The cashless economy could already be upon us considering the fact that using electronic payment systems and making online transactions is increasing rapidly. One of the most important online payment systems available on the market with variety of features and services is PayPal. On this article we are going to introduce and review PayPal Money Pool which is one of the services of this popular company.
What is PayPal Money Pool?
PayPal Money Pool is a fast, easy and secure ways to raise money for different purposes provided by PayPal company in order to improve users experiences. In case you have any special plan for weekend or holiday, if you tend to surprise your friend, or in case you are creating a charity market Money Pool is there for you to help raising and collecting money for any reason.
With the help of this option you can create a page, share it with your friends, and raise money for specific goal. To use this service, you only need to have a PayPal account. This tool is currently active for non-business accounts.
PayPal Money Pool service was launched in November 2017 and has key differences with a social fund raising website. The most important point about the Money Pool is that when the pool’s inventory reaches the targeted set amount, this money would be transferred to your account. The service is active in 16 countries including Germany, France, Netherlands, Denmark, Italy, etc.
How to set up a Money Pool?
To create a Money Pool for raising funds for different reasons you need a PayPal account in the first place. Then you need to sign in to your PayPal account. Click the “Create Money Pool” option from the Money Pool module appeared in the summary page. You can choose a name for your pool. Put a photo for it and specify why you are raising money. Others can pay a certain amount that you have set or pay as much as they want free. You can also set a goal for your pool. For example, going to a trip, or taking a party. You can also go through your pool settings, set up a deadline for collecting money, so that after that date no one can receive money from anyone. Setting up a Money Pool takes almost no time, and after it is created, the amount of money raised is displayed on the pool while it is credited to the pool creator once the collection time arrive.
learn how to create a PayPal account to use its many features.
How to collect money with PayPal Money Pool?
As mentioned above any one with a PayPal account can easily create a Money Pool for different purposes in short time. Once you have created the Money Pool you will be given a link to the created pool so that you will be able to ask for money raising from others. You can share this link via email, message or any other type of social media and messaging platform. By this it is possible to raise and collect funds from family members and friends. Donators and members can view how much each person has deposited and Money Pool account management is on the creator.
How to transfer PayPal Money Pool balance to bank account?
Once you think you have collected enough money you have the option to transfer your created Money Pool balance to your linked bank account at any time. Follow the instruction below step by step to do so.
- Sign in to your PayPal account. Keep in mind that you must be the creator of Money Pool at the first place.
- Enter Money Pools module and tap on Details option there.
- Select your desired pool which you tend to transfer its balance.
- Tap on Manage Pool option.
- Tap on Transfer Money.
- Choose Withdraw to Bank.
Is PayPal Money Pool secure?
According to PayPal company your collected money is completely safe and secure through Money Pool service. PayPal is providing fraud protection with numbers of encryption security algorithms a long side with constant monitoring in order to keep the Money Pool collected money safe and secure.
Frequent questions and answers about PayPal Money Pool
Anyone who has a PayPal account while his or her location is supported by Money Pool service can create it to raise money for different reasons.
Unfortunately the answer is no. you cannot use Money Pool service without a PayPal account.
Creating and using this PayPal service is free of charge. According to PayPal Money Pool service is free when you are contributing money from your PayPal wallet, or a debit card or a bank account linked to your PayPal account.
In case you are the person who has established the Money Pool in the first place you have the option to keep the fundraising details completely private and confidential so none of the members and contributors would see the details.
Once you have created a Money Pool it can be shared on Facebook and Twitter, or via messaging services such as WhatsApp, Messenger, Telegram, etc. using the exclusive link of the pool that you are given.
The service is not available for PayPal business accounts.