PayPal today launched its Money Pools feature which lets people set up a group for cost-sharing.
According to a PayPal survey, more than half of Americans say they are stressed (54%) about holiday shopping, and a third (33%) of Americans plans to pool funds with others in order to buy someone a holiday gift this season.
The feature could help stressed holiday shoppers plan their gifts and keep a track of money for group gifts and holiday travel within their PayPal account.
PayPal today launched its Money Pools feature which lets people set up a group for cost-sharing. The feature could help stressed holiday shoppers plan their gifts and keep a track of money for group gifts and holiday travel within their PayPal account
Money Pools could also ease the burden of having to pay the upfront for the full cost of a group gift, and having to chase people to pay you back.
To use PayPal Money Pools, log in to your PayPal account on a web browser or mobile app and select ‘Your Pools’ along the left side of the account homepage.
Then, follow the prompts to personalize your pool with details, for example what gift you’re collecting funds for, the fundraising goal and when the funds are needed by.
You can also customize what you’re pooling for by adding a cover photo and select whether names and contributions are set to public or private in the pool’s activity feed.
HOW TO USE PAYPAL MONEY POOLS
To use PayPal Money Pools, log in to your PayPal account on a web browser or mobile app and select ‘Your Pools’ along the left side of the account homepage.
Then, follow the prompts to personalize your pool with details, for example what gift you’re collecting funds for, the fundraising goal and when the funds are needed by.
Once the Money Pool item is created, a link can be shared with other PayPal gift givers via text, e-mail, Facebook or Twitter.
PayPal Money Pools can help friends and family contribute to surprise or group gifts for a particular person
Once the Money Pool item is created, a link can be shared with other PayPal gift givers via text, e-mail, Facebook or Twitter.
All of the contributions to a pool are tracked in the pool’s activity feed and go to your PayPal account to spend when you’re ready.
Finally, to end a Money Pool, click on Details in the Money Pools.
You can also customize what you’re pooling for by adding a cover photo and select whether names and contributions are set to public or private in the pool’s activity feed
Then, select the pool you’d like to end and click ‘Manage Pool,’ followed by ‘Edit Pool.’
Then, find the End date and select ‘Edit,’ and select ‘End Pool Now.’
After this, nobody will be able to contribute to your pool.
If a friend or family member doesn’t have a PayPal account, they can open one for free.
Money pools will be available in 16 countries, including the United States, Australia and the UK.