WePay, an online payment service that enables groups to collect, manage and spend money, has released a new public beta of its group payment product. The site eliminates the hassle of collecting and managing group finances, while also helping to promote transparency and accountability.
WePay allows users to create free FDIC-insured accounts and share them with others to maintain transparency. From these accounts, users can send electronic bills (which can be paid with bank accounts or credit cards) and spend funds with a WePay Visa prepaid card, paper checks, or electronic transfers.
Clubs, organizations, and associations of all sizes can use WePay to send bills and collect money, solicit donations, send reimbursements, and spend money transparently.
WePay allows users to keep their group’s money in a dedicated account, and to share this account with their group. The service is helpful for clubs, organizations, fantasy leagues, teams, and much more.
Bill Clerico, co-founder and CEO of WePay, said: “Our goal is to become the easiest way to collect money online.”
Rich Aberman, co-founder, said: “WePay is a lot easier to use than PayPal, especially when you’re trying to collect money from a lot of different people. But the real difference between WePay and PayPal is that WePay allows users to create separate accounts for different things like an account for your roommates and a totally separate one for a group vacation.”