BaMedFounder

Payment Mechanism

B-a-MedFounder has arrangements with both MangoPay (for equity-based projects) and PayPal (for rewards-based projects) for the receipt and administration of pledges. These two payment service providers also handle the disbursement of pledges to the project owners at closing, assuming that the projects reach or exceed their minimum funding thresholds.

Project owners offering equity will need to provide their bank IBAN numbers at the time they create their project e-wallets and those offering rewards will need to provide their PayPal accounts set up per the guidelines provided in the Rewards-Based Crowdfunding / Project Owner FAQ. If you are a project owner offering rewards please visit PayPal.com to create a new PayPal account if you already do not have one and set it up per the guidelines provided in our Rewards-Based Crowdfunding / Project Owner FAQ.

Once a project is launched, investors can enter their pledge amounts in the dedicated field on B-a-MedFounder’s site, submit their pledges in the form of actual payments using their Visa and Mastercards and request an allocation of offered shares. The payments made by investors will be refunded in case 75 percent or more of the initial funding target is not reached by the funding target date. Investors can make additional pledges to a project in case they would like to further invest in a project.

Donors, on the other hand, can also enter their pledge amounts in the dedicated field on B-a-MedFounder's site, select their rewards and submit their pledges in the form of pre-approved payments through PayPal. Donors who do not have a PayPal account should create one before submitting their pledges (please visit PayPal.com to create a new PayPal account). Donors’ PayPal accounts will not be debited unless 75 percent or more of the initial funding target is reached by the funding target date. Donors can cancel their existing pledges manually through PayPal or make additional pledges to a project in case they would like to further donate to a project.

About MangoPay / Leetchi Group

Leetchi SA is the editor of Leetchi.com, the European leading service for group payments.

Leetchi Corp SA is a subsidiary Luxembourg based of Leetchi SA and owner of an European electronic money license. Leetchi Corp is regulated by the CSSF, Luxembourg’s financial regulator.

About PayPal

PayPal is a global e-commerce business allowing payments and money transfers to be made through the Internet. PayPal is an acquirer, performing payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. It may also charge a fee for receiving money, proportional to the amount received. The fees depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent, and the recipient's account type.

PayPal is not a bank, because it does not engage in fractional-reserve banking. Rather, PayPal's funds that have not been disbursed are kept in commercial interest-bearing checking accounts. However, in Europe, PayPal is registered as a bank in Luxembourg under the legal name PayPal (Europe) Sàrlet Cie SCA, a company regulated centrally by the Luxembourg bank authority, the Commission de Surveillance du Secteur Financier (CSSF).

In the U.S., although PayPal has an extensive User Agreement, PayPal is not directly regulated by the U.S. federal government, because it serves as a payment intermediary. PayPal is regulated as a money transmitter, 31 C.F.R. 1010.100(ff)(5).”