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WePay: Making Group Gifting Easy

By (view all posts by stella.louise)
at 10:56AM Sunday December 5, 2010
under Loose Change

In less than three weeks, many of us will be surrounded by abundance of..stuff.  Another necktie from Mom to add to the growing collection, a new pair of fuzzy slippers from Aunt Rita, a striped scarf from Cousin Ralph or oversized sweater picked out by Grandma adds up...well, to something you could have actually used had they all pooled their money together rather than buying you separate gifts.
If you're struggling to come up with thoughtful gifts on a budget this year, pooling resources rather than trying to find something that costs $10-20 or less but doesn't LOOK like it costs less than $20 can be a challenge.  Band together with four other people, however, and that chintzy $10-20 gift can be converted into a useful $50-100 gift. 

Group buying--whether it's for a holiday gift, wedding present or baby shower--can allow those to leverage limited budgets by combining resources.  And WePay is a unique tool that allows groups to manage payments, collections and other financial transactions for as little as 50 cents per deposit transaction.  Withdrawals cost nothing.

Some WePay features:
  • Requires no personal account registration, meaning you don't have to mix group finances with personal finances.

  • You can create a unique, FDIC-insured account for each group you want to manage.

  • WePay invoices group members, allows for online payment with a bank account or credit card and provides complete transparency through the entire process, so that all group members can see how the funds are being held and/or used.

  • WePay can even cut checks or issue a group debit card.

Beyond group gift-giving, WePay is also useful for roommates / shared bill situations, group vacations / outings, sports leagues (even those of the "fantasy" variety)--it even can handle donations and ticket sales.

Do you prefer buying gifts individually for people or combining funds with others to purchase a group gift?  What do you think about this service for managing group funding?  Let us know in the comments!