At the appropriate time during the investment process, your investors will receive instructions for submitting their payments. The instructions they receive are the ones that you update and store as the contribution funding instructions in the Investment Entity settings.
If you are creating a new offering, the application leads you through the steps that include defining at least one payment method.
If you are updating an existing offering:
=> Select Menu from the Home Dashboard.
=> Select Offerings
=> Click on the offering
=> Click on Settings
=> Go to the Stage and parameters page.
Automated Clearing House (ACH) payments are processed entirely within Groundbreaker through our banking partner, Dwolla. Click on Complete ACH Setup and refer to this article for detailed instructions. Please note:
The maximum amount for ACH direct deposits is $250,000.00
ACH currently supports U.S. Bank Accounts only
U.S. law and KYC/AML compliance requires verification of all users who are funding through electronic transactions - that includes you and your investors - which can take up to three business days
ACH transactions generally take 3-5 business days to complete
The investor must also set up ACH and undergo CIP verification in order to make ACH contribution payments
Wire transfers are completed through your bank outside of Groundbreaker just as you have always processed them. Click Setup to provide the wiring instructions your investors will use if you want to receive payments via this method.
If you do not want to allow investors to wire their contribution payments, click on Remove Wire Instructions.
You and your investor may prefer that the accounts payable systems (or persons) issue checks for payments. Click Setup to enter the name and address to which your investors will send a check.
Groundbreaker stores the information and makes it available to the investor when they are ready to make their payment. You should always provide these instructions so that mailing a check is an option for investors who cannot use ACH transfer, but If you do not want to allow investors to send checks, click on Remove Mail Check Instructions.
During the investment process, the methods you have configured and the instructions for each will be presented to your investor and they will choose the method for sending their payment. The investment entity for this offering, for example, will support any of the three methods for contribution payments.
If you have more questions or feedback, please use the live chat in-app (located in the bottom right corner) or contact firstname.lastname@example.org.