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Overview

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Crowdfunding is a method that allows anyone to find their earliest adopters and emerge a great idea and the crowdfunding module allows the merchant to raise funds for their project on the web-store. Herein the fund is generated in a small amount of money from a wide range of people. This functionality also refers to a modern fund pool model wherein fund accumulation is via the internet. Herein, the customers can view a new category as a crowdfunding project and can donate for the project.

Several purposes are there for which the crowdfunding method is the appropriate solution, every entrepreneur has a different aim to accomplish through crowdfunding. Using the platform and crowdfunding module, organizers communicate their projects in a way that will encourage people to fund it. Some need funds for charity, while others need to raise funds for their ideas to work upon, and many more. For donation, the customer can place the order for that project and the money will get donated. The merchant can configure the name for the labels of the funding project and can also set the color for the donation amount progress bar.

Helping the people to recuse from natural disasters has been the origin to develop and spread this method across the globe to raise funds. One module for multiple fund sourcing purposes, a modern model, simple functionality for originators and investors and provides full control to merchants and transparency to the customer. Here, the customer can checkout with the donation amount for the projects as in default Magento. The customer can use any default payment method or any third party payment method that Magento supports. The funds thus, transferred are sent to the linked account of the admin for deployment on the project.

 

Business Value

The crowdfunding module encourages e-commerce entrepreneurs and allows the organizer to validate your idea in the eyes of the public. By listing and selling your idea to potential investors, funders will contribute to an overall financial target. Crowdfunding is an excellent way of starting a project, idea, service or product. 

For startups, it can be an ideal way of finding an audience, pitching and getting support. Module for fund sourcing is built for online fund sourcing for the project through a large scale of the public. Such type of crowdfunding can help the organizer to raise funds in case of the natural disaster management program, raising capital for small scale businesses, collections for other non-profit organizations and much more. This can help a lot to the merchant to render better corporate social responsibility (CSR). The crowdfunding module can be utilized for the below-given ideas. 

 

Donation-Based Crowdfunding

It is a method of asking large no of sponsors to independently donate a small amount of money to your project. 

 

Reward-Based Crowdfunding

A small amount of money is being provided to schemes in return for some kind of reward. 

 

Lending-Based Crowdfunding

This allows managers to raise capital in the form of a loan that they have to pay back to the bankers along with the interest.

 

Equity-Based Crowdfunding

This enables a large group of investors to pay a huge sum of money in return for an equity position in the trade. 

This module allows full control to merchants and also shows donor details and donated amounts on the storefront with the bar to maintain transparency. Additionally, it also gives the live display of the project progress status on the storefront and serves the public with a live report. So the store owner requires this module to raise money fast and without paying any fees. Even entrepreneurs can test the audience's reaction over their planned idea and work more efficiently to drive more investors for the same.

 

Features List

  • The owner can add a project in a minute.
  • The merchant can set a crowdfunding configuration.
  • The merchant can set minimum and maximum funding amounts.
  • The merchant can customize labels based on project requirements.
  • The customer can donate an amount.
  • Displays the target amount and progress bar on the frontend.
  • Listing donor details on the product view page.
  • The merchant can update the donation confirmation email template.
  • Works as a marketing tool and allows the merchant to promote to a larger audience.
  • It allows you to develop and promote the idea through the funding community.

 

Workflow

General Settings

In general settings the merchant needs to provide personal and project related information like admin name, admin email, donated amount, target amount and project progress bar to display on the storefront.

 

Label Settings

In label settings, the merchant needs to customize the labels for donation progress, target amount, donated amount and many more to make that fit with the crowdfunding scheme to pool the money from the public.

 

Theme Settings

Merchants can choose the color of the progress bar for better control and transparency and to let the contributor know about the live update of the crowdfunding project.

 

Donation Confirmation Mail Setting

Acknowledgment is necessary henceforth merchants can choose the email template which will go to the customer after the approval of the invoice.

 

Fund Management Project

Merchants can manage project status, project name, project description, target amount, donation amount limit and more to handle crowdfunding projects.

 

Storefront Functionality

Based on the merchant’s project configuration, the customers will be able to see crowdsourcing project information like project title, project progress status, days count, donated amount and etc. Herein the customer willing to donate can simply checkout with as in default Magento Product Purchase. The amount goes to the admin account as in default Magento.

 

Payment Administration

The process to donate the amount is the same as buying a product from the default Magento store for any investor. And it uses the standard gateways that the merchant has on their site.

 

Fund Management

The invested funds get transferred to the associated account of the admin for the accomplishment of the targeted purpose.

 

PCI Compliance

This extension affects PCI compliance based on the payment method added by the merchant and payment mode selected by the investor of their website.

 

Benefits

For Merchants

  • One module for multiple purposes.
  • Online fund sourcing for the project from the public and disaster management.
  • Creation of brand reputation by raising funds for social services.
  • It provides full control of the crowdsourcing project front.
  • Simple and transparent functionality for the fund pool.

 

For Customers

  • The customers can view a new category as a crowdfunding project.
  • The customers can donate for the project.
  • The customers can view the live display of the project progress status on the storefront.
  • Shows donated amounts to the customer on the storefront to maintain transparency.

 

Support Policy

  • You get free 3 months of technical support included
  • You can buy 6 or 12 months extended support agreement
  • For issues, please create a ticket or send email to support@webkul.com
  • Free lifetime updates of the module

Technical Specifications

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Seller profile

WebKul SoftWare Private Limited

Seller contact

E-mail

Integrator

Current Version

5.0.0

Magento platform compatibility

Open Source (CE): 2.3, 2.4

Type

Stable Build

Updated

16 October, 2020

Categories

Extensions, Marketing, Advertising

Supported Browsers

Chrome, Firefox, Opera, Safari, Edge, IE

Quality Report

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Installation & Varnish Tests

Passed

Coding Standard

Passed

Plagiarism Check

Passed

Malware Check

Passed

Marketing Review

Passed

Manual Testing

Passed

All tests were conducted on the latest versions of Magento that existed for the compatible release lines at the moment of the extension submission. Latest versions of all other software were used, as applicable.

Release Notes

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5.0.0:

  • Compatible with Open Source (CE) : 2.4
  • Stability: Stable Build
  • Description:

    + Compatible with Magento 2.4.x

3.0.0:

  • Compatible with Open Source (CE) : 2.3
  • Stability: Stable Build
  • Description:

    + Compatible with Magento 2.3.*
    + Admin can add a project.
    + Admin can set configuration accordingly.
    + Customer can donate the amount.
    + Listing donor details at product view page.
    + Admin can update donation confirmation email template.

Support

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The best place to start if you need help with a specific extension is to contact the developer. All Magento developers have both a contact email and a support email listed.

Contact Vendor

Q & A

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Reviews

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