.png){kind=logo}
Using Pay Over Time on your Campaign
BackerKit’s Pay Over Time feature lets backers pledging $150 or more split their total into four monthly payments after the campaign, instead of paying all at once. This makes higher value pledge levels more accessible by spreading the cost across the time between the campaign and fulfillment.
How does it work?
When enabled, backers with orders over $150 will see a Pay Over Time option at checkout. After a successfully funded campaign ends, their balance is split into four monthly payments. Backers can pay off their balance early in the app, but won’t be imported into Pledge Manager or receive their survey until the full amount is paid.
Is it a good fit for your campaign?
-
Pledges over $150: Only backers who pledge over $150 will see the Pay Over Time option, so if your average pledge amount is under $150, this feature is not a good fit.
-
Delayed Funds: Creators will receive the funds ~10 days after each payment. This means with the backers who select Pay Over Time, you will receive a quarter of their balance monthly for 4 months.
-
Stripe Fees: Creators will need to pay the standard stripe transaction fees on each Pay Over Time payment. This can affect your margin a bit on users that pay over time- so it is worth considering when deciding on pricing.
-
Pledge Manager Surveys: Backers who selected Pay Over Time will are imported into Pledge Manager but should not be surveys until their full pledge balance is paid. Once the 4 month is up or full pledge payment is paid, whichever comes first, backers will be automatically invited to the survey. This means these backers' Pledge Manager surveys will be delayed.
-
Fulfillment Timeline: Related to survey sending, when using Pay Over Time, it is best that you do not begin fulfilling until all 4 payments have been processed (about four months after campaign end). It's important that your fulfillment timeline gives enough space for the payments to be completed.
- Failed Payments - Backers have 14 days to fixed failed payments, which also applies to the final fourth installment. After 14 days, failed payment backers will automatically receive their survey invite in the Pledge Manager.
Pay Over Time can be a great option for creators who have expensive pledge levels, can afford to get some of their funds later in the game, and have some time before fulfillment.
How can I set it up?
The Pay Over Time feature can be enabled on Payment Setup → Pay Over Time.