funding, crowd-fundingWhen setting up an Idiegogo campaign it asks us if we want to setup credit card and paypal payments.
My co-founder wants to link the credit card payments and paypal payments to his bank account since we are not incorporated yet as we do not have the funds for it yet.
This sounds a bit risky to me as (per my other question I posted) he wants flexible funding for the campaign.
What can I suggest to allow credit card payments and paypal yet prevent anyone from just running off with the money if they wanted?
Also, how to keep me protected if he managed to run off with the money or gave himself a large bank transfer to another account?
Are startups meant to work with trust?
Thanks
You should not be setting up an Indiegogo campaign without incorporating first. If there is fraud (like someone taking off with the money), then they have a means to track down the responsible party (or parties) listed in the corporation.
The funds are also not distributed until the campaign is over. I would imagine IndieGogo would require a commercial bank account to deposit the funds into. Do some research on their site.
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