Crowdfunding explained in one minute
How does Contribute Work?
All kinds of projects from creative to sports teams, to school groups to innovative ideas to just good old causes are looking for funding on Contribute. Each project is independently created by the person behind it (Creators). The musicians, artists, designers, teams, schools and individuals you see on Contribute have complete control and responsibility over their projects. They spend weeks building their project pages, shooting their videos, and in some cases brainstorming what rewards to offer backers. When they’re ready, creators launch their project and share it with you on the Contribute site.
Every project creator sets their project’s funding goals and deadline. If people like the project, they can pledge money to make it happen.
What is Contribute?
Contribute is a crowdfunding platform for New Zealand projects. Everything from films and music to art, design, and business ideas, from sports teams and trips to school projects and even just good old causes. Contribute is interested in ambitious, innovative, and imaginative projects that are brought to life through the direct support of people like you!
The Basic Idea.
A project is an idea with a clear goal that you’d like to bring to life. Think albums, books, businesses, films, a sports competition or overseas exchange, team uniforms, good causes such as tackling homelessness or contributing towards someone’s medical expenses.
The funding goal is the amount of money that you need to complete your project.
A creator is the person or team behind the project idea; working to bring it to life.
Contributors are people who pledge money to join creators in bringing New Zealand projects to life.
Rewards are a project creator’s chance to share a piece of their project with their Contributors. Typically, these are one-of-a-kind experiences, limited editions, or a chance to view or receive a copy of the creative work being produced.
What Contribute is not
Contribute is not a platform for people to raise money for their personal gain. It is not a platform for people to replace their income or support their own life styles. While a cause MAY be set up to assist with unexpected medical expenses, an example of misuse would be to set up a cause to help a family with maintaining their lifestyle following the loss of a job etc. Projects that do not meet our ethical standards will be removed with no warning.
What are the fees?
As with any crowed funding site there are fees needed to keep it all going. Contribute has kept its fees at a bare minimum to ensure that the money goes to the cause and not to the the administration of that cause.
Contribute charges 10% of the total funding for administration. This includes a 3% is charged by Stripe to process credit cards. There are no other hidden costs, no further transfer fees of any kind.
What is a verified account holder?
Stripe require that the identity of account holder is verified, by providing the Stripe with an image of their driver’s licence, proof of their address and their bank account details.
This can be done within your Stripe Dashboard. Click here to see full instructions.
How do I get paid?
At any time when setting up your profile, and listing your projects you will want to set up a Stripe account so that you can be paid. Click on the ‘Funding Details’ Tab in your Contribute Account and then click on ‘Connect to Stripe’ button. Setting up a stripe account is simple. Activating your account (and linking your bank account) requires a little more information. We realize that this process asks for ‘business information, but you can just use your project name, residential address, and the web link to your Contribute project. Put in your bank account details and you are all ready to go to accept payments. By logging in to your stripe account you will also be asked to upload a scan of your photo id. Once this is done, payments can be made straight in to your bank account. You will only need to do this once, and you can then create multiple Projects.
Once your project reaches its target or end date, funds can be collected from the Contributors. We will handle this for you. It will take 7 working days for all the funds to be collected and distributed in to your bank account minus the administration fee. Should you wish to collect funds before the target is reached or before the end date, you can contact us and we can do this for you. Your project can still stay live and collecting funds. Click here to see full instructions.
Contribute uses a third party payment gateway called Stripe. Stripe, as apposed to PayPal, have been the easiest to work with and keep their fees to a minimum which was important to us when developing this platform. Stripe make life so much easier without the need for Project owners to log in and manage payments etc. Funds are automatically paid in to the bank account of your choice.
Are donations tax deductible?
This is definitely something we are working on and hope to make possible in the near future. Currently, however, donations are not tax deductible.
Other Terms and Conditions of Contribute
- Contribute crowdfunding platform is a ‘Keep it all’ Structure, meaning that the project creator can withdraw the funds at the end of a project even if a target is not reached. The reason for this is that the kind of projects to be funded are low risk creative and youth projects which any and all funds will be used.
- Payments and Donations will be 99% from New Zealand donors. Although, as with any good cause, international donations might come in from project creators friends and family.
- The projects created by project creators may offer rewards/incentives to people that contribute if deemed appropriate by the project creator. Rewards may be a copy of a recorded album, a free performance etc. Reward value may not exceed $130 NZD.
- The average project funding goal will be is $2000 New Zealand Dollars, but this is not limitted.
- There is a maximum donation of $2,000 per contributor. This will be carefully monitored by Admin and any exceeding this may result in good worthwhile causes being removed with no notice. Please be aware of these rules and don’t jeopardize someone’s worthwhile cause.
- There are limitations for project creators on the projects they create. Contribute can support project duration up to 90 days only.
- Any one contributor may only make 1 – 4 payments for the same project during the projects life time. This will be carefully monitored by Admin and any exceeding this may result in good worthwhile causes being removed with no notice. Please be aware of these rules and don’t jeopardize someone’s worthwhile cause.
- Contribute is aimed at Creative projects (Such as youth bands wanting to record a demo), Sports groups (such as school sports teams wanting to fund raise for sports trips), Cultural projects (such as cultural performance groups fundraising to compete in national competitions), and other worthwhile and charitable causes. Administration will be vetting projects and approving only those that meet the criteria. Anything that is not deemed to be an appropriate cause will be removed without notice.
- Contribute Limited is an incorporated company: NZBN: 9429046276322