This service, which just went live this week, is a little hard to explain, but stick with me. (PayTap's presentation was another "Best of Show" at Finovate, so I'm not the only fan.) Basically, it's a way for family members to help each other pay bills.
It could come in handy if, say, you and your siblings need to split costs associated with care-giving for your parents. Or if you have to pay some or all of your son's phone and cable bills each month. Or maybe you and your relatives want to chip in to buy a big-ticket appliance as a housewarming gift.
Here's how it works: Your family member sends you an email or Facebook post or a tweet asking for a certain amount of money to pay a bill and where the cash should be sent. You (and whoever else will fork over the cash) sign up at PayTap, specifying whether you'll pay by credit card, debit card, bank account, PayPal or Dwolla, an electronic payment network. PayTap then charges each user $1 per transaction, transfers the money to the company expecting the cash and emails the family members who paid the bill as well as the one who issued the request.
If you've agreed to pay a bill in the future, PayTap will send an alert near the due date.
Like Tuition.io, PayTap grew out of a personal experience. CEO and founder Sean-Michael Daley and his older brothers wanted to help take care of their mother's medical bills. But they struggled to find a fail-safe way to ensure that every bill would be paid on time. They wound up creating an Excel spreadsheet. "It was a lot of hassle," Daley recalled. "I realized this must be the type of problem every family goes through."
With PayTap, said Daley, "we support the family so they won't need to worry about the bills getting paid."
By Next Avenue