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How Verkami works for authors and sponsors :)

What is Verkami and how does it work?

  • What is Verkami?

    Verkami is a crowdfunding platform:

    • It offers creators an alternative way to fund their projects through individual pledges.
    • In return for their pledges, it offers patrons the chance to get unique products and experiences linked to the projects.

    Verkami offers independent creators, entrepreneurs, cultural promoters and associations a way to fund their projects in part or in full with the help and involvement of their public and community.

    Any creative project is welcome on our platform, be it a basic amateur creation or an ambitious, innovative project by an acclaimed artist. Our aim is to promote creative work wherever it comes from.

  • Who is behind Verkami?

    Verkami was set up in Mataró by a father and two sons: Joan, Adrià and Jonàs Sala – a biologist, an art historian and a physicist. We’re all driven by a passion for creativity, art and research, and we’re eager to help people see their projects come to life.

  • How do we understand crowdfunding on Verkami?

    For Verkami, crowdfunding is a way of funding projects through pledges from many different people who, in return, get exclusive rewards in the form of products, services or experiences.

    It is not an investment to make a profit. Creators keep 100% ownership of their project and the profits it makes.

  • How does all-or-nothing funding work?

    Each project has a funding goal set by the creator and 40 days to reach it. There are two possible scenarios once the 40 days are up:

    1. The funding goal hasn’t been reached 100%. In this case, all pledges are cancelled and no money changes hands.
    2. The funding goal has been reached 100% or more. In this case, the pledges are collected from the patrons by bank card or PayPal and the creator receives all the money pledged.

    3. Publishing your project on Verkami is a great tool for gauging how good your idea really is. The number of patrons you attract gives you a good idea of how popular or successful a project might turn out to be. If you get the backing you need, you can forge ahead without any worries. If you don't get the backing, you’ve lost nothing and can take some time out to refocus your idea.

  • Who can fund their project on Verkami?

    We want Verkami to be a meeting point for creators and entrepreneurs from the worlds of art, culture and civil society that spans fields as diverse as film, music, theatre, comics, community projects, design, software, photography, technology, social projects, inventions, journalism, video and literature, to name but a few.

    It is also a great tool for promoters, curators and associations looking to put on concerts, exhibitions, fairs or any other event.

For creators

  • How Verkami works
    • How much do Verkami’s tools and advisory services cost to use?

      Verkami provides you with a platform to run your crowdfunding campaign and also offers personalised advice from our team of cultural industry experts to help you successfully plan, launch and run your campaign.

      In return for these services, Verkami charges creators 5% + VAT of the amount raised by the project.

      The default option for making pledges is by bank card. You should bear in mind that payment gateways charge 1.35% + VAT for processing bank card transactions.

      As a result, the total charges you will have to pay for your crowdfunding campaign will be 6.35% + VAT, all included.

      You will only be charged for Verkami’s services if you reach your funding goal. It you don’t, you won’t collect any pledges and neither you nor your patrons will be charged anything.

      We use BBVA’s secure payment gateway, which means we can offer our services with savings of 3–4% compared with other crowdfunding alternatives.

      If you want, you can choose to activate PayPal as an additional way of collecting pledges. PayPal generally charges a 3.4% fee plus a fixed charge of €0.35 per transaction. You can find more details of PayPal’s commissions here.

    • What kind of projects are welcome on Verkami?

      In principle, any bright idea you come up with. It mustn’t break any laws, cause offence or be in bad taste. Verkami reserves the right to reject any project not in keeping with its terms and conditions of use.

    • How does all-or-nothing funding work?

      Each project has a funding goal set by the creator and 40 days to reach it. There are two possible scenarios once the 40 days are up:

      1. The funding goal hasn’t been reached 100%. In this case, all pledges are cancelled and no money changes hands.
      2. The funding goal has been reached 100% or more. In this case, the pledges are collected from the patrons by bank card or PayPal and the creator receives all the money pledged.

      3. Publishing your project on Verkami is a great tool for gauging how good your idea really is. The number of patrons you attract gives you a good idea of how popular or successful a project might turn out to be. If you get the backing you need, you can forge ahead without any worries. If you don't get the backing, you’ve lost nothing and can take some time out to refocus your idea.

    • If a project doesn't reach its funding goal, why can't it receive the money it has already raised?

