Favourable Group is a fundraising and earnings distribution platform that operates within the legal framework of New Zealand.

Here’s a concise summary of our business model and compliance:

Business Model:

• Favourable Group is a platform that facilitates fundraising and earnings distribution.
• It has undergone 8 years of research and development.
• It was founded to address cultural and contextual issues within the community.
• The platform is primarily focused on fundraising activities, allowing users to contribute and raise funds for various projects and initiatives.
• Funds raised are accumulated in a digital wallet.
• Users can participate in events & campaigns exclusively managed by Favourable Group that offer a higher earning potential for users in order to enhance liquidity in the wallet.
• Users can engage in various activities, including backing campaigns which may include placing orders for rewards such as exclusive user specific offers, pre-orders, digital downloads, or experiences available on users fundraising campaign pages.
• Users can add funds to their wallets through Stripe’s credit card processing.
• Users can request to withdraw funds from the wallet to their connected Stripe account.
• We implement a minimum withdrawal amount that may vary as we adapt to new user acquisition.
• Users can submit their bank account information and request a manual bank deposit, which can take up to 30 days to process.

Compliance with New Zealand’s Legal Requirements:

• Favourable Group has engaged with the Inland Revenue Department (IRD) in New Zealand to determine the tax status of funds held in users’ wallets. It is our understanding, that these funds are considered to be securely managed by Favourable Group in a transitional state, and we are not required to pay tax on the total monetary value of funds in users wallets.
• However, any interest earned on these funds, which contributes to our revenue, is subject to taxation in accordance with New Zealand tax regulations.
• We have informed the Department of Internal Affairs about our intentions and intend to comply with any relevant regulations that currently exist or that we are made aware of in relation to our platforms capabilities.
• The platform complies with relevant regulatory requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
• It has implemented customer verification processes to ensure the authenticity of user accounts.
• The platform monitors user activity and campaigns for suspicious behavior and encourages users to report any fraudulent activities.
• Refunds can be credited directly to users’ wallets, with standard transaction fees applicable to cover payment processing costs.
• Disputes are handled through a structured process, including mediation and potential third-party involvement, to ensure fair and impartial resolution.

Favourable Group operates as a fundraising and earnings distribution platform while adhering to New Zealand’s legal requirements and regulations, including tax compliance, customer verification, and dispute resolution processes.

Pricing:

Platform Usage Fees: We charge a percentage-based fee on the total funds raised by campaigns on our platform. This fee is typically transparent and can vary depending on the specific plan or package chosen by campaign organizers, which are visible on our home page.

Transaction Processing Fees: In addition to our platform usage fees, there may be transaction processing fees associated with Stripe for handling payment transactions. These fees are typically a percentage of the transaction amount and/or a fixed per-transaction fee.

Subscription Plans: In the future, we may offer subscription plans to campaign organizers or users who require additional features, services, or premium support. These plans are typically priced on a monthly or annual basis.

Fund Withdrawal Fees: We take a percentage of funds withdrawn to cover transaction processing & service fees.

Currency Conversion Fees: If transactions involve multiple currencies, there may be currency conversion fees applied to ensure the proper exchange rates are maintained.

We will work diligently to ensure proper reporting and compliance with tax authorities in New Zealand.

Customer-Vetting Process:

User Verification: To create an account on our platform and complete the checkout process, users are required to provide verifiable information, including their name, email address, and, in some cases, government-issued identification. This process helps ensure the authenticity of user accounts.

User Verification Group: Users can have a verified members group badge displayed on their profile after providing a mobile number, billing address & recent government issued letter with the date, your name & mailing address clearly displayed. You must be a member of this group before we will consider publishing any fundraising campaigns you submit.

Campaign Organizer Verification: For campaign organizers, we implement a more thorough vetting process. This may involve verifying their identity, conducting background checks, and assessing the legitimacy of their project or campaign. We may request additional documentation and information to establish their credibility.

Compliance Checks: We adhere to all relevant regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. We may request additional information or documentation from users or campaign organizers to comply with these regulations.

Ongoing Monitoring: We continuously monitor user activity and campaigns to identify any suspicious behavior or irregularities. This helps us maintain a safe and trustworthy environment for all users.

User Reporting: We encourage users to report any suspicious or fraudulent activities they encounter on our platform. We take these reports seriously and investigate them promptly.

By implementing these pricing structures and rigorous customer-vetting processes, we aim to ensure a secure, transparent, and reliable experience for all users and campaign organizers on our fundraising platform.

Refunds on our platform can be credited directly to the user’s wallet. However, standard transaction fees may still apply to cover payment processing costs to withdraw the refund from your wallet.

Disputes are addressed through a structured process. Users can initiate disputes, and our support team will mediate between the parties involved, aiming for an amicable resolution. If a resolution cannot be reached, we may escalate the dispute to a higher authority or employ an independent third-party mediator, ensuring fair and impartial handling of disputes.