People and organizations with a Looking For Sponsor account can accept payments through our platform. This page will instruct sponsorship creators on how they can set up their account for receiving payments. We will also discuss how we process payments and how to handle refunds.
Yes, Looking For Sponsor charges fees for processing payments and transferring funds to your bank account. We have different fees for sponsorships (which are purchased on lookingforsponsor.com) and tips (which are purchased through your bizb.io web pages).
Our fees are as follows:
When someone sponsors you on Looking For Sponsor, they pay the contribution amount that you specify when creating the opportunity post. You'll receive the contribution amount minus our fees.
For example, if someone sponsors your opportunity with a $50 contribution, you will receive a $45.50 deposit in the bank account you specified. On the other hand, If someone sponsors your opportunity with a $1,000 contribution, you will receive $945.
When someone tips you through your bizb.io web page, they'll pay an amount that they choose. You'll receive the tip amount minus our fees.
Our fees are non-refundable and will not be refunded in the event that a sponsorship contribution is refunded.
We don't currently offer reduced fees for nonprofit organizations on our platform. However, this is something we're actively pursuing -- if you're a nonprofit interested in accepting payments through our platform, please email email@example.com and we'll update you when we have new information on our fee structure.
If you navigate to your opportunity post and click the View Sponsors button at the top of that page, you'll see a list of all the sponsorships you've received for that opportunity. On each sponsorship box, you'll notice a tag in the top right hand corner. This tag indicates if the sponsorship is pending, completed, or refunded.
If a sponsorship is pending, then the sponsor has not completed the transaction. You won't notice a change in your balance unless the sponsor finishes their transaction.
If your sponsorship is completed, the funds have been transferred to your balance. Sponsorship funds are held in your balance until the 1st of the following month, after which they become available for payout to the bank account or debit card you specified. Funds will be paid out on the 1st of the month or the next business day after the 1st. See "How We Process Payments" below to learn more about how we process your sponsorships.
Tips from your bizb.io web pages are processed the same way that sponsorship funds are. Tips are held in your balance until the 1st of the following month, after which they become available for payout to the bank account or debit card you specified when setting up your account to receive payments. Funds will be paid out on the 1st of the month or the next business day after the 1st. See "How We Process Payments" below to learn more about how we process your sponsorships.
Sponsorship creators can refund sponsorship contributions if requested by a sponsor. To do this, sponsorship creators should navigate to the original post that the sponsor used to purchase the sponsorship. At the top of that page, they should click the View Sponsors button (only available to the sponsorship creator). On the sponsors page, they should click the Refund button on the sponsorship they need to refund.
Creators who have set up their account to receive payments can see their balances and payouts on their payments dashboard.
Funds from sponsorships and tips are held in balance until the 1st of the month after purchase to ensure that sponsorship creators and sponsors have ample time to decide if they would like to proceed or if a refund is required. This also helps discourage the posting of fraudulent or misleading sponsorship opportunities.
On their bank statement, creators will see deposits by Looking For Sponsor, LFS, or Ubiquitools LLC (the company that created and maintains Looking For Sponsor).
If the balance found on your payments dashboard is negative, we cannot create a payout to your bank account or debit credit card. This might happen if you refunded a sponsorship and had a balance less than the refund amount. Payouts will resume once your balance is no longer negative.
Stripe may proactively reach out to you to collect information about your accounts whenever updates are required.
We work with Stripe to enable payments for you and/or your business. Updating information about your account is important and required. These updates help protect against fraud and keep your account current with global Know Your Customer (KYC) regulations.
In certain countries, Stripe is required to collect, verify, and maintain information about a company’s beneficial owners and directors. These requirements come from government regulators and help promote transparency and prevent financial crimes.
If you cannot update your account information by the deadline, payouts to your bank account and your ability to accept payments will be paused. We want to make sure that does not happen, so please let us know if we can help you with anything.