Fees by platforms

This section outlines the detailed steps and sequence diagram for fee collection by the crowdfunding platform (the platform can collect fees from both borrowers and investors). The ConnectPay Banking-as-a-Service (BaaS) APIs, which should be integrated into this flow, are outlined below.

The fee collection process involves the following entities: Borrower, Investor, Crowdfunding Platform, and ConnectPay.

Main steps:

1. Collect fees from investor’s or borrower’s restricted account opened at ConnectPay:
   • The platform initiates a fee payment via the POST Initiate Fee Payment API, where:
     • debtorAccount: Investor’s restricted account or borrower’s restricted account.
     • creditorAccount: Platform’s regular account or Platform’s restricted account (platform can choose which account to use to collect fees).
       For more information on fee payment initiation and fee payment status, see: Fee payment initiation – ConnectPay, Fee payment status – ConnectPay
   • The platform confirms the fee payment via the POST Authorize BaaS Payment API. For more information on fee payment authorization without explicit SCA, see Fee payment authorization – ConnectPay
2. Notifications:
   • We offer webhooks for payment status changes. Please check webhook notifications (section: Payment webhooks) for a full list of events.

Fee collection by the platform