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Paypal helps you pool your money

Paypal's new feature lets you pool your money with friends to make all your purchases.

The online payment company have developed a new piece of software that lets you and your family or friends create a group, where you can all put money in to buy certain things.

They wrote on their website: "Pools are an easy and fast way to collect money with friends. Whether you need to raise money for a holiday, a group gift, or for regular shared expenses, just create a pool and share it with your friends and family. Please note that you are responsible for spending the money collected for the purpose set out in your Pools page. Your friends can chip in in seconds. If they don't have a PayPal account, they can set up one in minutes - sign-up is free and easy!

"You'll need a PayPal account, so if you don't have one yet, sign-up is easy and free. Look for the Pools module on your Summary page. Click Create a pool. Follow the instructions provided. Creating and running a pool is free of charge. PayPal doesn't charge a fee to open a PayPal account. Pools are available to personal account holders. At this time, Pools are not available for Business account holders."

It also allows you to set minimum amounts so that each person contributes equally.

They added: "All the money you collect with a Pool goes to your Pool's balance. You can transfer it at any time to your primary balance. From there you can transfer to a bank account or spend it online at any of the millions of sellers that accept PayPal ... When you create your Pool, you can set minimum amounts for people to contribute or add specific contribution amount. You can also choose to accept any amount."

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