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.
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.
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.
Author: Johnathan Jaehnig
Source: Johnathan Jaehnig.” How to Set Up and Use PayPal Money Pool Feature”. Retrieved From https://www.makeuseof.com/set-up-use-paypal-money-pool-feature/
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