- Receiving funds
- Administrative work options
After a campaign is completed, RocketHub's transaction and processing fees apply, These fees are automatically deducted from the final amount.
Successful campaigns are charged a 4% commission fee plus a 4% credit card processing fee.
The non-completion fee (if someone fails to complete their campaign) is 8% of the monies raised plus a 4% credit processing fee. This is in addition to the fees for campaigns that did not reach their goal.
While the fees associated with reaching a goal with RocketHub are average, their partial fees are quite high. Most crowdfunding sites either charge a transaction fee OR processing fee-not both. Furthermore, they are one of the only crowdfunding sites to charge a partial fee at all. In the event that a user fails to meet a goal, that user will be charged an 8% commission fee + 4% payment processing fee. That's a high price to pay in fees!
Many crowdfunding sites deliver funds more quickly than RocketHub does. With some platforms disbursing donations immediately or within 48-hours, the 5-10 day waiting period for RocketHub users is less than appealing.
RocketHub keeps the funds raised during a campaign in a separate US bank holdings account. Once the campaign ends, the money is transferred to the fundraiser through check or digital payment. RocketHub processes payments on the first Friday following the completion of each project, taking on average 5 to 10 business days for you to receive your funds.
Administrative Work Options
RocketHub does not offer administrative work options. They offer what they call their "Success School". This is their online educational class to teach those preparing to launch a campaign the tools for a successful crowdfunding campaign. The good part is that it's free to download right on their website.
RocketHub also offers an exhaustive Q&A (Questions and Answer) page on their website. It covers just about every topic imaginable concerning how to start a campaign, how to market a successful campaign to tips on managing your team and project leaders. They also answer common questions on payment methods along with technical questions on taxes, etc.
While there are crowdfunding sites out there that do offer administrative options such as automated emails and project management, RocketHub's approach is more "DIY" (Do it Yourself). They focus on providing as many details as possible for people to navigate fundraising themselves. For instance, you have to manually send out emails to your donators. For the high amount of money RocketHub takes out of the total funds raised, they should at least provide some administrative work options.
On this note, anyone considering donating to a RocketHub campaign should be aware that RocketHub does not vet anyone who uses their platform to raise funds. Any donations are made at your own risk.