      If a creator sets a certain figure as their funding goal, they’re saying they need 100% of that amount to carry out their project. They’d have a hard time trying to carry it out with only 60%, when all their patrons will be expecting them to deliver the project as originally planned.

    • How much time do I have to raise the money for my project?

      You have 40 days starting from when you publish your project.

    • How can patrons make pledges to my project?

      Patrons can make pledges with a debit or credit card through the BBVA payment gateway. For the projects that have enabled the PayPal option, it will be possible to make the pledge through this payment method.

    • Do I have to be a Spanish resident to start a project?

      No. Anyone can start a project, regardless of their country of residence.

    • What should I do if I'm unable to carry out my project?

      If, for whatever reason, you feel you can’t go ahead with your project as originally planned, or you can’t fulfil the promises you’ve made to your patrons, you should stop the fundraising process and close the project. Otherwise, if you fail to respect your commitments, you could face legal action from your patrons. If you’ve already reached your funding goal, you should return the money to the patrons who supported you.

  • Starting a project
    • How can I publish a project on Verkami?

      You can start your project from our home. You’ll need to register, give us your details and tell us a bit about who you are and what you’ve been up to.

      Then we’ll ask you to tell us about your project in more detail. Tell us about the idea behind it, how much money you need, what you’ll spend it on and what rewards you have in mind. So you should have a pretty good idea of all these aspects before taking this step.

      Once you’ve filled in the form, we’ll review your project. We might contact you to ask you to expand a bit on some points. If we approve your project, you can start working on your project page. And once it’s ready, you can publish it and start fundraising.

    • Why do projects need to be reviewed before they can be published?

      Verkami aims to promote creative, innovative projects. It’s not about funding traditional businesses in return for rewards or raising money for charity for free. We don’t offer prize draws, auctions or loans. So we need to know you’re on the same wavelength.

      It also gives us the chance to give you some advice on the best way to present your project before publishing it, and some feedback on the rewards you’re offering and the media you plan to use to make your idea as appealing and engaging as possible.

    • How long will I have to wait to hear back from you?

      We’re a small but dynamic team and we’ll get back to you within 3 to 5 working days.

    • What key things about my project should I have clear before I decide to publish it?

      There are 3 basics: set your funding goal; work out how many pledges you need and decide what levels to set them at; and choose what rewards to give your patrons in return.

  • Prepare your campaign proposal
    • What’s a funding goal?

      The funding goal is basically your budget. It should reflect how much money you need to carry out the project, but it also needs to include the cost of the rewards, the cost of delivering them, Verkami's 5% fee, bank charges and any taxes you have to pay.

    • Is there a maximum or minimum funding goal?

      There’s no maximum or minimum funding goal. But or all successfully funded projects that raise under €800, we charge a fixed amount of 50€ + VAT, all included, except the PayPal fees if you decide to use this payment method.

    • What are the rewards?

      They’re what you offer your patrons in exchange for their pledge.

    • What kind of things could I offer as a reward?

      Be creative! The more appealing the rewards, the greater the incentive to make a pledge.

      We suggest you offer tangible products, services or experiences related to your project. They could range from a simple signed postcard or a song download to exclusive tickets to a film premiere, dinner with the director or leading actors or a private concert for your patrons and their friends.

    • What should I bear in mind when deciding what rewards to offer?

      The rewards are one of the factors that will determine whether your project is successful or not. The more appealing they are, the more pledges you’re likely to get.

      We suggest you don’t set too many levels of pledges, as this can be confusing and put potential patrons off.

      You should offer rewards for all budgets. Remember that ten people who pledge €25 each are just as important as one who pledges €250.

      The rewards should be in keeping with the amount pledged. The patrons are helping you and your project and should get a good deal: eg a product for under the market rate or an exclusive service or experience that would otherwise be unavailable.

    • What level should I set the pledges at?

      You can set pledges at any level over €1.

  • Managing your campaign
    • What tools do I have access to for managing my project?

      Each creator gets their own backend, where you can edit and personalise your project: you can tweak your texts, add photos and videos, make changes to your rewards, and change the colour or background image.

      You can also manage your blog and answer patrons’ questions.

      You’ll also find all the latest information on the state of your project, with the money raised, pledges made and total number of patrons.

