We’ve all been there. Wondering how everyone’s going to chip in for a colleague’s leaving gift. Working out how to split the deposit and pay for a group holiday. Or spending weeks chasing housemates for their share of the electricity bill.
Buying things as a group can be a real nightmare, but it’s about to get a whole lot easier.
PayPal today unveiled
Money Pools, our latest innovation to help people collect money from each other and keep track of group spending – all via the PayPal app or website. It means PayPal customers can now create their very own digital whip-round with friends and family, then use the money for collective purchases and communal costs.
Better still, it’s free to set up a Money Pool and free for your friends and family to chip into your kitty using their PayPal balance, a debit card or funds from their bank account. Fees only come into play when a currency conversion is involved or if you use a credit card.
Here’s a quick guide to how it all works:
Step 1: Create your Money Pool
Simply log in to your PayPal account via the PayPal app, website or mobile site and click ‘Your Pools’ to set one up.
Step 2: Personalise your Money Pool
Follow the prompts to personalise your pool with details on what you’re collecting for, the monetary goal and when you need the funds by. You can also add a cover photo and select whether names and contributions are public or private in the activity feed.
Step 3: Share your Money Pool
Once you’ve created your Money Pool, share the short URL with friends and family via text message, email or social media to start collecting. If they don’t already have a PayPal account, they can open one for free.
Step 4: Spend your Money Pool
All contributions are tracked in your Money Pool’s activity feed. Once the target has been reached, the funds are ready to be spent! And if you’re still coming up short, the deadline date is easy to extend.
It really is that simple.
Whatever your reason for using Money Pools,we hope it takes the stress out of your next collective purchase!