www.fundraising.my is a reward-based crowdfunding platform that helps project creator raise funds for their creative projects.
No, we don't. No equity is allowed to be offered as "rewards" to supporters.
No, www.fundraising.my will not claim any Intellectual Property belonging to any project featured at www.fundraising.my. That will always remain the project owners.
Yes, user registration is free at www.fundraising.my.
www.fundraising.my is a platform for raising money and gaining support for projects.
The crowdfunding model adopted by www.fundraising.my is only for non-equity projects. People contribute money to a project (not a company) with no expectation of financial return. The reward for their contribution can be summed as such:
Thank you email.
Nominal (your name in the credits, a thank-you note from the project owners)
Product-based (you get one or more products from the first production run)
Service-based (Enjoy the service provided by the project creator)
What happens when the project reaches its deadline?
There are two scenarios:
A. Project Funding Successful: If your project hits or surpasses its funding goal - congratulations! All supporting funds are collected immediately. Supporters made using PayPal will be automatically transferred to your nominated PayPal account. While supporters made using a credit card will be transferred directly to your nominated paypal account seven (7) working days after the project deadline. You are then responsible for completing the project and delivering the rewards promised to your supporters.
B. Project Funding Unsuccessful: If your project doesn't meet its funding goal, all pledges are cancelled and no funds are transferred. But don't lose heart. You can always go 'back to the drawing board', re-think your master plan and try again. No fees apply to the project creator. You really have nothing to lose here.
Does www.fundraising.my collect fee charge ?
www.fundraising.my charges : 5% of total funds raised for all category EXCEPT donation.
Paypal Transaction Fees (Credit Cards) Per Transaction :
------ Malaysia ------
4.4% + RM2
Fees vary depending on your PayPal account type and location. For example, for commercial transactions in Australia, the fee is 2.4% + 30c per transaction. For a full list of PayPal fees, visit Paypal page to understand more.
What is "all or nothing" crowdfunding?
All www.fundraising.my projects must have a clear funding goal and a time limit within which the funds are to be raised. If the project doesn’t reach the target amount within the time limit, the backers paypal transaction shall cancelled.
Who is responsible for delivering the rewards?
Project creators have fully responsible for delivering the rewards set out in the project, and by the time agreed. www.fundraising.my simply provides the platform to showcase the rewards featured, and the person behind the project. If you are unable to deliver all rewards to all supporters as set out in your project, you may be in breach of consumer law and possibly responsible for providing a full refund to your project supporters.
Frequently Asked Questions (Project Creator)
Why choose to crowdfunding your idea, business and startup at www.fundraising.my ?
1. Concept Validation – Having an idea is the half the job done. Crowdfunding is a great opportunity to get the market validation.
2. Convenience – Compared to all the works involved in getting a traditional funding, crowdfunding is easy. Put together your project idea in an appealing manner, and offer exciting rewards to backers. While we always suggest having a strong business plan for the long run, it is extremely thrilling to only have to make your initial pitch and see the response.
3. Risk reduction – It’s reducing your business and startup risks. You have confirmed your seed customers and received fund for your business and startup. Through crowdfunding platform, you can promote your idea, business and startup before your things go live, it’s reduce your marketing cost.
4. Feedback in real time – Throughout the campaign, there is continuous feedback coming in which strengthens the idea and the business/product. However, a derivative of the feedback mechanism is the creation of a strong community. A good and engaged creator is able to develop and build a network of active followers and customers even before the business/project has hit the market. This is done by listening to the suggestions made by Contributor and incorporating them in the campaign.
5. Marketing tool – Besides providing a strong introduction to the idea, crowd-funding also provides you an excellent opportunity to showcase your products, idea, and your brand image to a much larger and wider audience. Since, we also allow you access to our very strong social media channels and platforms, your ideas will reach audiences like never before. This is a good tool to develop loyal customers who would hence become the brand ambassadors and spread the word with their connection.
