Filed under: Business, Finance, Internet
Pay it square - nice tool to recoup your money
Did they pay? Who still owes money? Where do I stuff all this cash while I wait for everyone to pay-up? Here are some questions you probably don't want to deal with but since you volunteered to be a group treasurer, team manager or money person, you're stuck with.
PayItSquare might be of some help to people like you who are collecting and recording amounts of cash for a group. The beauty of it is people can pay you online via their credit card or a paypal account and you get paid immediately through a paypal account.
We asked Brian Anderson, the founder of PayItSquare, what the service fee was. Here's his response:
The per transaction fee is about 4-5% of the transaction total. It changes based on the amount of the transaction. The variable part of the fee comes from the amount we are charged to use PayPal's Mass Payment feature. We only charge a $.10 + 1% transaction fee as our revenue source.
Note this is cheaper than the coin machine at the grocery store that charges 8%+ to take your jar of change and convert it into nice clean dollar bills.
Here's how it works. Whoever is the group manager (money person) signs up for a group account. They would input the group roster and amount(s) owed. Then they send an email to the group which has a hyperlink to the group's Member Collection Page. Everyone can then see who paid, who still owes, and there's a convenient
button for them to click and pay online.
If they pay you offline, you can just mark them as paid so you stay organized.
The group manager has an at a glance tally sheet advising how much has been collected, what is outstanding, who owes, who has paid, etc.
Bottom line: if you like convenience (and who doesn't) and your group doesn't mind the nominal transaction fee, PayItSquare could be a nice accounting solution for you.
