Do I have to meet my fund goal to receive the donations?
No. This something very unique for MagicFund. Once someone donates to your fund, those contributions are available. Even if you never hit your fund goal, you’ll always keep your donations.
Why do you give commissions to people who share my campaign?
This is what makes MagicFund different, we did this on purpose. Our philosophy is that you would not have received the number of donations you received, from people who don’t know you, without other people you don’t know being willing to share your campaign. More simply, it rewards people for giving your campaign more awareness and donations that you would have never received since you don’t know most of these people. It’s definitely a new concept in crowdfunding, but it’s what makes MagicFund different. It’s not for everyone, there are many other more-traditional crowdfunding platforms that might suit you better. But there’s no downside in using MagicFund.
How do I receive my funds?
You link your bank account to the app through Stripe, a secure payment processing system. Once a donation has cleared a brief security pause, the funds will be in your Stripe account and can be transferred to your bank account.
Is there a fee for receiving donations?
You keep 3/4 of everything that’s donated to you. 1/10 goes to the people who share your funds online. These people are responsible for helping you meet your fund goal, so we reward them with a commission. It’s what makes MagicFund unique. 1/10 goes to MagicFund.
For this reason, we suggest that you make your fund goal higher than what you technically need. That way you receive the right amount of money for you cause.
Can I set up the fund online or only on the app?
MagicFund exists only in the app. You can click on the “Share” button at the bottom of the fund page on the app to share the fund online on social media. But you must set up and monitor your funds through the app.
Do you have an Android version of the app?
MagicFund current has an app available for Apple mobile devices. We are currently developing the Android version of the app, set to be released in the next few months.