What is the Platform Fee?
THE PLATFORM FEE
The Platform Fee is a 20% fee charged to talent when responding to jobs. It is calculated against the talent quote when responding to jobs (the ‘Your Quote’ field of the Job Response Form and Additional Payment Calculator) and when additional payments are made to talent. The Platform Fee is not charged on membership purchases like Voices Premium or Voices Platinum.
This fee helps us provide you with the technologies, tools and support to facilitate the fast and secure exchange of services and funds between clients and talent.
HOW THE PLATFORM FEE IS CALCULATEDThe Platform Fee is calculated against the ‘Your Quote’ field in the Job Response form and Additional Payment Calculator. When a value is inputted into either the ‘My Earnings’ or ‘Your Quote’ field, the opposite field will be updated accordingly.
For example, let’s say a client posts a job with a budget of $500. When quoting, if you were to put $500 in the ‘Your Quote’ field (which is the final number the client will see when reviewing your responses), the ‘My Earnings’ field would be updated to reflect a take-home amount of $400. In this scenario the calculation is as follows:
- Platform Fee: Your Quote x Platform Fee = $500 x 20% = $100
- Your Earnings: Your Quote - Platform Fee = $500 - $100 = $400
- Your Quote: Your Earnings / (100% - Platform Fee) = $900 / (100%-20%) = $1,125
- Platform Fee: Your Quote x Platform Fee = $1,125 x 20% = $225