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Reservations & Wefunder Cash 101.
March 15th shook things up – big time! One part of this shake up was a whole new flow for founders. They can now “test the waters” and gauge interest from investors before completing their legal work. This helps them launch their pitches in minutes!
What does this mean for investors?
Founders cannot accept investments prior to filing their legal paperwork. But supporters can ‘reserve’ a spot in their offering.
What is a reservation?
Reservations are non-binding – no money is sent to the company. Once a company finalizes its contract terms and finishes all other legal disclosures, you’ll receive an email asking you to confirm your investment. Your investment won't be made until you receive this email and confirm your decision to invest.
When do I transfer funds?
You have 2 options.
1. You can transfer funds when you make your reservation using your bank account or a wire transfer (no credit cards at this time, sorry!). The money will go into your Wefunder Cash account.
2. You can transfer funds when you later confirm your investment.
What is a Wefunder Cash account?
Your Wefunder Cash account is a virtual wallet. Literally, the money is held by our banking partner, Boston Private Bank.
Let's say you make a reservation to invest in XYZ Company. Once the company completes their legal paperwork, we'll let you know that it's time to sign a contract and submit a payment. If you've already funded your Wefunder Cash account, we can apply those funds to your new investment. This helps you to invest faster & potentially get in on early bird perks.
If your Wefunder Cash account isn't funded already when it’s time to convert your reservation into an investment, we'll provide instructions on how to pay for your investment with a bank, credit card, mailed check, or wire transfer.
Of course, any funds you transfer into your Cash account can be withdrawn anytime – or used to fund a company.
Can I change the amount of my reservation or cancel it?
Sure thing! Head to wefunder.com/portfolio and find the company under "Reserved.” To edit, click Edit Amount and to cancel your reservation click “Cancel.”