Fees Increase
BountyUp fees will be going up shortly, to 2.5% on charitable bounties and 5.0% on standard bounties. (Current fees are 0.5% charitable / 2.0% standard). While a seemingly big jump, this still keeps us way below other comparable sites (look at eBay or eLance’s prices, for instance), and it’ll give us the luxury of investing a lot of time and attention in supporting each bounty, especially in their infancy.
As always, feel free to drop me a line with any questions or comments (assuming you’re too shy to simply post them here.)
Why does BountyUp charges fees? As I understand it BountyUp will hold the bounty money untill the bounty is paid or returned. As with the banker in the small town sherrif analogy I expected BountyUp to earn interest on the money it is holding. If the interest returns are greater than the costs I would expect a share of the profits to be added to the bounty. Instead BountyUp is keeping all the interest earned and charging a fee. Is BountyUp a profit making venture?
Michael,
BountyUp is intended to be a for-profit venture (although, as of yet, we’re still upside-down). We’re quite restricted in what we can do for interest with funds held in escrow, so the interest rate is a lot less than you might think.
Joshua