Services and Fees
Unlike many other crowdfunding platforms out there, HIPGive allows fundraisers to create and publish projects on HIPGive free of charge. As of December 2016 we got rid of our administrative fee, which means more of the funds go towards your project. The only fee that will be deducted from the total raised on the platform is a payment processor fee through an external provider.
Currently, the payment processor fee is 2.9% plus 30 cents per transaction (donation). This is a flat rate and is not affected by whether or not you reach your project goal.
To avoid passing on any further costs and ensure organizations keep more of the funds they raise, we recently introduced the TIPHIP feature. When making a gift, donors are invited to contribute a small additional donation to cover HIPGive’s operational expenses. This is entirely voluntary and well received by most donors.
As a result, the cost of using HIPGive remains below 3%. This is extremely favorable in comparison to other crowdfunding platforms where commissions typically range from 10% to 15%.
This table illustrates how we calculate the total amount of funds transferred at the end of a project:
|Example A||Example B|
|Number of Donations||40||20|
|Commission: 2.9% of total raised +
30 cents per transaction
|Total Funds Transferred to the Organization||$8,921.20||$3,392.50|
|Percentage of Total Funds Transferred||97%||97%|
A Note on Declined Transactions
While uncommon, transactions can occasionally be declined by the contibutor’s bank at the time that they are processed, regardless of any possible initial preapproval of the transactions. These matters are handled between WePay and the contributor’s bank, but usually cannot be collected. Some reasons for declined transactions are most commonly insufficient funds, account closed, or the bank is concerned by the new charge.