How do you process payments? What fees do you charge?

Created by Kat Marchán, Modified on Sun, 31 Mar 2024 at 02:16 PM by Kat Marchán

We are currently planning to charge a flat 10% platform fee on any invoices processed through the platform. This fee is as low as we think is sustainable, and will be adjusted up or down based on operating costs and artist- and worker-member decisions (meaning, artists can choose to make the fees lower!).

Roughly 5-6% of that 10% platform goes straight to Stripe, our payment processor, and everything else goes to development and hosting/maintenance costs, which will grow as the site scales. In the future, we're hoping to operate on a reasonable margin to save money for a rainy day, but what that looks like will depend on how our costs and revenue grow over time.

Above all, please keep in mind that aside from the part that goes to Stripe, the money that goes to Banchan is ultimately going to be reinvested in you one way or another, whether that be by paying for ongoing platform costs (so you can keep using it), development costs (so you can get nice new things), or benefit casts (so you can get other nice things). And you have a say in how this all works.

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