Thursday, March 10, 2011

Ending the "Grace Period" and why refunds are impossible...

Well we've sort of come to an impasse here at 8-Bit Funding. We've unfortunately been unable to work with PayPal in extending the refund period to 120 days instead of the 60 days normally allowed. They basically told us, flat out, "no." As such we've been forced to give up the "Grace Period" until such time as we are able to either find a new payment processor or work out some sort of deal with PayPal.

The good news is that:

1. This does NOT apply retro-actively. If you've already made a contribution to a project, it is still safe under our former "Grace Period" rules, out of our own pocket if need be.

2. We are removing the 10% fee altogether. Developers will retain the entire amount they've collected minus our normal 5% fee.

This really isn't how we wanted to run the site as it leaves everybody a little more vulnerable. However, we assure you that we'll continue to screen projects that look shady to ensure that any contribution opportunities are safe.

So, on a final note: Please do not contribute unless you are 100% willing to depart with your money. We can't afford to refund anybody else from this point on.


  1. off-topic: This blog needs a link to the site!

  2. So this means if we donate to a project trying to reach say, $1000 and they only reach $400, they still get the money even though it didn't break 50%, yes?

  3. I'm kind of curious why you don't do it like kickstarter, where it's essentially a pre-order where if you don't reach your goal nobody gets money. Then you don't really have a problem with people losing their money.

  4. We can't unfortunately.

    Kickstarter is able to do this because they use Amazon Payments. Which we would love to use, but unfortunately requires project creators to be based in the US or have a US bank account. As you know many many indie developers are from overseas.

    As such we use PayPal instead. The problem with PayPal is that they won't allow us to process that many refunds, nor are we able to essentially put charging on hold.

    So essentially we're left with this method.

    We're constantly evaluating other options so if you have any ideas we'd be more than willing to check em out.