      You can also access the list of patrons, which contains details of who has pledged what, to send individual or group messages.

    • What tools can I use to help spread the word about my project?

      On your project page you and your followers can use a widget to publish on blogs or webpages, buttons to publish news on Facebook or Twitter and a button to send an email summarising your project.

      You should spread the word about your project to as many people as possible and get them to spread the word too. Make the most of everything the internet and social networks have to offer.

    • How will patrons know when my blog's been updated?

      Patrons and followers can subscribe to an RSS feed to get all the updates on your blog. They can also see a summary of the latest updates on the project page.

    • Can I edit my project once it's been published?

      Yes. The only thing you can’t change is the funding goal and any rewards that have already been chosen by patrons.

    • What happens if I reach my funding goal before the 40 days are up?

      Fantastic! You can keep raising money until the end of the deadline.

    • If somebody pays me in cash or writes me a cheque, do I have to show this on Verkami?

      You don’t have to show any pledges made to you by other means on your Verkami page if you want to. If you think you’ll need these pledges to reach your funding goal, you can add them as simply another pledge.

    • Can I make changes to my project during the 40-day fundraising period

      You must inform your patrons of any changes to your project during the fundraising period. You can use the project blog or send patrons a message from your backend.

    • Can I stop my project and cancel the fundraising period?

      We don’t advise it, but if you need to, you can choose to stop your project. In this case all the pledges are cancelled, although you can still communicate with your patrons.

  • Closing of the campaign and billing
    • How will I receive the money pledged?

      Pledges made with a bank card through the using the BBVA payment gateway will be paid into your bank account, by bank transfer, once any charges have been deducted.

      If you activated PayPal as an additional way of collecting pledges, these pledges (minus PayPal’s fees and service charges) will be deposited directly in the PayPal account linked to your campaign.

    • Can I edit my project once the 40-day fundraising period has ended?

      No. Once the period has ended, you can still answer your patrons’ questions and update your blog, but you can’t edit your project page.

Crowdfunding and taxes

  • Some considerations

    The following advice comes from professional experts in the field of taxation. This information is not designed to help taxpayers avoid paying taxes or dodge inspections from the tax authorities. It gives a general overview and doesn’t cover all the particular features of each individual case. Your accountant will advise you what to do in your specific case.

  • What is crowdfunding?

    It’s a direct form of funding projects by adding together individual sums pledged by patrons, who receive exclusive rewards in return.

  • How is crowdfunding viewed from a legal perspective?

    Legally, crowdfunding is viewed as advance payment for acquiring goods or services. Patrons are not giving donations, but paying in advance for goods or services they will receive in the future (eg tickets for a concert by the group they’re supporting).

  • Aren't pledges simply donations?

    In general they are not, since crowdfunding doesn’t fit the definition of a donation, since patrons aren’t giving something for nothing, given that they receive a reward for the funds they give to the creator of the project.

  • What's the situation with the project creator's income?

    The money received will be treated as part of the creator’s earnings and the creator will have to pay income tax or company tax on this earned income, depending on whether the creator is legally a business or professional individual or a legal entity.

  • What's the situation with indirect taxes?
    • The creator of the project will have to collect and pay the VAT on their earned income to the tax authorities. The creator will be able to deduct the VAT paid on any expenses related to carrying out the project.
    • Patrons (be they legally a business or professional individual or a legal entity) who make a pledge as part of their business or professional activity can deduct the VAT paid.
  • Legally, I'm an individual. Do I have to register as a professional businessperson to pay taxes on the income I receive through pledges?

    If the money pledged is viewed as advance payment for future goods or services to be provided as part of a business activity, then yes, you will have to register as a professional businessperson to pay taxes on the income received through pledges.

  • Can the project creator deduct the money they pay to the crowdfunding platform as expenses?

    The recipient of the pledges can deduct the fees paid to the crowdfunding platform as another expense of their business activity, either in terms of income tax (for business and professional legal individuals) or company tax (for legal entities).

For patrons

  • Backing a project
    • How can I make a pledge to a project?

      During the 40-day fundraising period, patrons can make a pledge with a debit or credit card through the BBVA payment gateway and, for the projects that have enabled this option, also with PayPal.

      Verkami has no access to your bank details. The payment gateways are the ones who manage payment of your pledges.

