
Frequently Asked Questions (FAQ)
8. Frequently Asked Questions (FAQ)
To help users resolve issues more efficiently, the SOSST crowdfunding platform provides a comprehensive **Frequently Asked Questions (FAQ)** section. This section organizes and categorizes common user questions, allowing users to quickly find solutions, and also helps new users understand the basic operations and rules of the platform.
8.1 Frequently Asked Questions
Here are some frequently asked questions and answers for the SOSST crowdfunding platform, helping you better understand the platform's features, operational processes, and how to resolve issues when encountered.
1. About launching a project
- How to start a crowdfunding project on the platform?
- On the platform's homepage, click the "Start a Project" button, follow the steps to fill in the project-related information (project name, description, target amount, rewards, etc.), upload project images and videos, and then submit for review. Once approved, the project will go live. If you are a subscribed user, you may need to complete identity verification and project review before launching the project. We will review both the project and your real identity. For example, you can perform identity verification and review in advance through our partner organizations. Alternatively, you can contact us directly at 1@sosst.com or leave a message through the "Contact Us" section of the website. Below are the reasons for the project review process and the review criteria. Please follow the requirements below when submitting.
- SOSST Crowdfunding, as a global creative reward-based crowdfunding platform, has audit standards aimed at ensuring the authenticity, innovation, feasibility, and compliance of projects, to protect investors' rights and enhance the overall quality of the platform. Below is an introduction to the audit standards of SOSST Crowdfunding:
- 1. Project Authenticity Review
- Project Information Verification: The platform will verify the information submitted for the project, including the project name, initiator's identity, project background, target amount, etc., to ensure the authenticity and accuracy of the information.
- Verification of Supporting Documents: The project initiator is required to provide relevant supporting documents, such as identity proof, business license (if the project is initiated by a company), project plan, product prototype or design sketches, etc., to prove the project's existence and legality.
- 2. Innovation Review
- Creativity Evaluation: The platform will assess the creativity and uniqueness of the project to ensure it has enough appeal and innovative value.
- Market Demand Analysis: The platform will analyze the market demand targeted by the project and evaluate the project's market prospects and potential user groups.
- 3. Feasibility Review
- Funding Plan Evaluation: The platform will review the project's funding plan, including the direction of fund usage, budget allocation, expected returns, etc., to ensure the proper use of funds and the feasibility of the project.
- Production or Implementation Plan: The project initiator needs to provide a detailed production or implementation plan, including a timeline, key milestones, partners, etc., to demonstrate that the project can proceed as planned.
- 4. Compliance Review
- Compliance with Laws and Regulations: The platform will review whether the project complies with local legal and regulatory requirements, including intellectual property, consumer rights protection, advertising laws, and other relevant regulations.
- Risk Disclosure: The project initiator needs to clearly disclose the risks of the project in the project description, including market risks, technical risks, financial risks, etc., to help investors make informed decisions.
- 5. Other Review Requirements
- Clear Project Description: The project description needs to be clear and detailed, and should fully showcase the project's features and value.
- Reasonable Reward Plan: The reward plan needs to be reasonable and clear, capable of attracting investors' interest and safeguarding their rights.
- Initiator Credibility Evaluation: The platform will evaluate the credibility of the initiator, including the performance of past projects, user reviews, etc., to ensure the reliability and integrity of the initiator.
- In conclusion, SOSST's crowdfunding review criteria cover project authenticity, innovation, feasibility, compliance, and other related requirements. These standards are designed to ensure the quality of projects and protect investors' rights, providing entrepreneurs with a fair, transparent, and efficient crowdfunding environment. If you have any questions regarding the review status of a specific project, it is recommended to directly contact the SOSST crowdfunding platform for more detailed information.
- Can I set my own fundraising goal?
- Yes, you can set your fundraising goal and time based on your project’s needs. If the goal is not met, the platform will refund the supporters in full.
- How to set up project rewards?
- When launching a project, you can set multiple reward tiers, each with its corresponding support amount and reward content. Ensure that the reward content is clear and delivered on time.
- How long after submitting the project can fundraising begin?
- After the project is submitted, it will undergo platform review, which is usually completed within 1-7 business days. Once approved, your project will go live and fundraising will begin.
About supported projects
- How to support a crowdfunding project?
- After finding the project you like, click the "Support Project" button, choose the support amount and reward level, and select the payment method to complete the payment.
