What Is A Money Pool On Paypal

If you were a PayPal Money Pools user, you will have received an email from PayPal letting you know that you can't create a new money pool from 30th September 2022.

Now, you power glucinium thinking, 'how happening earth am I going to collect money from my friends now!?' 😱 Don't worry! Collctiv's got you covered.

A man holding a money pot achieving his fundraising target.

How do Money Pools work?

A money pool is simply a extremity variation of the old brown newspaper envelope that accustomed start passed around when someone was collection cash for something. It's a way of simply and easily collecting money from a chemical group of people, for a joint activity, booking or purchase. The Labor organizer in the group creates a money pool and past shares the payment link with the rest of the hoi polloi in the group. Everyone other chips in, and once the pool has adequate money in information technology, the Organiser can buy the farm ahead and buy or book the group item or activity. Money pools can be accustomed garner for anything that a mathematical group of people do together, from sports to holidays, gifts to activities - wherever we necessitate to book or buy As a aggroup, mass are going to need to pool money to make IT happen.

Three men, one in a football kit, another in a Hawaiian shirt with a t.unicorn swim ring on and lastly a man standing by balloons blowing out candles on a cake.

Why are PayPal Money Pools shutting down?

It's a pulverized question, and although we contacted PayPal for an respond, for some reason they didn't get back to us 🤔 🤷 Nonetheless, we have a couple of thoughts, which we've popped into a whole separate web log o'er here.

Who are Collctiv?

We're Collctiv, a friendly bunch based in the UK 🇬🇧 We'Ra a FinTech company, which simply way we use state-of-the-art commercial enterprise engineering science 🤓 to spend a penny it easier for you to split payments with your friends. More specifically, we arrive easier for you to collect money upfront from your grouping, and so you don't have to pay out for people, hybridization your fingers 🤞 and hoping they pay you back. Our founders are Amy Whitell (CEO) and Pete Casson (CTO), who 'tween them have terminated 30 geezerhood experience building technologies and businesses that have real impingement on people's lives. More importantly, Pete (a Contributor) used to owe Amy (an Personal digital assistant) money every last of the fourth dimension. Present helium has no excuse, and everything is right with the cosmos 😌

What's the divergence 'tween a PayPal Money Pool and a Collctiv Dope?

While some things aim to be a digital whip round, there are a few key differences 'tween how PayPal Money Pools worked and how we went close to creating the solution for every out-of-pocket Organiser unfashionable there:

So you want Pine Tree State to sign up my Nan? 👵

Perhaps the most pesky thing about a PayPal Money syndicate was that everyone had to be a PayPal user to contribute to the pool. Which meant that if you were doing a family whip-round for Grandad's birthday then your Nan needed to create a PayPal news report. Or if Janice in Accounts was retiring, so the entire team necessary to be PayPal users to be healthy to chip in to the going repast. No need for any of that nonsensicality with Collctiv. Once you've shared the payment colligate with your group, people just tap to devote in, exploitation their card, Apple or Google Ante up. No account creation, no app download, zero banking, no fuss = more money in your pocket. You can thank us advanced.

With Collctiv, you're in the driving seat: 🚗

PayPal's Money Pools were middling limiting in their creation litigate, including requiring you to frame a deadline on the pool, which had to be inside 30 days. But what if you motive your pool to be out-of-doors for longer than that? With Collctiv you can set ahead deadlines if you the like, or nonclassical a target on if you're trying to arrive at a certain amount. Or not. It's capable you, we're non your parents.

Pledges? We wanna see the real money! 🤑

As the Creator of a PayPal Money Pool, you couldn't actually contribute to your own pool. Huh? Yeap, doesn't add up to U.S.A either. You could work a assurance, a fake I.O.U. if you will. Merely how does that put to work if you're trying to gather up for a regular group bodily process, like that Sunday 5-aside footy you play? As an Organiser paying for courts operating theater pitches, you need to have the actual money in your pool or stool.

And - probably about importantly - Collctiv is still alive and kicking!

A man in a cheerleading costume shaking his pom poms.

What do I need to know about the PayPal Money Pools shutdown?

Because we're incredibly facilitative people, we've summarised the key dates you require to know about if you do have a PayPal Money Consortium currently live:

30th Sep 2022: You can't create any new money pools.
30th October 2022: Any unfold money pools will expire.
8th November 2022: You need to take in moved some money leftover in your money pools to your PayPal counterbalance.
8th November 2022: Any records about who's chipped in to your money pool won't glucinium available after this date, thus bring i certain you've made a notation of who's paid what! Otherwise things could get pretty untidy...
15th November 2022: If you've left any dosh in your pools after the 8th Nov, PayPal will move it to your balance for you by the 15th November.

There's too a uninjured load more info over here that you might find out helpful.

How do I get my workforce on the Collctiv app??

We thought you'd never ask 😉 you seat download the app here. Army of the Pure us know what you're collecting for! @collctivapp on all the usual socials - Facebook, Instagram, Twitter.