How long does it take www.fundraising.my to transfer funds into my account?
Typically, funds are transferred to the project creators paypal account seven (7) working days after the project ends. This is to ensure supporters with declined cards have enough time to fix any issues they are having with their credit cards or PayPal account. Once the seven days are up, www.fundraising.my transfers the funds to the nominated paypal account. The transfer process can take 3-5 working days to complete. In some circumstances, the processing and funds transfer can take up to 14 days.
All funds pledged through PayPal are captured directly into your nominated PayPal account as soon as your project hits 100% funding target.
Can I edit my project after it has launched?
No. But, you communicate with admin of www.fundraising.my if edit is really necessary. Its advice to counter check your project details before you submit for approval.
What are "Project Updates”?
This feature allows project creators to inform all of their supporters simultaneously about progress on the project and track how things are going throughout the life of the project campaign. When you issue a project update, it is delivered to ALL current supporters of your project, so it's a great way to keep them in the loop.
Can I share my project on my favourite social networking website?
Yes, of course we want to give your project the best chance of success. This is a great chance for project creator to promote and gain support from their network of friends, family, fans, etc. We provide share links for most major social networks on the project page (just above the project image/video section). Make sure you hashtag or reference us (#fundraising.my, @fundraising.my etc) so we can see your hard work and share to our own network.
What is the most important way to ensure i reach my funding goal ?
Spread the word about your project to as many people as possible. Your initial 20% funding will come from your network. And that is for one basic reason: Trust. It is the catalyst that gets the funding ball rolling. As you prepare to launch, view your network as having three degree.
1st degree – Friends, Family, and Dedicated Fans – Contribute first because trust and relationship is already established
Second degree – Friends-of-Friends and Acquaintances – Contribute after 'trust signals' are sent (i.e., see other people contribute or see other people buzzing about your project via online discussions or press)
Third degree – Broader Connections and the Crowd – Contribute last because it takes more work to gain their attention and win trust
Projects that raise the most are ones that start with Level 1 and 2, and build momentum into the Level 3.
Do I have to use my Facebook account?
It is optional to connect your account to Facebook. However, it is highly recommended because it makes sharing your campaign with others incredibly easy. A valid Facebook account is required for all campaigns that wish to appear within www.fundraising.my's Public Search Directory. Don't worry, we'll never post anything to your Facebook account unless you say so.
Will www.fundraising.my help me get media coverage?
The best way to get into the spotlight is to pursue your own local media first. The good news is that your local newspaper and TV news stations are starving for interesting stories like yours. Once your campaign begins to build up momentum, our team may contact you.
Is video compulsory ?
Video should be considered mandatory. Projects with videos have a much higher likelihood of funding. Videos show you are a real person who is credible and trustworthy. Videos engage supporters in a more dynamic way than your project description. Plus, a good video gives viewers a reason to stay on your project page. And, most importantly, with a video, your project has a higher probability of "going viral." Don't forget to address the fundraising.my community in your video - and thank them for taking a look at your project.
What happens after I submit my project for review?
There are few things we look for when reviewing a project. First and foremost, it must not breach any of our terms and condition (https://fundraising.my/pages/terms-and-conditions). If it does, it will not be approved.
Note: A key requirement is that user verification which identification document (driver’s license or passport) is provided. Apart of this, we will check that there is enough detail included in the project description and ensure that the project creator has been transparent about where the funds will go.
www.fundraising.my reviews the quality of each project and provides feedback, if required.
I am under 18. Can I still submit a project?
Unfortunately no. Users under 18 years of age are not eligible to use the Services, users must be minimum 18 years old without exception.
Can I run two projects at once on www.fundraising.my or on another crowdfunding platform?
We strongly recommend you don't run two projects concurrently! The main reason is because you will overload your support networks. Crowdfunding has a steep learning curve from which you will improve with experience. If you have a second project in mind, wait until the first one finished so you can apply what you've learned from your first crowdfunding project to the second one.
