Congratulations on funding your Co-Op! Here’s what to expect now.
Generally, the funds raised in a Co-Op will not be available until five business days after funding. If you’d like to expedite part of your funds, we offer an expedited option available for $250. If you funded against existing inventory, we must confirm that the inventory exists prior to transferring funds. To do this, we can often work with your 3PL partner to confirm or will schedule an inventory inspection..
To ensure timely release of funds, it’s important for businesses to follow the steps and complete the tasks provided by the sales and supplier relations teams shortly after funding. If five (5) business days pass after (i) the funds become available or (ii) the close date of the Co-Op, whichever is later, and a business still hasn’t completed all steps required to release funds to the business or supplier, Kickfurther may cancel the Co-Op.
When Kickfurther releases funds, they will be made as payments directly to suppliers for any Co-Ops with Supplier Direct badges unless the business adequate proof the supplier has already been paid for the inventory funded, in which case we will issue a reimbursement for such payment directly to the business. Payment can be made via wire, check, or Veem. There is no cost for payment via check or Veem; wires cost $35 per wire. The amount available will be the total raise amount, less the Kickfurther fee, any inspection costs, and wire fees.
If the inventory is being newly manufactured, you should let the Kickfurther team know when it arrives. During your Co-Op, you are responsible for reporting inventory sales to Kickfurther pursuant to the schedule contained in your contract and you will be responsible for providing payment for those sales according to the payment terms in your consignment agreement. As a Co-Op progresses, businesses must provide an update on the Co-Op buyer page at least once per month. If for any reason the Co-Op enters a troubled status, we require an update be posted at least every other week. These posts help maintain confidence within the community that funded your Co-Op and are a crucial part of the Kickfurther platform. In these updates, you should honestly communicate your progress to buyers and alert them to any issues alongside your plan to remedy any issues that arise.. This reporting and updating will continue until your Co-Op is completed. If an unforeseen circumstance or issue arises, you can work with the Kickfurther team on how to communicate and progress through those situations. We find that an informed community is a more understanding community than one left searching for answers.
If you have any questions on how to issue communications or reports, please contact the Kickfurther team for assistance!