If someone pledges $1, the pledger gets charged $1.40 (edit: sorry, $1.38), and the pledgee gets paid $0.95.
2.9% of $1 is $0.029
$1 + $0.029 + $0.35 ~= $1.38
95% of $1.38 is $1.311
Clearly that doesn't make sense.
Or does it mean that Patreon gets 5% from the creator's share and then 2.9% + .35 cents on your side? So if I want to pledge $1 then I have to pay $1.38 and the creator really only receives $.95? If so that seems misleading. Also in this case it would mean that in that case Patreon ends up taking 31% of the actual money spent by the pledger.
The pledgee receives 95% of the pledge, $0.95.
The pledger is charged $1 PLUS the "processing fees", which are an ADDITIONAL 2.9% of the pledge (2.9 cents) and 35 cents fixed.
> Also in this case it would mean that in that case Patreon ends up taking 31% of the actual money spent by the pledger.
Yep, and batching charges means much of that 31% isn't actually going to real processing fees, but into Patreon's pocket.
Their recent (September) taking of $60M in VC money may provide a motive for this approach.
I for one don't want more than one email from patreon per month. Nor do I want more than one CC entry.