How to Set Up and Use PayPal Money Pool Feature
Everyone, whether it's a family, friends, or a small organization, can benefit from having a slush fund. The only problem is that hardly anyone carries cash anymore.
Fortunately, PayPal's "money pool" feature makes it easier than ever to manage and maintain these group discretionary accounts with your virtual money. Unfortunately, it's not easy to locate if you don't already know where it is.
What Is a Money Pool?
PayPal's "money pool" is a tool that lets you collect money from contributors. Compared to other features on PayPal, this one allows contributors to see how much money is in the fund they are contributing to. You can also set it up so that contributors can see who else contributed and how much.
Money Pool is more transparent than PayPal.Me, which allows other users to send you money directly. Also, the transparency makes the use cases potentially different: if you say you are collecting money for a reason, contributors will be able to see how close you are.
Related: How to Set Up a PayPal Account and Receive Money From Anyone
How to Create Your PayPal Money Pool
From your main PayPal account, select Send and Request from the banner menu across the top of the screen, and then Request from the toolbar that appears below this banner menu.
Then, on the right side of the screen, there is a column of options. Towards the bottom of this column is a link to Create a Money Pool. To get started, click here.
From here, you'll probably get a page from PayPal suggesting that you make an account for a charity. If that's what you want to do, follow the redirect, and we'll see you around. If you want to make a money pool for any other reason, click the button to continue making a money pool.
If you're still with us, you should be on a page explaining what money pools are in a friendly three-stage infographic. When you're done studying that, select the tiny Create a Pool button in the upper right corner of the window.
The first step to creating your money pool is giving it a name. You also have the option of setting a goal amount and setting an end date.
Additionally, you can select whether or not people viewing the pool see the amounts collected so far. Your business is your own, but keep in mind what we said about transparency.
The next page of options controls how you want contributors to interact with the money pool. For example, you can set a minimum or an exact amount for contributions, or allow contributors to put in however much they wish.
You can also set how much information is displayed on pool contributors—but they can still contribute anonymously if they wish.
A final set of options before you publish your money pool controls how contributors see your money pool, including an optional cover image and about the text.
If you know everyone who will contribute and they understand the project, you can lighten the text. You may want to put more work into this part if you have more public funds.
The next step is to review what your money pool will look like for potential contributors. Select the Publish button in the upper right if it meets your standards.
Accessing and Using Your PayPal Money Pool
Once your money pool is published, it gets a link. The best way to use that link depends on how you intend to use the money pool.
If you use your money pool to collect funds from coworkers, friends, and family, etc., you can keep things private and share the link with them. You can share the link on more public platforms for crowdfunding initiatives.
Related: How to Use PayPal to Manage Your Side Hustle
Once your money pool starts to get funds, you can access it the same way you got to it the first time: going from your main profile to the Send and Request page to the Request page, and then the menu on the right side of the window.
When you need funds or you meet your goal, transfer the funds from the pool to your balance.
How Will You Use Your PayPal Money Pool?
Paypal's money pool tool is a transparent and easy way to collect contributions from a group of contributors for any purpose. From party funds to housemate finances and beyond.
If you split a subscription with others or manage a family plan yourself, try these methods for managing payments.
Read NextAbout The Author
Jon Jaehnig is a freelance writer/editor interested in exponential technologies. Jon has a BS in Scientific and Technical Communication with a minor in Journalism from Michigan Technological University.
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PayPal launches Money Pools, where groups chip in to raise money to buy things
When Airbnb acquired and subsequently shut down Tilt — a platform that let people pool together to pay for items or events — many (including former Tilt employees) were left wondering what could and would replace it.
PayPal has stepped into the fray in an attempt to provide its own answer. The payments giant has now launched Money Pools, a service that lets people create pages to let their contacts fundraise for a specific item or event, such as buying a group gift, a group trip, or housemates paying the rent.
PayPal is launching the service today in 16 countries — Australia, Austria, Belgium, Canada, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, Switzerland, United Kingdom and the United States. Anyone who has a PayPal account in these regions can create a Money Pool, or contribute to one. (Without a PayPal account, you can’t use it.)
To be clear, this is not open-ended, crowdsourced fundraising as you might have on GoFundMe or Kickstarter. It’s intended for specific items or efforts among family and friends, similar to what Tilt let you do.
“Money Pools were created to provide the millions of people who already use PayPal P2P with a more personalized and organized way to share expenses with more than one family member or friend for things like travel, gifts, celebrations and even recurring expenses like rent and utilities,” said PayPal. “Unlike crowdfunding solutions, Money Pools are not intended to facilitate fundraising for activities such as product development and organizers agree not to offer perks, rewards, or other incentives in return for contributions made to a Money Pool.”
