If you've been looking for an easy way to collect money from a group of people and use it for shared living expenses, a common charity cause, help out a sick friend, cover the costs of a bachelor party or to run a team or fraternity, you need to check out WePay.
WePay is a service that helps you collect money from a group by e-mailing your group members, allowing them to pay online and then providing the group leader with a debit card to pay for shared expenses, you can also send money to an email address, transfer the money to a checking account or request a paper check.
The idea, which was born out of the frustration of two friends who needed a better way to collect and manage money from a group, handles recurring expenses like rent or expenses for your kids' soccer team. Because WePay is a dedicated service, instead of someone's personal checking account, it is easy to keep a log of the money and stay accountable to other group members.
Here's a good example: Say you and a group of friends plan a trip together -- each friend can contribute a set amount of money to be pulled from their bank accounts each month into the group fund. When the amount needed is reached, a designated leader will get a debit card with which he or she can easily make all the travel arrangements.
In addition to these uses, WePay co-founder and CEO Bill Clerico, told WalletPop in a phone interview about a pretty amazing use of WePay. The family and friends of a sick individual have taken turns contributing to a WePay account, that goes directly to a WePay debit card that the individual can use for groceries and other expenses. Compare this to the old fashioned way of mailing checks or individual gifts cards and the convenience for all parties is pretty evident.
When you collect money you do need to pay a fee to WePay, which can be 50 cents per transaction when the bill is paid with a checking account or 3.5% for bills paid with a credit card. Similar fees exist for selling tickets and accepting donations. There are also fees associated with the Prepaid Visa card, including a $5 shipping and handling fee when you get the card the first time. Visit the WePay Fee page for a full listing of fees associated with the service.
Even with the transaction costs WePay is still an attractive service that addresses so many of the problems with collecting money from groups. The ability to set up recurring reminders and keep group or household money separate of individual accounts makes WePay a great tool for anyone who needs to collect money for a group.
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