As of 10/26/2018
When you launch a fund inside the MagicFund app, donations to your fund are subject to fees at one of the rates listed below. This does not apply to commissions you may earn when sharing other MagicFund users’ funds.
• Standard Rate: 10% + 25¢ fee
This standard fee is deducted from each donation to your fund when you share your own fund through the MagicFund app, and a donation is made through the link that you’ve shared.
• Promotional Rate: 25% + 25¢ fee
This promotional fee is deducted from each donation to your fund when another MagicFund user shares your fund, and a donation is made through the link that the other MagicFund user has shared.
When you share another MagicFund user’s fund via the MagicFund app, you will earn a percentage commission (at the rate listed below) of each donation made to that fund through the web link provided to you by the MagicFund app. In this case, the above ‘Donation Fees’ are not deducted from your earnings.
• Link Sharing: 10% commission
The MagicFund app allows you to browse through other users funds in either the ‘New Funds’ section (the main section that the MagicFund app opens to, where you may swipe through funds) or the ‘Sharing’ section (the section that lists funds you have previously shared or faved). Selecting the ‘Share’ option in either section allows you to share a fund via web link on another social media app, or directly get the web link to the fund you’ve selected so that you may share this link with others. In either case, online users outside the MagicFund app may then view the fund you’ve shared via web link, and you will earn a commission from each donation that is made through the web link that MagicFund has provided.
When you earn money with MagicFund, from either donations or commissions, your earnings are sent to your debit card or bank account through Stripe (http://www.stripe.com), an online payment processor. MagicFund pays Stripe to facilitate these payouts. In order to cover this cost, MagicFund deducts the below fees from your earnings before sending you money via Stripe.
• Account Fee: $2 per month
This account fee is deducted from your overall earnings in each month that MagicFund attempts to send you money. In addition, the first $2 you earn after registering your MagicFund account is withheld as payment for any future account fees you may incur. There is no deduction from your overall earnings during months in which MagicFund does not attempt to send you money.
• Payout Fee: 25¢ per payout
This payout fee is deducted from your overall earnings each time that MagicFund attempts to send you money (typically once per day when you have earnings available to be paid out). In addition, the first 25¢ you earn after registering your MagicFund account is withheld as payment for any future payout fees you may incur. Payouts through Stripe may fail for many reasons, such as your payout being rejected by your bank or your failure to promptly meet Stripe’s requirements. You are responsible for making sure your bank account can receive payouts and for communicating and cooperating with Stripe in a timely fashion in order to meet their requirements and avoid failed payouts. Failed payouts may result in additional fees being deducted from your earnings.