Can I resubmit my project if unsuccessful?
Yes. However, we strongly recommend you rethink it carefully. You shall consider an alternate marketing strategy and let us know how you intend to run it differently and why it's more likely to be successful with the new approach.
Can charity and not for profit organisations use www.fundraising.my ?
Yes, we welcome charity organization to fund their projects through www.fundraising.my under charity category. See project category guideline here (https://fundraising.my/pages/project-categories-guideline-).
Does www.fundraising.my collect a Service fee on charity category projects ?
NO. No service fees for charity category project.
What currencies does www.fundraising.my support?
Up to this moment, only Ringgit Malaysia accepted.
Where can I find my backers' shipping information?
Admin of www.fundraising.my will send you the backers's shipping information once your project is successful.
How does www.fundraising.my determine which projects appear on the front page?
The projects on our front page are determined by an algorithm that measures many different factors, including number and frequency of pledges, page traffic/hits and more. www.fundraising.my does NOT take requests for placement on the front page. It makes very little difference anyway - the key variable is your strategy for getting the message out there.
How do i know what is a realistic amount to raise ?
Figure how much your project will cost, factoring in all labor, materials, etc.
Next, look at your network (social media and beyond), and come up with a number of how many people are in it. Then, multiply that by the amount you think you could raise from each person or you can use the fwww.fundraising.my average per person contribution, which is RM 100. Then you'll have the figure of how much your total network is potentially worth. This is a good place to start, but base your funding goal on how much you need to do the project you want to crowdfund.
Compare how much you need to raise, against how much you can raise, against how much effort it will take to raise your ideal amount. If what you need is more than what you think is realistic, then you may want to adjust the size of your project (i.e., break it into phases or pieces and fund one of those).
How long is the respond from email@example.com takes after project submitted for approval ?
First respond from www.fundraising.my is within 7 working days. You may receive phone calls and other communication method from www.fundrasing.my to further clarify on your project submitted.
Why should you. You are incentivizing your Contributor to be a part of your dream by sharing exclusive rewards and you also share with them what normal money can’t buy- the joy of being successful, the thrill of see an idea to execution, the adrenalin rush of being a part of a big cause. First respond from www.fundraising.my is within 7 working days. You may receive phone calls and other communication method from www.fundrasing.my to further clarify on your project submitted.
FREQUENTLY ASKED QUESTIONS (BACKERS)
Can anyone support a project?
www.fundraising.my allows users with minimum age 18 to support a project to meet its funding goal.
When are pledges be collected?
Pledges are collected when the project has reached 100% of its funding goal. Once the project reaches 100% of the funding target, all subsequent pledges are collected immediately.
What are declined payments? Why does it happen?
When www.fundraising.my collects funds pledged to a project, there are times when the pledge amount cannot be captured from the supporters credit/debit card. There are many reasons for this but it's usually caused by a recently expired card, a cancelled card, an issue with available funds, a limitation on the card. Once a declined payment occurs, www.fundraising.my sends email to remind the supporter to return and fix the payment. Once logged in to www.fundraising.my, the supporter sees a banner at the top of the page with a link to fix the payment. By clicking 'resubmit' the supporter is asked to re-enter their payment details and the payment is processed instantly.
My card was declined. How long do I have to update my card details?
We give supporters with declined cards seven (7) days after the project ends to fix any credit card issues.
How does PayPal process pledges?
PayPal processes pledges like a subscription. When you make a pledge, you are giving www.fundraising.my permission to charge future payments to your PayPal account. Once the project reaches 100% of its funding goal, we then charge your account. Unlike a subscription (which might charge you a few times a year) www.fundraising.my only charges your account once. You can cancel this agreement any time by going to 'My pre-approved payments' on PayPal.
Can people backing from their phones?
Yes. The mobile version of www.fundraising.my will load for those visiting the projects from their phones. The project still looks great and it's very easy for donors to complete their donations from their mobile device.