Business Post Funding Expectations

Posted by Melissa Pillion on Monday 29 Jan 18

Congrats on successfully funding your Co-Op! Now what?

Post a Message to your buyers: Once you fund it is appropriate to send a message to the buyers who made it possible thanking them for support and letting them know you are excited for next steps. It’s also good to make sure that you know how to use the update tool. If you’d like to offer a discount of any kind to your buyers now is a perfect time to re-share the offer. If you’d like them to join your brand email list, now is a perfect time to share a link directing them.

Funds Hold Period: Businesses on Kickfurther must wait five business days past the funding date of their Co-Op successfully funding to gain access to their raised funds. We allow this time to pass to make sure that the funds raised by your Buyers clear successfully. Please expect a Kickfurther representative to reach out to you within 2 business days of your funded Co-Op to confirm the correct distribution of your raised funds. This representative will confirm payment details and amounts with you, and he or she will provide payment confirmations once the funds have been sent. Please remember only suppliers confirmed during onboarding may be paid with co-op funds.

Avoid Delays, Complete All Remaining Tasks: There are a few requirements that Kickfurther allows a business to complete after posting their co-op. These tasks MUST be completed prior to receiving ANY funds:

    • Link your bank account to Kickfurther.com under "banking" in your KF dashboard
    • Complete any remaining supplier confirmation tasks including balance statements, payment information, etc.
    • Inventory Visibility Co-ops must confirm Kickfurther has a digital 3PL access or a report schedule.
    • Any requirement placed on you by Kickfurther staff during onboarding.

Funds Transfer Method/Timeline: Kickfurther uses different methods depending on the location of your suppliers.

    • International Suppliers will be paid by complimentary bank wires
    • Domestic Suppliers will be mailed physical checks.
    • Reimbursements to you will be mailed physical checks.

Expedited Funds Transfer: You may pay to expedite funds transfer in 2 ways

  • Expediting hold period: We may be able to send you the portion of funds made by credit card prior to all of the funds clearing. The cost for expediting in this fashion is $250.
  • Upgrade checks to wires: You may upgrade payments made to your business or your domestic suppliers to Wires for a $35 fee per upgrade.

 

Questions? Please email contact@kickfurther.com

 

Posted by Melissa Pillion on Monday 29 Jan 18
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