Basics of Crowdfunding
What is Crowdfunding?
Crowdfunding is tied in with creating a network around your venture. A group of people that subsidizes the venture and furthermore helps in getting the message out about your venture.
It's tied in with requesting modest amounts of cash from numerous individuals as opposed to finding a couple of individuals to write you an enormous cheque.
What is Benefits of Crowdfunding?
Crowdfunding isn't just about money; it's tied in with getting social approval.
With numerous individuals subsidizing your venture, you can gain access to creative independence as there is no involvement of an investor, direct distribution and a network that can bolster your imaginative aspirations forever!
Who funds your ideas?
The funding commonly starts at home! This implies that a venture maker's close contacts, for example, friends, family, alumni, colleagues even social media fans and companions, twitter devotees and so on.
If the venture gets viral and becomes popular, and it links with many individuals inwardly, at that point it can possibly even get assets from complete outsiders on the web!
In this way, it truly relies upon the greatness of the idea.
Why is it everything or Nothing?
This may sound dubious, nonetheless don't stress, Chip In Faith has a 70% achievement rate in spite of this policy.
Not all believe in the all or nothing policy and can face the ill effects of under 10% achievement rate.
This implies you have just a 10% possibility of raising funds effectively on platforms that don't follow the approach.
Experts all around the world consider this approach as the best practice for all crowdfunding platforms.
As per this policy we are partners. If you are in loss, we’d be in loss as well.
How does the all-or-nothing crowdfunding model work?
When logged in to your IdeaPress account, click on your name in the top right of the screen from where a drop down menu will appear. Select ‘Notifications’.
In here you can choose to opt in/out of the weekly IdeaPress newsletter. You can also set up notification emails to let you know when a certain type of project or a project in a certain location has been published.
In this tab you can also follow/unfollow projects or Hives that you’ve backed or liked by simply checking/unchecking the tick box.
Queries of Donors
If you have made use of direct payment method such as Debit or Credit Card or Net banking, to attain a receipt you will need to log in and go to your profile by using the registered email ID similar to the one used to make the transaction. You can then download it from the Transaction history.
In case of UPI/ PayTM, Bank Transfer Visit the donation page on which you donated and click on the payment acknowledgement option. Please fill up the required details.
How do I get the tax exemption receipt?
Donations with tax exemption will be the same as mentioned on the page. In the event that you have made a donation to a fundraiser which is applicable for tax exemption, it will be mentioned in your affirmation email. If the information is missing in your email it implies that it is not eligible for tax exemption.
How Can my account be deactivated?
In order to deactivate your account go to ‘settings’ and click on deactivate. You can also leave a feedback.
Can I get in touch with a Campaigner?
For Campaign Management
How can I get the details of my campaigners?
To get the details of my campaigners log in to your account and go to the fundraiser page. You will be able to see an option to download a file in CSV that will give you all the information of the campaigner you require.
Can I re-apply for a donation in case of rejection?
Unfortunately, once rejected you cannot apply for the same cause again. The reason behind the rejection can be diverse such as poor quality of content or insufficient information. Chip In faith reserves the right of refusal. For more details you can reach out to the Account manager.
What steps you can take in case of document rejection?
If your documents are rejected, kindly re-check the documents submitted by your end and re-upload the appropriate ones. Please note: the documents provided must be clearly visible along with the right information. If the documents still get rejected, kindly reach out to your Campaign manager.
How can I Connect to my Campaign Manager?
You can find your campaign manager by logging on to your account, go to the dashboard, the option to contact the respective manager will be present.
For Funds Management
Can the donation for an NGO be transferred to personal account?
As absolute transparency in accountability is practiced, the funds cannot be transferred to personal accounts. If there are complications with the document provided, the donations are refunded to the donors.
Do I need to provide information to get the funds?
Yes, it is essential to provide all relevant documents as well as the banks details of the account the funds will be transferred to.
How will the funds be sent to my account?
The funds will be credited via a wire transfer and/or as a nodal account transfer to the respective account.
By what name will the funds reflect in the account?
Funds that are in INR will come in the account under the name Chip In Faith
USD funds that you receive in your account will come under the name Chip In Faith
Can the recipient account be changed after withdrawing funds partly?
Yes, the recipient can change the account no. if they wish to split the donations into multiple accounts.
Nonetheless, once the fund transfer has been initiated into one account it cannot be reversed or changed. The splitting must be informed before you click on 'withdraw funds'.
Can I Raise Donations for My friend?
Yes! You can raise funds for anyone going through a tough time in their life.. It can be friends, family, colleagues, acquaintances or strangers.
Some More Common Questions
Why does Chip in faith charge a fee?
Chip in faith is a crowdfunding platform that focuses on social causes, creative projects and NGOs. The objective of chip in faith to bring together individuals from all across the globe to support real causes in India. In order to do that successfully, we need to cover the costs and of course rise the scale so more people can get support and the guidance a well as resources they require.
Are the donors’ PAN Card Details captured?
No. Most of the donations to chip in faith are made digitally. Hence, there is no need of the donors PAN details. PAN details are not needed of all donors, just of those who donate over a certain amount. Nonetheless, donors receive a link in the transaction acknowledgment email to update their PAN.
What is the benefit of a fundraiser rather than getting funds directly online?
The main advantage of gathering funds from a fundraiser rather than directly online is that fundraiser offer social proof, complete transparence and has the ability to raise a bigger fund than online. Also, it offers convenient payment options.
What are the available modes of payment?
The available modes to make a payment are:
Credit card, Debit card, Digital Wallets, Net Banking, UPI, QR code, BHIM, NEFT (bank transfer).
How can a fraudulent fundraiser be reported?
Chip in faith incessantly tries to ensure that the platform is the safest for each and every individual. In case of any fraudulent activity, we take necessary actions immediately. Having thousands of fundraisers on the platform every month hence some fraudulent actions may manage to slip through. Nonetheless, we do everything in our discretion to take appropriate actions.
A fundraiser must be report under following instances:
- Incomplete or misleading identity details of the campaigner.
- Unclear relation with the beneficiary of funds.
- Raising funds for a person unconsented.
- Personal data being posted by a campaigner.
Is Chip In Faith Safe?
Your Chip in faith donation features the safest payment encryption technology. Not only are your donors' online payments secure, the funds are stored securely until you're ready to request for withdrawal via your preferred method.