There are 4 options for receiving payments through F1Fund. Here’s how they work. To best understand this, keep in mind that “proceeds” means the balance of your pledges after F1Fund’s fee and all credit card, PayPal or bank charges are deducted per our Fee Schedule.
Payments may be directly deposited to an account or made to a PayPal account. All proceeds sent electronically via ACH or wire transfer will be sent to the bank account you specify when you set up your account at the appropriate time. Or you may provide us with a valid email address and the funds will be deposited there. You don’t need to do anything. Make sure you contact us with any account changes to avoid problems! We do not mail payments and the account your funds are deposited into must belong to you!
*When F1Fund uses PayPal for deposits and does not include any fees charged by PayPal in our fee schedules
The amount of each monthly payment for monthly payout options and the number of payments are calculated by a simple formula. By using F1Fund, you consent, in advance, to this schedule.
|Total Pledges||Number of Payments||Calculating Payment Formula|
|Less than $5,000||1 (all monthly payment campaigns generating less than $5,000 will be paid in 1 lump sum instead)||Total Proceeds / 1|
|$5,000 - $9,999||6||Total Proceeds / 6|
|$10,000 - $19,999||12 (1 year)||Total Proceeds / 12|
|$20,000 - $29,999||24 (2 years)||Total Proceeds / 24|
|$30,000 - $39,999||36 (3 years)||Total Proceeds / 36|
|$40,000 and up||48 (4 years)||Total Proceeds / 48|
Remember, this is your contracted payout schedule. This will not be changed! Funds will be protected so we will NOT and can NOT adjust your payout schedule. If you want to modify your payout schedule to shorten it, you must do so BEFORE your first payment is made and within 10 days of the completion of your campaign!
If you are on a means-tested government benefits program, certain situations may require alternate funding options. If so, we will work with you to assist you and the information above may change. For more information, see our Government Benefits Guide.