
Funds Management
5. Fund Management
Fund management is the core part of ensuring the smooth operation of projects on the SOSST Crowdfunding Platform, involving fund circulation, platform fee collection, and the choice of payment channels. The platform ensures the interests of supporters and creators are protected through a clear and transparent fund management process, securing the safety of project funds and their rational utilization.
5.1 Fund Circulation
- How to Manage and Transfer Funds Raised for a Project
On the SOSST Crowdfunding Platform, supporters' funds are transferred to the platform's escrow account after payment. This account is managed centrally by the platform to ensure the safety of the funds. Once the project reaches its funding goal, the platform will transfer the funds to the creator in batches according to predetermined rules.- Fund Release and Transfer Scheduling:
- After the project reaches its funding goal, the platform will confirm the receipt of funds and fulfillment of conditions before releasing and paying the funds to the creator.
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Batch Payments: To ensure transparency in project progress and fund utilization, the platform makes payments to the creator in batches based on the project's progress. For example:
- Upon project success, the platform pays **20%** of the funds for the initial phase of the project (like product development, material procurement, etc.).
- After the project delivers rewards, the platform pays the remaining **30%** of the funds to continue project execution.
- The remaining 50% of the funds will be paid to the creator within one month after the project concludes, ensuring all tasks, reward deliveries, and project deliverables are completed before the creator receives the final funds.
- Each payment is made after deducting the platform's service fee and transaction fees, allowing the creator to receive the corresponding amount.
- Fund Release and Transfer Scheduling:
- Fund Security and Transparency
- Throughout the entire project process, the platform provides real-time transparency on fund usage. Creators are required to regularly update the project progress and fund utilization to ensure all funds are used appropriately.
- Supporters can check the funding progress of the projects they support at any time to ensure that every fund transfer meets expectations.
5.2 Platform Fees
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Platform Service Fee
The SOSST Crowdfunding Platform will charge a certain percentage of platform service fee based on the project category and fundraising amount. This fee is used to support platform operations, technical support, and various services provided to creators and supporters.- The platform service fee is usually 5%-8% of the total project fundraising amount. The specific percentage depends on the project's scale, industry category, and other conditions. This fee is automatically deducted before the project funds are transferred to the creator.
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Payment Processing Fees
Payment processing fees are charges imposed by payment platforms (such as credit cards, PayPal, etc.), typically amounting to 3%-5%. An additional fee of $0.29 is also charged per transaction. The specific fees vary depending on the payment channel used.- Fee Deduction: Payment processing fees will be deducted during the fund transfer process. The platform automatically deducts these fees before paying the creator, ensuring they clearly understand the actual amount received.
- Other Fees
- Promotion Fees: If creators opt to use the platform's additional promotional services (such as project recommendations, advertisements, etc.), these fees will be incurred additionally. The platform will inform creators in advance about the required fees and service details.
- International Transfer Fees: If supporters and creators come from different countries, some payment channels might charge additional fees for international transfers. The platform will inform in advance about these fees, ensuring creators and supporters understand the fee details.
5.3 Payment Methods
To meet the needs of global creative crowdfunding, the SOSST Crowdfunding Platform offers multiple payment channels, ensuring supporters can donate conveniently and quickly to support projects. The platform supports the following main payment methods:
- Credit Cards and Debit Cards
Supports payments with major credit cards (such as Visa, MasterCard, American Express, etc.) and debit cards. After supporters select the amount to support and the reward tier on the platform, they can directly enter their card number, expiration date, and security code to complete the payment.- Payment Process: Credit and debit card payment methods are simple and quick, typically not requiring an additional account, making them suitable for most supporters.
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PayPal
PayPal is a globally recognized electronic payment platform, especially suitable for international supporters. With PayPal, supporters can easily pay using credit cards, debit cards, or their PayPal balance.- Security Assurance: PayPal offers a buyer protection program, ensuring the safety of the payment process and providing enhanced payment security.
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Bank Transfer
For larger donations or supporters from specific regions, the platform offers a bank transfer option. Bank transfers are suitable for users who prefer to pay using their bank accounts, supporting multiple currency transfers.- Transfer Duration: Bank transfers take a longer processing time, especially international transfers might take several days to complete.
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- Convenience of Payment: These payment methods are widely used in China and other Asian markets, allowing supporters to complete payments easily.
- Other Payment Methods
- Cryptocurrency Payment: Some platforms allow payment through Bitcoin, Ethereum, and other digital currencies, suitable for supporters who use cryptocurrencies.
- Installment Payments: Some supporters wish to support projects in installments, and the platform offers an installment payment option, allowing supporters to pay their donations gradually over multiple periods.
Summary
On the SOSST Crowdfunding Platform, fund management is a core element in ensuring creators and supporters can complete transactions smoothly and that projects proceed successfully. The platform ensures the safety and proper use of project funds through clear, transparent fund management processes, while offering a variety of payment methods and a clear fee structure to protect the interests of both creators and supporters.
- Platform Fees include service fees and payment processing fees, ensuring the normal operation of the platform.
- Fund Circulation adopts a batch payment method, ensuring creators receive funds in stages for use in different phases of the project.
Through these fund management and payment methods, the SOSST Crowdfunding Platform provides a safe, transparent, and convenient crowdfunding environment for creative projects worldwide.
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