July 20, 2015
Asking someone who owes us money to pay up usually tends to be more awkward or uncomfortable of a task than it seems at first. No wonder, successfully collecting money from an entire group of people is practically impossible. Even in today’s world of virtual payments, managing pools of money and fundraisers are still driven largely by cash and check.
Looking to solve this age old problem, Cheddar Up, a Denver based company has created an online platform allowing users to collect and track online payments from a group.
Back in October 2012, the founders, Molly DiCarlo and Nichole Montoya initially started work on the company to specifically help schools and moms handling such group transactions. They launched the company a year later. Ever since, the two have raised money from three investors in two rounds, including $725K this April.
Cheddar Up boasts an updated platform which now completes e-check and credit card transactions with its own services on its website. Users can create personalized payment pages called tabs on which people can be invited to come and pay. The organizer of the page can share the custom URL with whomever they wish via email or other social media. These tabs can be configured either to allow users to donate money at will, or to charge a fixed amount.
In order to further help organizations looking to collect money, Cheddar Up offers alternatives to the registration forms traditionally attached along with money, those that typically hold personal information. Pages can be used to collect such information from users and can even be customized with personal messages, coupons, and logos. This, in addition to standard low credit card transaction processing fees of 2.9% and $0.30 per transaction, has made Cheddar Up an effective choice on many occasions even for large organizations. In certain instances, Cheddar Up has also allowed for the possibility of white labelling the service for power users.
An elegant digital solution to a real everyday problem, Cheddar Up offers a friendly mobile-responsive website that seems to be designed by those who have actually had to manage collecting money from groups before. The fees seem reasonable and there are glowing testimonials. With some money in the bank after the latest funding round, it remains to be seen how the company executes on its growth plan to drive adoption of the platform.