Starting in April, all new pledges will reflect a new credit card processing fee of 5% + $0.30.
To calculate your payments, take your pledge amount, add the dollar amount you pledged multiplied by .05, then add 30 cents. This fee will apply to all future pledge payments for these new pledges.
Let's look at an example:
If you pledge $10 to creator A, you'll be charged $10.80.
- $10 + (10*.05) = $10.50
- $10.50 + $0.30 = $10.80
If you pledge $1 to creator B, you'll be charged $1.35.
- $1 + (1*.05) = $1.05
- $1.05 + $0.30 = $1.35
If you create new pledges to both creators A & B, you'd be charged a total of $12.15.
Q: Is this for all of my future payments, or just the first one?
A: This applies to all future payments for new pledges. For now, this does NOT apply to any existing pledges you have with creators. Any new pledges you create starting in April will have the fee attached.
Q: If I switch my payment method, will I still incur the fee?
A: Payments through both Stripe and Paypal will incur this fee.
Wait but why?
Up until this point, all creators have been paying credit card fees on behalf of their patrons. For some creators those fees remained small, while for other creators those fees became a significant cut out of their earnings. We'd love for creators to take more of their total pledges home, and we hope YOU—the amazing patrons—can take on just a little bit more in order to do just that.
Still have concerns? Please let us know here.