your description.
- Recruit your participants aggressively and persistently. Many people require multiple reminders; don't be afraid to contact potential contributors/buyers 2-3 times.
What information will I have to provide on the creation of my collection?
Title
Your collection's headline.Description
What you are proposing to do, how you are going to do it, and when you will get it done.Image (optional, but recommended)
An image that represents your collection on search listings.Hide Group Action
Whether you want your collection publicly listed or hidden from searches and category browsing.External Web Site (optional, but recommended)
The web address to an external web site that promotes your collection.Target Total
How much money you want to collect. Your collection must reach this amount in pledges before its deadline. If you are unsure how much you can raise, make this a conservative estimate and check "continue accepting pledges" to maximize the amount you can raise.Continue Accepting Pledges
This makes it so your group does not stop collecting pledges the moment you hit your target total. Instead, this allows you to raise an unlimited amount until your deadline.Pledge Amount
The minimum pledge amount required of each contributor/buyer.Varying Contributions
Must everyone pledge the same amount or can participants pledge whatever they want?Deadline/Time Frame
When your collection will expire: 14 or 25 days. All pledges will be deleted if your collection falls short of its collection goal after this period of time.Added Benefits for Contributors (optional)
What incentives you are providing for potential contributors. Examples include a free gift or privileged access to a daily blog. This field is most relevant for collections of the type,
.
What are my responsibilities as group leader?
If your collection is an
or
,
you are responsible for distributing what users buy. If your collection is a , you are responsible for transferring the group fund to its intended recipient or carrying out the fund's purpose.
Can I make a pledge on my own collection?
Yes. Since your collection won't officially begin or become listed on Fundable until the first person makes a pledge, making a minimum contribution is often important for getting it started.
Can I keep my collection hidden from public view?
Yes. If you wanted to limit a colection to a circle of friends, for example, you would check the box, "Hide Group Action" during creation. Hidden collections remain accessible only via direct URL.
What if one of my contributors gives me money in person? How do I register offline pledges?
You should pledge this amount yourself and add a comment on your collection explaining where you received the money.
After my colection meets its target, how do I get my funds from Fundable?
Fundable will either mail a check to the address you provided or deposit funds into your PayPal account within 48 hours.
How much does each member have to pay? How much of a cut does Fundable take from what I collect?
If a collection falls short of its goal, no one pays anything. You will not be charged for setting up a collection.
Fundable takes 10% from the total of each collection. The exception to this are Browsercam collections, which are free.
Fundable pays through PayPal using the "mass-pay" system so all PayPal transaction fees will be coverd by us and there is no added cost to receive money from Fundable.
Remember, there is no cost to set up a collection and no one pays anything if a collection expires.
I'm Ready.
contact@fundable.com