What is the platform fee?
The fee is charged separately from your contribution, so your payout is never reduced. Put in £3,000, get £3,000 back.
The fee covers:
- Collecting every contribution automatically by Direct Debit, so no one has to chase payments
- Paying out on time, in the agreed order
- Identity checks on every member of your group
- A clear record of who has paid and whose turn is next
You only pay the fee when you make a contribution. If your group ends early, you only pay for the contributions you made.
What a payment looks like
Example- Contribution
- £200.00
- Platform fee
- £4.00
- Total
- £204.00
The fee is its own line on every payment and on every notice we send before a Direct Debit is taken.
What you will never see
- A fee taken from your pot. Your payout is paid in full.
- A total fee for the whole cycle. You pay per contribution, as you go.
- A charge when you are not contributing.