MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--500 Startups alum PayByGroup, a free, web-based application to eliminate the hassle and reduce those “awkward moments” associated with multiple-party purchases, today announces its official public beta launch. With collaborative consumption on the rise and the proliferation of social platforms and collaboration tools making communication easier, but still not solving the problems of real commitment and payment, PayByGroup is an instinctive choice for consumers accustomed to purchasing, gifting, and renting with close friends, family members, and other tight-knit communities.
PayByGroup enables group organizers to determine who is truly engaged and committed before making a purchase. The platform can be applied to a wide array of categories including ticket purchases (think sports and music), kids’ activities that require parental coordination, and group gifting for special occasions like weddings, baby showers, and retirement parties. For consumers who regularly spearhead travel or large-scale purchases with extended family or friends, PayByGroup’s solution is a boon:
“For many people, finding out who is committed and what everyone owes takes quite a bit of time, energy and coordination, and frankly can be quite uncomfortable,” said Camilo Acosta, CEO of PayByGroup. “The platform is a game-changer in terms of eliminating the friction often associated with these activities and providing a simple channel for users to spread the word to potential participants via email, Facebook and Twitter.”
PayByGroup’s intuitive setup process allows organizers to choose how to split the cost, and the service can even adapt to charging different amounts based on how many people join.
Added Mr. Acosta: “Given that no one is charged until a minimum threshold is reached, everyone that joins in is assured they won't be left going alone. Our dashboard is designed to allow group purchase coordinators to track the progress of their ‘event’ and watch the status of fund collecting.”
A tracker located on the screen shows what percentage of the funding goal was met and how much money has been committed to date. Once the funding goal of the group purchase has been met, the organizer is notified, the credit cards provided by the participants are charged, and the funds are transferred to the organizer’s bank account within 3-5 days.
About PayByGroup
Mountain View, California-based PayByGroup is a member of the 500 Startups investment family and was founded to alleviate the hassles of group purchases. Frustrated by the lack of a service allowing them to easily pay by group for their purchases, the founders developed PayByGroup to alleviate this pain and fill a much needed void in today’s group-minded, collaborative marketplace.