With the holiday season just around the corner, PayPal has launched a new feature that makes it easier for users to pool money for gifts. We often have to pool money in order to gift something to a family member or a colleague and it can be difficult to keep track to who has and hasn’t paid, particularly if a lot of people are pooling money together. PayPal’s new Money Pools feature aims to take the pain out of that.
Money Pools bills itself as an easy way to collect money from friends and family. Users can set the pool’s goal and configure how much money they want to collect and by what date. This will help pull in contributions in a timely manner. Contributors can either be allowed to pay any amount, a minimum or an exact amount.
The customization options also include the ability to add a cover photo. It’s up to users if they want to make the contributor names public or not.
PayPal users can find this feature in the “Your Pools” section on both mobile and desktop. After the setup, the feature can be used to send friends and family reminders about their pending contributions over email, text, Facebook or Twitter.
The pool’s activity feed will show who has pitched what amount so it’s always easy to keep track of it all.
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