Asking for money in person may feel awkward. So how can people collect money from friends, family, or a group quickly and easily? One option is to move the transaction into the digital world by initiating an online bank transfer or using a digital payment app.
This article includes tips, suggestions and general information. We recommend that you always do your own research and consider getting independent tax, financial and legal advice before making any important decision.
With some apps, people can create a payment request and share it with friends and family in seconds. They can then link their bank account, an online financial account, or credit or debit card, and make payments directly without needing cash or cheques.
Online payment platforms may provide a convenient way to track who has paid and who hasn't, potentially eliminating the need for guesswork and follow-ups. Collecting money online can also make it simple to plan a group gift, organise a party, or simply split expenses with friends.
However, anyone sending or receiving money will need to set up an account on the same app before they can complete a payment request.
While collecting money from friends and relatives may be necessary, it may come with challenges.
Here are a few examples:
On the other hand, digital platforms may help people more easily collect money from a group — eliminating the need for meetups or cash exchanges.
There are different platforms and tools available to help make the process as smooth as possible. While each platform may have different nuances, the process might look something like this:
There are many instances where people may want to collect money from others. Here are some examples:
In all these scenarios, modern digital methods can help make splitting payments and collecting funds stress-free and more efficient.
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