How to Make a Promise

Posted: Sat, 04 May 2013 by Cara

We’re thrilled that you’ve made the decision to back a project, and to make sure your promise goes through without any problems, we’ve written a quick and simple guide.

Before you start, you will need a PayPal account and a computer (or a mobile device that connects to the Internet). Remember, making a promise is simply that - a promise. We will only take the money if and when the project is successful and, if not, the money will never leave your account.

Most people use PayPal nowadays because it’s easy and secure, which is why we use it to process payments. You must have a PayPal account to make a promise, but don’t worry if you haven’t got one yet, just follow this link to get set up: http://www.paypal-marketing.co.uk/whypaypal/

There are a few key points about PayPal which we want to highlight;

When you make a promise, you are pre-authorising PayPal to take the amount promised on the date that the project closes successfully. If the project fails, the money is not taken.

This pre-authorisation involves two payments, 5% of your promise will come to Bloom as our commission (which is pre-agreed with the project owner) and the remainder of your promise goes straight into the project owner's bank account. Why is this useful? Well it means that you can be reassured that your money is going exactly where it should be.

Remember that you must have the funds in your account on the date the project closes, or your promise won't be taken and you won't receive your reward.

It's also important to make sure that you have the correct debit/credit card linked to your PayPal account in order for the promise to be taken. If you've received a new card, or you are using a different bank account, please update these details on your PayPal account.

Ready to start? Have your PayPal email address at the ready, and go to www.bloomvc.com/projects

Now follow these quick steps:

1) Click on your chosen project

2) Click 'Make promise' on the right hand side

3) Log in or register with Bloom (it’s quick and easy to register, and you’ll be prompted through the process)

4) Enter the amount you wish to promise at the top

5) Choose your reward by using the arrows to the right of the selected reward (remember you can choose any mixture of rewards, as long as they equal the amount you are promising)

6) Click 'Promise Now' at the bottom of the page

7) Enter your PayPal password, and confirm

8) You will see a message saying your promise has been successful

Done! It’s as simple as that. If you do have any problems at all, tweet us @bloomvc or email one of the Bloom team:

michelle@bloomvc.com

cara@bloomvc.com

natalie@bloomvc.com

Remember to share the project with your family and friends - it's another great way to support a project plus it increases the likelihood that the project will be successful, and you'll receive your reward. A win-win situation!