Nobody wants to attend a concert or a sporting event alone, but buying tickets for a number of people is a hassle. PayByGroup has added a “fixed price” feature today to make it easier to collect funds for group ticket buying.
PayByGroup is payment platform where people can pool their money to make a collective purchase. Users create a “PayByGroup” for a specific purpose, dictate the amount that each person needs to pay, invites participants to join. No money is charged until the goal has been reached, at which point the initiator can collect the funds. The new fixed-price option specifically targets occasions when every participant throws in the same amount.
The fixed price feature is also useful for merchants who can implement PayByGroup’s technology to create a group checkout option. Any business, from a theater to a vacation rental site, can use the platform to lower friction during the payment process and increase conversions. PayByGroup has formed partnerships with “marquee merchants”, although it has not yet revealed who these partners are. It distinguishes itself from crowd funding site Crowdtilt in this way, which does not currently work with vendors.
PayByGroup was founded by a team of “group organizers” who were consistently frustrated while planning parties or orchestrating trips. Their ultimate mission to have fun was tainted by the awkwardness of asking friends for money and the sting of never getting paid back. Rather than relegate themselves to a lifetime of passive aggressive text messaging and check collecting, they built a better alternative themselves.
PayByGroup received investment from 500 Startups and is based in Mountain View, CA.
Check out this video about the fixed-price feature below:
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