- Can I change my support amount or reward selection?
- Yes, you can modify your support amount and choose other reward tiers during the fundraising period. Changes cannot be made after the fundraising ends.
- How can I check the projects I’ve supported and their progress?
- After logging into your account, go to the "Activities, My Supported Projects" page, where you can view detailed information and progress updates for all the projects you support.
3. About Fund Management
- How can I ensure the security of my payment?
- The SOSST crowdfunding platform uses a encrypted payment system, and all payment information is strictly protected. You can make payments through secure channels such as credit cards and PayPal.
- What fees does the platform charge?
- The platform service fee is typically 5%-10% (depending on the project type). In addition, each payment will incur a 3%-5% payment processing fee + $0.29/transaction.
- What happens to the funds already paid if the project fails to raise funds successfully?
- Full Refund Policy
- Payment Processing Fee
- Refund Processing Fees: During the refund process, the payment company may charge a certain percentage of processing fees, typically between 3%-5%, depending on the payment method used. For example, payment channels like credit cards or PayPal may charge some fees, and these fees will be collected by the payment company, while the platform and project owners will not charge any additional fees.
- Can the payment company refund the transaction fee?
- Payment Company Refund of Fees: In some cases, the payment company may refund part or all of the fees. For example, some payment channels (such as PayPal) may refund the previous payment fees when issuing a refund, but this depends on the payment company and its specific policies. If the payment company agrees to refund the fees, you will receive a full refund with no deductions.
- Payment Company Does Not Refund Fees: If the payment company cannot refund the fees, the refund amount will be deducted by a certain payment processing fee, and you will receive the remaining amount.
- Responsibilities of the platform and project party
- When will the funds be disbursed after the project is successful?
- After successfully raising funds, the platform will release funds in stages:
- 20% Startup CapitalFund Distribution Process
- On the SOSST Crowdfunding Platform, after a project successfully raises funds and meets its target, funds will be disbursed in stages according to different phases. Below are the specific rules for fund distribution:
- Startup Funds (20%):
- After the project is successful, the platform will disburse 20% of the funds to the project initiators to start the initial work of the project (such as procurement, development, etc.). These funds will be used to help advance the project.
- Progress Funding (30%):
- After the project distributes rewards, when the project enters the production or implementation stage and rewards (such as products, services, etc.) begin to be delivered, the platform will release 30% of the funds to the project side. This portion of funds helps the initiators continue to complete the project and prepare for final delivery.
- 최종 자금 (50%):
- After the project is completed and the rewards are delivered, the platform will release the remaining 50% of the funds. This portion of the funds will be used for the final settlement and completion of the project. By this time, the project should be completed as promised, all rewards delivered, and the creator can use these funds for the finishing work or subsequent management of the project.
- After successfully raising funds, the platform will release funds in stages:
4. Project management and follow-up
- How to post project progress updates?
- On the project page, click the "Post Update" button, enter the title and content of the project progress, upload relevant images or videos, and submit the update. All supporters will be notified.
- If the project delivery is delayed, how should supporters be notified?
- If there are delays or issues, please promptly notify supporters via the "Post Project Progress Update" feature, clearly describe the reason for the delay, and provide solutions to ensure transparent communication.
- How are the project rewards delivered?
- After the project is successful, products or services will be delivered to supporters according to the preset delivery schedule and reward levels.
- What should I do if my project does not reach the fundraising goal?
- If the project does not meet the goal, all supporters' funds will be fully refunded. There may be payment processing fees on the refunded portion, usually around 3-5%, charged by the payment company. The platform does not charge any fees. You can choose to adjust the plan and relaunch the crowdfunding campaign.
5. About community interaction
- How to comment and ask questions on the project page?
- Enter your questions or feedback in the comments section of the project page, and click "Submit" to interact with the creator and other supporters.
- How to share the project on social media?
- Each project page has a share button, allowing you to share the project link on social platforms like Facebook, Twitter, Instagram, etc., to help increase the project's exposure.
- How to invite friends to support my project?
- On the project page, click “URL” to copy and generate a unique link. You can invite friends to support your project via email, SMS, or social media platforms.
8.2 Issue Classification
To make it easier to find solutions, we have categorized frequently asked questions:
Launch a project
- How to create and launch a crowdfunding project?
- How to set the project target amount and time?
