Ever wondered how to spread the cost of a social spend?
Has bringing your friends and family together to try and raise the money for an important gift, celebration or event ever felt like enough to make you tear your hair out? If so, you’re certainly not alone – in fact, a recent YouGov poll found that a third of British people are having exactly the same problems, struggling to collect (or even talk about!) money with loved ones. It’s not all bad news, though, as Leetchi.com are pioneering a cheap – often free – solution with their online money pot service.
These money pots are a personal solution for money raising problems: in under a minute, a pot can be created to fund a specific project and friends, relatives or co-workers can begin to make their own contributions. Removing all the awkwardness of asking people to cough up their fair share, the online service also makes it far easier to manage the lump sum once it has been collected, and to spread the word about the collection with easy social media sharing – making raising money online quick and easy.
Leetchi’s CEO, Céline Lazorthes, describes the problem which all too many of us are already familiar with, and which the service plans to solve: “I was often faced with the problem of advancing money to buy a group gift and spent a lot of time chasing people up to pay me back. The light-bulb moment arrived when I was in charge of organising an integration weekend for my class at HEC Paris, this is when I envisaged an online money pot that would help to overcome all the difficulties associated with collecting money in a group.”
They’ve also aimed to keep the costs down for users; in fact, if you choose to spend your money pot at one of their partnered sites then the whole process is completely free, from start to finish. Alternatively, the money can be transferred into a bank account for a small servicing fee, keeping control firmly in the hands of those running the collection. At all times, money, data and access are processed and stored with a secure system.
The applications for the service are really as diverse as the imaginations of those using it: from funds for a wedding or party, to charitable donations, to family trips abroad. It seems that more and more people are keen to pool their resources for these occasions and projects – something which can be incredibly cost-effective if done right – and Leetchi have positioned themselves at the forefront of the growing market for crowdfunding and crowdsourcing money.
Starting off in Paris, they’ve now expanded to involve those of us based here in the UK, integrating GBP into the service and allowing money pots to be created in over 150 countries. Yet another example of how modern technology can be used to solve age-old problems, Leetchi’s money pots could be one way to stop financial rows erupting over the Christmas turkey for years to come.