    • Why are they called pledges rather than payments?

      Because you won’t actually be charged until the 40 days are up and then only if the project has been successfully funded. If it doesn’t reach its funding goal, your pledge will be cancelled and your card or PayPal account won’t be charged.

    • Do I get anything in return for making a pledge?

      You’ll get the reward you chose when you made your pledge. You won’t ever be entitled to any ownership of the project or any royalties it might generate; these remain in the hands of the creator.

    • Can I make a pledge from anywhere in the world?

      Yes. You can make a pledge from anywhere in the world through the BBVA payment gateway and, for the projects that have enabled this option, also through PayPal.

    • Can I make a pledge anonymously?

      When you register on Verkami you’ll have to choose a username, which is what all the other users will see. If you want to remain anonymous, you should choose an alias instead of your real name.

    • What can I do as a patron to make sure a project is successful?

      You play a vital role. Word about Verkami projects gets around through word of mouth, either in person or online. If you find an interesting project, spread the word as much as possible and you’ll give it a boost.

    • How can I help spread the word for projects on other websites or social networks?

      On the project page, in the section “Share the project with your friends”, you’ll find lots of handy tools for spreading the word.

      • You can use the project widget on your blog or website to show a summary of the project together with real-time updates of the amount raised, the number of patrons and the number of days left to make a pledge.
      • You’ll also find buttons to share the project on Facebook, Twitter and Whatsapp.
      • If you prefer, there’s also a button to send information on the project by email.
    • How can patrons get involved in the creative process for projects they support?

      You can give creators feedback through the project blog or ask questions in the Q&A section to help them address things they might not be aware of. And you’ll get emails on the project’s progress, as well as any changes and updates.

    • Can patrons deduct the money they pledge?

      If the patron is a legal entity or a professional or business individual who makes a pledge as part of their business activity, the pledge will be considered as a tax-deductible expense in terms of company tax or income tax, respectively.

      If the patron is a legal individual who is not a businessperson or a professional, they cannot deduct their pledge.

  • Receiving the rewards
    • Will I be told whether a project I've made a pledge to has been successfully funded?

      Yes. When the project reaches the end of its fundraising period, you’ll receive an email telling your whether it has been successfully funded or not.

    • If I make a pledge, what information does the creator know about me?

      Your username and the amount you’ve pledged, together with the reward you’ve chosen. Although the creator doesn’t have your email, they can send you messages via Verkami to keep you up to date with all the latest news on the project.

    • Who is responsible for ensuring I get the reward I chose in exchange for my pledge?

      Creators are wholly responsible for their promises, as they agreed when they accepted Verkami’s terms and conditions of use. If they fail to deliver on their promises, they could face legal action.

      Don’t forget that creators are very interested in doing things right: their reputation and ability to get future support for their projects are at stake.

    • What happens if a project I support is successfully funded but then isn't actually carried out?

      Creators with a successfully funded on Verkami are obliged to carry the project out as planned and to provide patrons with their rewards as promised. If, for whatever reason, they are unable to fulfil these commitments, they are obliged to give each patron their money back.

  • Issues with a pledge
    • Can I cancel a pledge?

      Once you’ve made a pledge, you should respect it: the success of the project depends on it.

      However, if, for whatever reason, you need to cancel it, you should email us before the end of the fundraising period and we’ll cancel it.

    • A project I support has been successfully funded but my debit or credit card has been declined. What should I do?

      If your credit card has been declined, you will receive a notification by email with a link that will redirect you to a new page to try again. This time, though, you’ll be making a direct payment rather than a pledge.

About Verkami

  • Real-time data and the Verkami team

    Check the Verkami data in real time and get to know our team of advisers on the About us page.

  • Verkami in the media

    What people are saying about Verkami on the radio, television, press, online publications... on our media page .

  • Talks, workshops and festivals

    To see where we’ve spread the word about crowdfunding, visit our events page.

  • Press kit

    Do you need our logo, images or videos? Here you’ll find our press kit.

  • Does Verkami tweet?

    Yes. You can follow us at @Verkami

  • Does Verkami have a Facebook page?

    Yes. You can become our friend at facebook

  • Does Verkami have Instagram?

    Yes. You can follow us @verkami :)

  • Does Verkami have a blog?
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