PayPal is the payment solution used for campaigns outside Europe, or paid with currencies such as American Dollars, Canadian Dollars and British Pounds.
Project creators should bear in mind 4 important points before they ask KissKissBankBank to activate PayPal for their projects:
👉🏼 A campaign that uses PayPal cannot have a funding goal higher than 40 000 €
👉🏼 A campaign that uses PayPal cannot offer any reward for an amount higher than 1 600 €
👉🏼 A campaign that uses PayPal is likely to loose about 10% of contributions pledged. The reason for that is that some PayPal account may be insufficiently supplied, or the credit card may be expired or may be subject to a bank objection. As PayPal transactions are only debited after the end of the campaign (as opposed to credit card transactions), it is not possible to predict and prevent this issue.
👉🏼 Offering PayPal on a campaign is more expensive for the project creator. KissKissBankBank commission on projects is still 5% (all taxes included), but PayPal applies its own fees, which are directly taken on funds collected, up to 3,4% + 0,25€ for each transaction. Therefore, the total cost for the project creator will be 8,4% + 0,25€ by transaction when offering PayPal on the campaign, whereas it is only 8% when PayPal is not offered.
As a project creator, I should have a Verified PayPal Business account
If you are a project creator and you want to activate PayPal as a payment solution for your campaign, you must necessarily have a PayPal account that complies with these two conditions:
- The PayPal account you will use to receive the funds collected on KissKissBankBank must be a Business Account. For more information, please check PayPal support sections 📣
- Your PayPal account should also be verified: For more information, please check this PayPal article 🤓
⚠️ How can I receive the funds I collected through PayPal?
If you have collected all or parts of your funds through PayPal, you should send us your supporting documentation within one year after the end of your campaign. Failing to do so implies taking the risk that your contributors who have chosen this payment method will not be debited.