Helping with financial down time
We’re all feeling the squeeze. Rising interest rates driven by sky rocketing inflation; gas and electricity outgoings literally disappearing through the roof; and the weekly supermarket shop giving less for more. But even though we’re experiencing one of the biggest financial downturns for decades we still want to move on with our lives post-lockdown, catching up with friends and family and finding our more sociable sides once more.
At ALL IN, a key focus for us has always been to help people manage their money for social activities. Our early market research exposed how organisers of events often lose out on money they’re owed by the people who’ve been along to enjoy them. This seems a tad counter-intuitive if you want motivated people to arrange more events: if organisers know that in addition to all the planning, booking, cajoling and diary juggling, they’re probably going to be worse off financially, what’s the incentive?
Worse still, when it comes to chasing up what’s owed the organiser can end up falling out with those yet to pay. Once an event is over everyone gets on with their lives and, while everyone does mean to pay, it’s just not top of the priority list. They know they’re going to pay once they’ve cleared a few things… tomorrow… soon.
An important objective at ALL IN is to help alleviate this burden on the organiser by letting the app do the chasing. Late payers can’t blame the organiser if it’s an app sending out reminders! At the same time, we’ll make it as easy as possible for people to pay in just a few easy clicks. Here’s how…
Spending the money
The fun part! Whether it’s paying for transport, an excursion or a round of drinks, ALL IN lets you easily add your expenses and who they’re split between. The app will keep a running total of who paid for what and how much each person owes and to whom.
When you’re ready, you just need to finalise the bill. This allows everyone to pay what they owe directly through the app, and starts the process of chasing people through a mixture of different methods designed to help encourage payment.
The bill is IN!
A straightforward notification to all the group members. It allows you to see what everyone owes and click to pay the person you owe directly.
Quick initial payments
As people start to pay, the app notifies other members of the group about payments being made, as well as recording who paid and when in the chat. This acts as a reminder to pay, as well as provide social pressure not to be one of the few that don’t pay. Anyone clicking on a payment notification will be taken to the event where they can pay what they owe easily.
Individual email chaser
Two days after the bill is finalised ALL IN will send direct mails to those that still owe reminding them they need to pay. The focus is on a clear call to action which directs you straight to your payment in the app.
Give it another couple of days and ALL IN starts a ‘name and shame’ approach, reminding everyone within the group who still has not paid.
Last person standing
The next level of pressure comes with being the last one to pay. Utilising gamification principles ALL IN notifies the group when it comes to the last person to pay to encourage people not to be last.
The aim is to try to get all event payments settled within a week of the bill being finalised. That way, for weekly events, all the money should be in before the new week starts.
Want to give ALL IN a try? Click here to have a play for yourself.
And how easy is it to pay?
Payments in ALL IN are designed to be as easy as possible to allow you to settle up and get straight back on with your day.
Within ALL IN you click on the payment that you owe and choose your preferred banking app to pay through. Through the beauty of open banking you can then pay without having to choose who to, or having to enter any sort codes or account numbers. Just check the amount and confirm. Everything will be updated in the app, the person owed will be notified and you can start thinking about the next fun group activity you’d like to enjoy.
NB – ALL IN has partnered with Ecospend for open banking services, the same service trusted by HMRC who processed over £2 billion of UK tax payments in 2021.
ALL IN also supports a nifty payment request feature that Ecospend have created. If anyone owes you anything, you can create a request for what is owed and share it either by message, or in person using a QR code. Check out this 30 second video for an example: