Diverse Investor Payment Portal
April 23, 2025
Diverse Investor Payment Portal
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with Covercy
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.
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.
- $3 Million in FDIC Insurance Protection
- Varied Investment Classes to handle the varied Bonus structures
- Simplified Onboarding using CSV Files
- Ability to handle Additional Profit Generators as additional mining dredges are added to the project.
- Automated distribution payments was an absolute must!
- Streamlined Investor Communication is expected to be a great benefit.
- Monthly costs lower than the closest competition that we investigated.
- Company heritage, stability and legacy was highly important.
- No Payment size limitations
A great headache of figuring out how to seamlessly and efficiently distribute the profits, and communicate with the investors is solved beautifully.
- GroundBreaker and Quickbooks Payments & Banking
Higher payments allowed, lower monthly cost, more project flexibility.
Do you think Covercy delivers good value for the price?
Yes
Are you happy with Covercy's feature set?
Yes
Did Covercy live up to sales and marketing promises?
Yes
Did implementation of Covercy go as expected?
Yes
Would you buy Covercy again?
Yes
Comments
Please log in to join the conversation