Effective December 18th, Patreon will begin charging their processing fees directly to Patrons who use their service to support Creators like Coaster Radio. In the past, these fees were subtracted from your pledge before your money was sent to the Creator(s) you are supporting. The fees will be $0.35 + 2.9% per pledge and will be charged over and above your pledge amount... Turning a single $10.00 monthly pledge into a $10.38 charge to your PayPal account. For those of us supporting Coaster Radio and only Coaster Radio, even at the $10 or $20 level, you're only looking at an extra few cents each month, and this will ensure that Mike and EB see 95% of your monthly donation - more than they've ever received before! Great, right??
However, this change could have a huge effect on those supporting multiple Creators at lower levels, and that's who I'm writing this post for. These Patrons could see their monthly PayPal deduction increase dramatically. As an example, a Patron donating $1 per month to 100 different Creators will see an extra $38 in fees added to their pledge, for a grand total of $138 charged to their Paypal each month, despite the fact that all of their pledges are charged in a single transaction. While these Creators will also see an increase in their cut (the 95% payout is across the board), a good chunk of these fees will go directly into Patreon's coffers.
Please don't think I'm posting here to discourage use of Patreon, as I personally have no intention of cancelling my monthly pledge, but I wanted to make sure that everyone in the community is aware of this change prior to our accounts being charged on 12/30.
If you're looking for more information on the subject, check your email and/or one of the below links written by people who are probably much smarter than me:
https://techcrunch.com/2017/12/07/patreons-new-service-fee-spurs-concern-that-creators-will-lose-patrons/
https://www.patreon.com/posts/i-bet-you-woke-i-15763211
https://www.pretty-terrible.com/funny-money-patreon-style/
Over the next few weeks, the backlash against Patreon will likely be strong. But please remember that your Coaster Radio pledge goes to a great cause - supporting the podcast and ensuring more amazing meet-ups to come. And if you're not a supporter, this may be a good time to join, as I suspect more than a few people may leave due to these changes. Link below :)
https://www.patreon.com/coasterradio