The number one alternative to PayPal Money Pools is coming to the USA!
It’s been a year since PayPal closed their money pools service, leaving you searching for ways to easily collect money from a group…..well search no more! The number one alternative to Money Pools is soon to land in the United States of America.
What is a money pool?
A money pool is simply a digital version of the paper envelope that used to get passed around when someone was collecting cash for something. It's a way of simply and easily collecting money from a group of people, for a joint activity, booking or purchase. The Organizer in the group creates a money pool and then shares the payment link with the rest of the people in the group. Everyone else chips in, and once ready to withdraw, the Organizer can go ahead and buy or book the group item or activity. Money pools can be used to collect for anything that a group of people do together. From sports to holidays, gifts to activities – wherever we need to book or buy as a group, people are going to need to pool money to make it happen.
There are lots of benefits to creating a digital money stash, especially for you, the person that makes everything happen for everybody else! Let’s highlight some main ones:
- You know how much you have to spend in advance
- You aren’t left sucking up the cost of the difference between what people said they’d give, and what they actually gave
- Furthermore, you don’t have to spend all of your valuable time chasing people for money you have already paid out
- People don’t carry cash anymore, particularly since Covid-19
- You can have total confidence in making the event or gift exactly what you want it to be, without the worry of it being at the expense of your credit card balance!
How can I use a money pool?
The simple answer to this is that you can use a money pool whenever more than one person is contributing to anything. That’s a big old list, but we’ve been experts in group money collection for a good few years now, so let me outline how Collctiv’s 350,000 customers tend to use their money pools:
The most popular use for a money pool is for gift buying, particularly co-worker gifts when people are leaving, retiring or have a significant birthday.
End of Year Teacher gifts
People also use us for end-of-year teacher gifts and teacher appreciation throughout the academic year.
Gifts for big occasions
Graduation, getting married, having a baby – all these usually involve a number of people so a money pot is perfect.
Bachelor and Bachelorette parties
Bachelor or bachelorette parties always involve lots of people and lots of money (as well as lots of laughs!) From arranging the activities, accommodation, travel, and food to the all important drinks through the evening, day or weekend, a money pool is the ideal way to ensure everyone pays their dues.
Doing something super social with your friends like an escape room, bowling, a meal out, karaoke bar, cabaret show, theater, baseball game……the list is endless! Make it happen easily with a money pool.
Covid-19 has made the world appreciate how much we like to travel and how much we like to be social. A holiday combines both of these things, and a money pool can make it easy to sort the money side of getting you and your friends to Miami Beach! (unless you're from Miami Beach, in which case just get an Uber!).
From weekly dues to kit, tournaments to full tours – sports bring lots of people together, and all of those people owe you for something! Make it easy for them with a money pool!
There’s a Meetup group for pretty much anything! Make it easy to pay for an event by posting a money pool link in the event.
People also create money pools for charity collections, joint bills, savings….all manner of reasons. What will you use it for? Check out our blog about Collctiv and Meetup here
Create a money pool now!
Who are Collctiv, and why should I use them for my money pool?
Founded in 2019 by Amy Whitell (CEO) and Pete Casson (CTO), Collctiv has over 350,000 users from 88 different countries by making it simple for organisers to collect money from groups.
Simply download the free app to your phone, create a money pot for anything you need, share the link anywhere and then watch the dollars roll in!
How do I know my money is safe?
We take security very seriously and as such have designed the app with rigorous controls in place. We partner with third parties who specialize in providing security for different elements of the app. Furthermore, we use Stripe as a globally-trusted and financially-regulated payment processor and to verify the identity of anyone collecting and withdrawing money from the Collctiv app.
All of our payments are 3D secured by default, meaning that we ask your bank or card issuer to require you to authorize any payment you make into a Collctiv pot, if they have those controls in place.
What can I do once I’ve collected the money?
Simply withdraw the money through the app to a bank account of your choice. With a couple of bits of ID to verify who you are you’ll be good to go and within 2-3 business days the money will be right there in your account, ready to make the magic happen!
How much does Collctiv cost to use?
For individual use, Collctiv operates a unique contribution scheme, where you choose if you want to contribute to Collctiv or not when you pay into a pot or when you withdraw funds from one. We strongly believe that fees should not be mandatory for you organizers, who give your time and effort to make things happen for everyone else, to then have to pay for the privilege.
Can I get a refund if I change my mind?
Once the pot has closed, ownership of your money is transferred to the Organizer of the pot. If you want to request a refund after this date, you will need to ask the Organizer directly.
There may be a reason why an Organizer cannot withdraw money from a pot. This may be because they do not pass identify verification or other necessary checks. In the event that happens, we will instruct Stripe to return your payment via the payment method from which you made the original payment.
How do I get in touch with you guys?
We recognize that we are looking after more than just the money you have collected. It’s a gift, an event, an activity that lots of people are looking to you to deliver. If you ever need to get in touch with us, you can do so via email, through the app, through the ‘contact us’ section of our website via Facebook or through our live chat function on our website and in the app.
We are organizers!
We have created an app that solves a problem that we feel personally. We are organizers. We know how it feels to be left to suck up the costs after working our asses off to create a brilliant event or to give a wonderful gift. No-one ever says thank you, as no-one truly understands what it takes to bring people together and make a thing happen. Until now. We do. We’ve got you!
How do I use this awesome new way to pool money?
We are aiming to launch in the USA in September/October 2022. Click this link so that we can be straight in touch with you as soon the app is available – be amongst the very first US Collctiv users!
Organizers bring people together
Since 2019 - Collctiv has helped over 350,000 people from 88 countries come together by making it simple for Organizers to collect money from groups. Whether it's group gifts, retirement presents or sports teams – download our free app today and start bringing people together!