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By the end of this guide you'll have asked a signed investor for their money through Covercy One, before their position exists, and you'll know how to track that money until the deal can be marked invested.
On some fundraises an investor's position isn't created as soon as they sign. When a fund administrator reviews your investors, or when the round runs a closing schedule, the position waits until review is complete or the closing is executed. A payment request on the opportunity lets you ask for the money in the meantime, so the first contribution doesn't have to arrive outside the platform.
Note
Before you start, you need access to the fundraise in your Covercy One workspace and an opportunity that is Signed and doesn't have a position yet. If the investor already has a position, ask that position for money with a capital call instead — see Issue and track capital calls.
Send a payment request
- Open the fundraise and select the investor's opportunity to open its drawer.
- Start a payment request from the drawer.
- Enter the amount you're asking for. You can ask for the whole commitment or any part of it.
- Read the confirmation step. It tells you that review isn't complete and that the investor paying doesn't by itself create their position.
- Confirm to send the request. The investor receives a payment link for the amount you asked for.
Tip
You can send more than one payment request on the same opportunity, for example to collect a commitment in parts. Together, your requests can't ask for more than the investor committed. If a new amount is too high, the request is refused and the message tells you how much of the commitment is still available to ask for.
When a request is refused
A refused request always tells you why, so you know what to do next:
- The opportunity already has a position. Use a capital call to ask that position for money.
- The opportunity isn't signed. The message names the missing signature. Once the investor has signed, try again.
- The amount is more than what remains of the commitment. Lower the amount to what the message says is still available.
What the investor sees
The investor opens the same payment page they use for any other payment in their investment. It shows the amount you requested, the due date, their commitment and what they've contributed so far, including anything they paid against an earlier request on the same opportunity. They can pay by bank transfer or by ACH debit.
Cross-border payment through Covercy Pay isn't available for a request sent before the position exists. The payment page says so before any payment is attempted, so the investor isn't left with a payment that fails partway through.
The link stays valid after the position is created. If the investor hasn't paid yet when their position is booked, the same link still asks for the same amount, and their payment is recorded against the new position.
Track the money and complete the investment
While the position doesn't exist yet, you can follow the request through the stages that describe the money: Called once you've asked, and Transferred once the investor pays. Neither stage creates the position.
You can't mark the request or its opportunity Invested until the conditions for creating the position are met, because invested means the investor holds their units. If you try, the message lists everything that's still outstanding — each reviewer whose approval hasn't arrived, by name, and whether the assigned closing still has to be executed — and reminds you that you can still record the money as transferred.
When the position is created, it takes over what the opportunity already holds: the request and any payment against it become that position's own, so the position starts with the commitment the investor signed and the contribution they actually paid. Each payment is counted once, before and after the position exists.
Warning
A payment request doesn't change what your fund administrator needs before approving. A request for part of the commitment, even when it's paid in full, doesn't make the investor ready for approval on its own: the fund administrator approves only once the full commitment is accounted for, whether the money came through Covercy One or arrived outside it.
Warning
Covercy will never ask you to share your password, two-factor codes, or banking credentials by email, text, or phone. Always navigate to Covercy directly rather than following links in unexpected messages. If an investor asks whether a payment request is genuine, suggest they sign in to Covercy One themselves rather than act on a forwarded message.
Check that it worked
Reopen the opportunity's drawer after you send the request. It should show the request as Called, and as Transferred once the investor pays. If a request or a status change is refused, read the message: it names the cause, such as an existing position, a missing signature, the remaining commitment, or the approvals and closing still outstanding. If something still doesn't look right, contact the Covercy One support team.
- Is a payment request the same as a capital call?
- No. A capital call asks existing positions for money. A payment request on an opportunity asks one signed investor for money before their position exists. It isn't part of any capital call, and a capital call you issue later on the position creates its own new request.
- Does the investor's payment create their position?
- No. The position is created only when the conditions for it are met, such as the fund administrator's review being complete or the assigned closing being executed. At that point the position takes over the request and the payment.
- Can I ask for only part of the commitment?
- Yes. Ask for any amount up to what remains of the commitment, and send further requests later if you need to. Together they can't exceed what the investor committed.
- Can the investor pay through Covercy Pay?
- Not for a request sent before the position exists. The payment page explains this before any payment starts. The investor can pay by bank transfer or ACH debit instead.
- Why can't I mark the opportunity Invested after the investor paid?
- Invested means the investor holds their units, and their position isn't created until review is complete and any assigned closing is executed. The message lists what's still outstanding. Until then, you can still record the money as transferred.