Diverse Investor Payment Portal
Use Cases and Deployment Scope
Covercy is the Payment Portal for my Investment group in an Alaskan Mining Project. I have over 100 individual Investors spread out through 7 different LLC Groups and 0ver 20 Trusts. Covercy is extremely flexible and accommodates the needs of our diverse group of both large and small investors. The mining project includes up to 15 dredges each with different investor contributions and Covercy handles this mix beautiful. It is as if there are 15 different investment products under one umbrella project.
Covercy solves the problem of moving large amounts of money through their partnership with Thread Bank, which aggregates FDIC protection from $250,000 to $3 Million in Deposit Guarantees by seamlessly distributing profits received in 12 different partner banks. The Covercy team made the investor onboarding process simple and efficient with their competent account managers and technical staff.
Investment partners have their own individual payment portals that takes the burden of distributing the funds from the project managers to an automated distribution system.
We checked out the competition of similar group investment payment portals and found Covercy to be head and shoulders above the competition.
Pros
- $3 Million in FDIC Insurance Account protection is unsurpassed and highly attractive to our project managers and investors.
- The Onboarding of over 100 investors was simple and efficient using a spreadsheet import.
- The Technical Staff was very helpful and supportive during our startup phase and handled project startup delays beautifully.
- Covercy was able to handle member payouts that involved compilcated and varied bonus structures and 15 different income generating assets with varied investor contributors and we had great support in figuring out how to handle the profit distributions.
- The Covercy Account Managers were highly professional and a pleasure to work with.
Cons
- Our mining project had many startup delays due to the governmental red tape and opposing forces. We had billing issues where payments were started when no income was possible and these payments proved difficult to stop. Billing invoices continued despite repeated requests to pause the billing until mining commenced and project income could properly offset the monthly billing costs.
- We have not had payouts yet so I cannot comment yet on the entire package and reporting capabilities. Check back again once our project pays out and I am sure I will have more input.
Likelihood to Recommend
Our main requirement was that we needed a platform that could handle very large monthly payouts. Covercy had no limitations on the amount of money we would bring in.
Covercy handled a diverse range of investor portfolios, from small to large, and investor types allowed matched our complex structure well.
We had a complicated Bonus structure that makes payouts difficult to figure out, but Covercy provided different investment 'Classes' that handled the complex payout structure well. However, if there was a way to simplify the complex bonus structure within Covercy itself by applying the individual bonus structures to each investor, that would be helpful.
