A platform is an online website that is available for the use of others. Fees are paid by those using an An online crowdfunding website which is used by the individuals and businesses to launch a campaign to secure finances i.e. donations or loans. Platforms are managed by a third party and users must pay a fee to use the platform. that is managed and run by others. Fees are charged in two different ways of –
- a % taken off each payment received and processed through the platform.
- a % of the total payments received and processed through the platform at the end of a campaign.
All platforms allow users to receive payments via a number of payment methods e.g PayPal, Stripe, etc. These payment methods also charge fees which are separate to the platform fees