- How to design project rewards?
- How long does the project review take?
- How to modify the project content or timeline?
Support projects
- How to Participate and Support the Project
Register and Log in (Recommended)
While you can support a project without logging in, we recommend registering and logging in so you can: View the progress of supported projects: After logging in, you can view the progress and updates of the projects you have supported at any time in your personal account.
Manage and modify your support: After logging in, you can modify your support amount, change reward choices, or update payment information.
Receive important notifications: You will receive notifications about project progress, delays, successful delivery, etc.
Support projects anonymously (no registration required)
If you choose to support a project anonymously, you can support a project without logging in, but keep the following in mind: You cannot manage or view support records: You will not be able to view the specific progress of the project you have supported or check for updates in the user dashboard.
Does not affect rewards: Even without an account, your reward will be distributed according to the project settings, but you will not be able to check the project's progress at any time.
Select the support amount and reward
On the project page, you can choose the amount to support. Each amount typically corresponds to different reward options. Choose the reward level based on your support amount.
Reward options: For example, you can select a lower support amount for a thank-you note, or a higher amount for limited edition products, exclusive experiences, etc.
Select payment method
When supporting a project, you need to select a payment method. We support various payment channels such as: Credit cards (Visa, MasterCard, etc.)
PayPal
Bank transfer
Once the payment is successful, your support is confirmed, and an electronic receipt will be generated by the system for you to save.
Confirm and submit support
After selecting your rewards and payment method, confirm that all information is correct. Click the “Support project” button, and after completing the payment, your support will be officially recorded. You will receive a confirmation email containing information about the supported project, amount, and rewards.
Notes:
Project progress: If you log in to your account, you can view the latest progress, shipping status, etc., at any time. If you are not logged in, you can view project updates on the project page.
Reward issues: Ensure that the reward level you choose corresponds to your support amount and that you provide the correct contact information (such as mailing address, phone number, etc.) to facilitate the delivery of rewards.
Payment security: All payment information is encrypted to ensure the safety of your funds and personal information. - How to modify or cancel supported projects?
Modifying Supported Projects
If the project you supported has not ended, you can modify it through your platform account. This typically includes: Modifying the Support Amount: Before the project ends, you can adjust the support amount or choose a different reward level.
Changing Payment Method: If you need to change your payment method (e.g., from credit card to PayPal), you can do so during the fundraising period.
Canceling Supported Projects
If the Project Did Not Reach Funding Goal: If the project does not meet the funding goal, your funds will be automatically fully refunded without any deductions.
If the Project Successfully Reached Funding Goal: Once the project is successful and enters production or delivery phase, your support is typically non-cancellable or non-refundable. In such cases, if special circumstances arise, you can negotiate with the project initiator to explore other solutions (such as changing reward levels or other compensation).
Negotiating with the Initiator
If you wish to modify your supported project or request a refund (in special circumstances), you can contact the project initiator directly for negotiation. Through the platform's private messaging function, the initiator may offer appropriate solutions to meet your needs.
Notes:
Project Progress Stage: The ability to cancel or modify support is influenced by the project's progress. If the project has already begun production or delivery, canceling support may become more complicated.
Platform Policy: The platform will handle modification and cancellation requests according to the project's reward settings and payment methods, ensuring the protection of both parties' rights.
3. Funds Management
- What are the platform fees and payment processing fees?
- The platform service fee is typically 5%-10% (depending on the project type). In addition, each payment will incur a 3%-5% payment processing fee + $0.29/transaction.
- How to ensure payment security?
- The SOSST crowdfunding platform uses an encrypted payment system, and all payment information is strictly protected. You can make payments through secure channels such as credit cards and PayPal.
- When will the funds be credited?
20% startup funding: After the project successfully raises funds, the platform will release 20% of the funds.
30% Progress Funds: After the project distributes rewards, the platform will release 50% of the funds.
50% final funds: The remaining 30% of funds will be released after the project is completed and the rewards are delivered.
- How to handle refund issues for unsuccessful fundraising?
- If the project does not meet the goal, all supporters' funds will be fully refunded. There may be payment processing fees on the refunded portion, usually around 3-5%, charged by the payment company. The platform does not charge any fees. You can choose to adjust the plan and relaunch the crowdfunding campaign.
- How to correct if there is an error in the payment information?
For more frequently asked questions, please click
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