Hey! I'm here to give everyone a heads about about our fees changing in the 1st of December. In short, Sponsus has been covering the payment processing fees out of our own budget and we can no longer afford to do this. I'll explain more later in the post. Our service fee of 7% has not changed, we are just changing how its processed.
TLDR: Our service fee is 7% but we are to no longer cover the payment processing fees for you.
I want to give a long runway for people so that if there is any objections or other feedback, people can give it to me long before the deadline. If you want to give feedback consider checking out this page: https://sponsus.org/contact.
In the last year, Sponsus has grown massively, thank you so much everyone for this by the way! I have had to do lots of investment into infrastructure, support, and R&D and this has left Sponsus in a much stronger position however it does require more resources to maintain. Considering that Sponsus was rejected to go to several tech startup assistance programs, it seems that we have to go it alone in terms of funding.
Payment processing fees account for 4% of our cut and at the end of the day, we are only earning on average 2-3% of the original transaction. For every dollar spent on Sponsus, we only receive 3 cents. Due to international conversions between currencies, our cut is reduced to an unsustainable position.
Our service fee is 7% but we are now aligning our payments with the rest of the industry.