If crowdfunding software is a machine of your crowdfunding platform, then the payment gateway is the fuel injection of your crowdfunding platform. As fuel injection is essential for any machine, the payment gateway is an important part of any crowdfunding platform.
we offer 4 Pre-installed Payment gateways with our Reward Crowdfunding Software and Donation Crowdfunding Software, which means you will receive these pre-installed payment gateways if you buy our Reward or Donation Crowdfunding Software. Our 4PPs are as mentioned below.
- PayPal adaptive: PayPal is a worldwide leader in money transfer, and no more explanation is required to explain. But PayPal with Adaptive feature is well known to either crowdfunding or other eCommerce industries where payments need a special treatment than standard PayPal payment.
- Stripe Connect: Stripe is another popular money transfer gateway in the USA and many parts of Europe that offers a handy-to-use and comprehensive solution for money transfer widely used by some global crowdfunding players like Kickstarter and Indiegogo.
- WePay: WePay is a widely known payment gateway in the crowdfunding industry used by many crowdfunding giants like GoFundMe.
- Wallet: Wallet is a virtual financial account developed by our development team to fulfill all features required mentioned below in the absence of any of the payment gateway above.
To use any payment gateway mentioned above, you need API credentials from the respective payment gateway. As a crowdfunding platform owner, you need to apply using your payment gateway account in PayPal, Stripe, or WePay. They may allow or reject using their payment API on your crowdfunding platform. Each gateway has a different turnaround time to accept or reject your API request.
In any case, if you don’t want to use PayPal, Stripe, or WePay, or your API request is rejected, you can use our Wallet gateway feature that allows you to accept payment from standard PayPal, Stripe, or WePay (adaptive feature API is not required) APIs. However, a wallet is a manual payment system, but you can still run your crowdfunding platform by using it.
As mentioned below, several features are required for a payment gateway to be included in a crowdfunding platform.
- Pre-approved payments: These are the most important feature for any crowdfunding software platform, which allows the platform to hold payment received from the payment sender in a so-called escrow account where payment will be held virtually and not transmitted to the project owner/payment receiver until a certain payment threshold limit or deadline. This is mostly used in the case of the “All or Nothing,” aka “Fixed Funding” project type, where the project owner will receive funds only if the project goal amount is reached or all funds will be refunded back to all backers of the project.
- Split payment: Split payment is another attractive and important fueling feature directly related to the monetization of crowdfunding platform owners. This feature supports the split of payments received by the crowdfunding project owner as a fund in two parts one as Platform fees, aka Site Fees, aka Site Commission, and another part is the crowdfunding project owner’s fund. When the project hits the funding goal, the project owner is eligible to receive funds raised so far minus admin fees, and on the same hand platform, the owner/admin receives site fees/commission as configured.
- Ease for Payment Sender: Any payment gateway should be flexible for the payment sender, meaning that it should be able to accept payment from the payment sender in easy ways like bank deposit, credit card, or debit card or if it is lengthy and hard to send payment, payment sender won’t go for it. 4PPs we have selected support all the easiest ways to accept payment from payment senders and make the process of few minutes.
- Easy payment delivery: As payment acceptance is important, payment delivery is equally important. 4PP we’ve included, allows payment delivery to the project owner in the easiest way possible.
We strongly believe it is the best way to start your own crowdfunding website.
Want to know more about our crowdfunding software? Contact us here.