The service, PayPal says, is free when you use money from your PayPal wallet, or a debit card or a bank account linked to your PayPal account. Standard PayPal fees apply when you have to make a currency conversion or use a credit card (also linked to your PayPal account).
Once you create a page, Money Pools works similarly to other social funding sites like GoFundMe: you can personalise the page with pictures and how you want contributions to appear (public or anonymously); you can update the site’s activity feed; and you can — important for social-payments — share a link to the campaign with a short URL.
Since being founded nearly twenty years ago, in 1998, PayPal has made a name for itself as an e-commerce payments behemoth, both by way of powering transactions made on eBay, its former owner; as well as for other electronic payment services beyond that such as point of sale services (via PayPal Here) and more, with the company today holding a market cap of over $88 billion.
PayPal actually already had a mobile app — nine years ago, in fact — for family and friends to make payments to each other. But by and large, the company’s move into social payments — which tap into social graphs to spur transactions — has been gradual.
PayPal’s 2013 acquisition of Braintree (the e-commerce payments provider that competes with Stripe) gave it ownership the well-regarded peer-to-peer money transfer service Venmo, and lately PayPal seems to be taking more steps to give social payments a push. Recent developments have included letting people pay each other money through Facebook Messenger (launched last month), and the ability for retailers to accept Venmo-powered payments (also launched just weeks ago).
(PayPal’s social network efforts have not always been smooth. Witness the issues that PayPal has had crowdfunding platforms in the past. Even today, GoFundMe — the massively popular platform that lets people crowdfund for causes — now only accepts PayPal via certified charities not individuals, and it’s notable that even today PayPal is clear to emphasize that Money Pools is not a crowdfunding platform.)
There are a number of other services in the market today that let groups of users pool together to pay for things, but many of them seemed geared towards specific use cases.
For example, Splitwise focuses on letting groups share the payment of bills; and WeTravel is aimed at groups taking trips together. And Airbnb may be working on something in this space too: when it shut down Tilt, the startup said that its “focus will be to incorporate our social payments experience into their product ecosystem.”
It’s a crowded area of the market indeed — a sign of the opportunity that PayPal now wants to tap for its next phase of growth.
Updated with more comment from PayPal
Join friends and family for a group purchase with PayPal’s new Money Pools
The service is safe and secure, but everyone who participates must have a PayPal account. The pools can be shared on Facebook and Twitter, or via messaging services WhatsApp or Messenger. If you prefer, the fundraising details can also be kept completely private and confidential.
You can put your friends on notice if they fail to pony up, like that one guy in your fantasy league who never pays his dues until the last minute. There’s no fee for the service if you’re transferring money from your PayPal or bank account, but there is a small charge when using a debit or credit card to contribute to the fund.
It’s basically a small-scale GoFundMe page for your circle of friends and family. When you set up a page, you can personalize it with a description and photo, as well as the goal and the deadline. The pool’s activity feed keeps you abreast of who’s already contributed. Similar to other fundraising services, the organizer only receives the money if the goal has been met, although you can easily extend the deadline if it has not been reached.
It’s easier than ever nowadays to share money between friends and chip in for various expenses. You can send cash while you’re Skyping, or chatting in Slack, using Facebook Messenger, or even tack it on as a Gmail attachment.
The cashless economy could already be upon us, thanks to digital transactions like MoneyPools. In 2014, most Americans carried less than $50 with them and half had less than $20, according to Forbes. The number of retailers that don’t accept cash continues to increase. It may not be long before physical bills and coins are a thing of the past.
Need an alternative to
PayPal Money Pools?
Our whole purpose is to make it easy for you to collect money from your friends. We know how annoying it is, when you've gone to all the hard work of researching that perfect gift for a colleague, or intricately planning that trip of a lifetime for all your pals, AND PEOPLE DON'T PAY UP. 🤬 I mean, it's beyond rude, really. And each time, they swear down they'll pay you back (they never do), or they'll buy you a drink (still kinda thirsty over here), or they'll plan the next do (yeah, right, course you will, Dave). It's not that our friends and family are inherently bad people (at least, we don't think they are 🤔), but there's something that stops them putting their hand in their proverbial pocket and handing over the dough. Collctiv was started by a self-confessed Organiser, after being left out of pocket one too many times 🙋 We are built for one thing, and one thing only: to make sure you that you get the money you need for the thing you're planning for your group to go ahead! 🕺
Money review paypal pool
And under the worn old jeans a dronchik's ass was jumping up and down. We walked through the forest in complete silence - a Zhigan kid and a fashionista from the capital, and a piece of white-skinned buttocks smiled at me through. The gap.PayPal Money Pool Customer Story
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