August 23, 2010 16:45 ET
WePay Integrates Group Payment Application With Facebook
WePay for Facebook Introduces Simple, Easy-to-Use and Transparent Group Collections and Payments for Facebook Events and Facebook Groups
PALO ALTO, CA--(Marketwire - August 23, 2010) - WePay, an online payment service that makes it easy for groups to collect money online, today announced that it has integrated with Facebook. Available now for Facebook Events and Facebook Groups, WePay provides a reliable and easy-to-use solution for collecting money online for events, reunions, fundraisers, wedding showers, clubs and fantasy football leagues.
The announcement comes on the heels of a major round of financing and a period of rapid user growth since WePay first launched its service in the spring.
"Groups of all sizes, interests and causes have begun to embrace WePay as their preferred service for collecting money online," said Bill Clerico, cofounder and CEO, WePay. "We have now brought WePay's secure payment functionality into the world's largest social environment, where millions of members are organizing social events, launching cause-related campaigns and coordinating clubs and professional interest groups."
Accessible within Facebook Applications, WePay's Sell Tickets app allows users to sell tickets for any Facebook Event, and its Collect Money app allows users to collect money from members of any Facebook Group. Group members can make payments with their bank accounts or credit cards.
Founded in 2008 and released in public beta earlier this year, WePay's model for helping people collect money online makes it easy to avoid mixing group finances with personal finances. It also lends an easy way for any person to establish multiple accounts for completely different collection and payment purposes, such as one account for a baby shower and another for a class reunion. WePay derives revenue from either a 3.5% transaction fee or a 50¢ transaction fee, depending on whether group members pay with a bank account or credit card.
WePay makes it easy to collect and manage money online. WePay is the only service that allows users to keep their group's money in a dedicated account and to share this account with their group. WePay is great for professional organizations, social clubs, sports teams, fantasy leagues, philanthropic fundraisers and groups of friends. Founded in 2008 and backed by August Capital, Highland Capital Partners and YCombinator, WePay is headquartered in Palo Alto, CA. For more information, visit www.wepay.com.