PayPots Service Description v1.0 (January 2024)

 

Send Money:

 

PayPots allows users with an active payment method are able to send money directly to other PayPots users, without the need to exchange bank information. User A simply selects “Send Money” from the ‘Create’ section of the Home page, either select another user (User B), from their friends list of search them by using their username or unique 6 digit PayPots code. User A can then input key details such as the amount and description (reference) of the payment and tap “Send Money”. If this is the first time that User A has sent money to the active bank account of User B then User A will be asked to verify key information about User B’s account such as cross-checking their PayPots code and reviewing the verified name on User B’s bank account. Once this is verified then User A will be taken to their linked mobile banking application, via a Tink hosted webpage, to authorise the payment. Once completed, User A will be automatically redirected back to the PayPots Application and shown a payment success message. This payment will then be visible within the “Payments” tab of both User A and User B.  

 

Single Request:

 

PayPots allows users with an active linked bank account are able to request money directly into their linked bank account from other PayPots users, or off-platform participants, without the need to exchange bank information. User A simply selects “Request Money” from the ‘Create’ section of the Home page and either selects another user (User B from their friends list, search them by using their username or unique 6 digit PayPots code or simply enter their Name. User A can then input key details such as the amount and description (reference) of the payment and tap “Request Money”. If the recipient of the request is a PayPots user then they will be able to view and respond to this request in the “Payments” page. However, if User B  does not have the PayPots App, then the app will open a native sharing menu which will allow User A to share a unique payment link to User B via any of the main messaging / social platforms (e.g Whatsapp, Facebook, Email etc). Once the request as successfully been sent either vai the app or link, User A will be able to manage this request from the “Payments” page.

 

Single Pot:

 

PayPots allows users with an active linked bank account are able to request money directly into their linked bank account from other PayPots users, or off-platform participants, without the need to exchange bank information. User A simply selects “Create Pot” from the ‘Create’ section of the Home page. They will then be asked to enter the name of the Pot and the general purpose of the Pot. Once completed they will be taken to select participants from their friends list, by searching their username or unique 6 digit PayPots code or simply enter their Name.

 

Once all participants have been added, the requestor will proceed to select what type of pot they wish to create. For this example the user selects “Single Item” and taps “Next”. The requestor will now be able to enter the request amount and how they wish to attribute this between the participants. The options are, Even (Amount divided by participants), Custom (enter a specific amount for each participant) or Per Person (Amount multiplied by participants). Once this has been completed, they will tap to “Create Pot”. At this stage, all participants who are PayPots users will be able to view this request in their “Payments” page. If there are any off-platform participants, the requestor will be presented with two options; personal links (a unique link for each off-platform participant) or a Pot Link (a generic link which can be shared in a group chat to allow participants to select their own name from a list and proceed to payment).

 

All participants, whether on or off platform will be able to see who else is in the pot, how much has been requested from each participant and the status of that participant’s payment prior to them making payment. 

 

The requestor will be able to add and remove participants, mark payments as paid and send reminders all from within the Pot Summary page which can be selected from a list of active pots on the Pots page.
 

Balance Pot:

 

PayPots allows users with an active linked bank account are able to request money directly into their linked bank account from other PayPots users, or off-platform participants, without the need to exchange bank information. User A simply selects “Create Pot” from the ‘Create’ section of the Home page. They will then be asked to enter the name of the Pot and the general purpose of the Pot. Once completed they will be taken to select participants from their friends list, by searching their username or unique 6 digit PayPots code or simply enter their Name.

 

Once all participants have been added, the requestor will proceed to select what type of pot they wish to create. For this example the user selects “Single Item” and taps “Create Pot”.

 

This will lead to a Balance Pot page where any of the participants can add expenses by entering the name of the expense and who from the Pot was part of the expense. Then the requestor can enter the request amount of the expense and how they wish to attribute this between the participants. The options are, Even (Amount divided by participants), Custom (enter a specific amount for each participant) or Per Person (Amount multiplied by participants). Once this has been completed, the expense has been added and the inter-personal balances between those involved are updated to clarify what the net money owed is between each participant.

 

Participants can then settle their balances or request their balances are settled at any time. These payments are then shown on the payments tab of the Balance Pot Summary where you can also find a full list of expenses which that specific payment was to settle.
 

QR Code:

 

PayPots allows users with an active linked bank account are able to request money directly into their linked bank account from other PayPots users, or off-platform participants, without the need to exchange bank information. User A simply selects “Pay.Me Link” from the ‘Create’ section of the Home page, which will open a pop up with a QR Code which can scanned by anyone (Sender) and used to send User A money, providing they also have a UK, Open Banking enabled Bank Account supporting mobile banking app. The Sender enters the amount they wish to send, a description (reference) for the payment and also their Name so User A is able to identify the payment. When Sender taps “Send Money”, they will be shown a pop-up containing the PayPots Code and ‘Name on Bank’ of User A so they can be satisfied that they are sending money to the intended recipient. Once Sender has confirmed this information, they will be taken to select their bank from a list, which will then open the associated mobile banking application and ask them to authorise the payment. Once payment is complete they will be redirected to a payment success screen. User A will be able to see this payment in their Payments page.

 

Fee Process:

 

PayPots offers two payment methods; pay-as-you-go (PAYG) and subscription and the fees that are charged to Users are made up of two components; personal transactions and fees they collect from off-platform requests.

 

With regards to personal transactions -  PAYG users will be charged £0.25 for each payment that the user completes, via direct debit at the end of their monthly billing period e.g if User A completes 8 payments, they will be charged £2.00. Subscription allows for unlimited transactions (in accordance with a fair usage policy) for a fixed £1.99/month fee e.g if User B completed 12 transactions, they will be charged £1.99.

 

The fees collected by off-platform requests occur when a user receives a payment from someone that is not a PayPots user. PayPots adds £0.25 to the requests that are sent to off-platform participants, which is then collected by the user in addition to their original request amount. PayPots then retrieves these transaction fees from each user at the end of the billing period in addition to their personal transaction fees.

 

For example if a PAYG user has 6 personal transactions and receives 6 off-platform payments they will be charged 11 x £0.25 transaction fee = £3.00. Alternatively if a subscription user has 10 personal transactions and receives 4 off-platform payments, they will be charged £1.99 x (4 x £0.25) = £2.99.

 

All payments are collected by direct debit. 

 

Security Provisions:

 

PayPots offer a few security provisions to ensure that users of the platform are interacting with the intended participants; 

 

1- PayPots Code: this is a unique, system generated 6 digit code which can not be copied or changed. This will allow a user to be able to verify another PayPots user clearly. This information is shown in every instance of search and is verified in the first payment with a user. 

 

2- Name on Bank: On the first instance of a payment to a user, or for every off-platform payment, the payer is shown the verified name associated with the bank account they are about to send money to. 

 

3- Location: PayPots is able to show which city requests are sent from to give users confidence and another point of scrutiny to be sure they are interacting with the user they think they are.

 

4- Private mode: PayPots allows users to make their accounts private, which means that they will appear in searches, but only their accepted platform friends can send / request money with them and add them to pots.

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Errors and omissions excepted.