How Long Does It Take to Receive Funds from GoFundMe?
When faced with unexpected expenses or a crisis, turning to crowdfunding platforms like GoFundMe can be a lifesaver. However, many individuals and organizations wonder how long it takes to receive funds from GoFundMe after a campaign is successfully funded. In this article, we will explore the factors that influence the processing time and provide insights into the typical duration it takes to receive funds from GoFundMe.
GoFundMe processes funds in two stages: the first stage is the funding period, and the second stage is the disbursement of funds. The funding period begins when your campaign is successfully funded and ends when the campaign reaches its goal or the deadline, whichever comes first. During this time, your donors’ payments are processed and added to your GoFundMe account.
Once the funding period is over, GoFundMe holds the funds for a short period, usually 21 days, to allow for any disputes or reversals. This waiting period is designed to protect both you and your donors. After the holding period, the funds are then transferred to your designated payment method, such as a bank account or PayPal.
The time it takes to receive funds from GoFundMe can vary depending on several factors:
- Payment Method: The duration it takes to receive funds can vary based on the payment method you choose. Bank transfers may take longer than PayPal or other payment gateways.
- Donor’s Payment Method: If your donors use credit or debit cards, the processing time can vary. Some payments are processed quickly, while others may take longer to clear.
- Geographical Location: The location of your donors can also affect the processing time. International transactions may take longer to process due to currency conversions and additional security checks.
- GoFundMe’s Policies: GoFundMe’s policies and procedures can also impact the processing time. Occasionally, the platform may hold funds for an extended period due to a review or investigation.
Typically, it takes between 3 to 7 business days for funds to be transferred to your payment method after the holding period ends. However, this duration can vary, and it’s essential to be patient and monitor your account for updates.
In conclusion, the time it takes to receive funds from GoFundMe depends on various factors, including payment methods, donor locations, and GoFundMe’s policies. While the average processing time is around 3 to 7 business days, it’s essential to remain patient and monitor your account for updates. By understanding the factors that influence the processing time, you can better plan and communicate with your donors about the expected timeline for receiving funds.
