Need to pay for a purchase together for a birthday or for any other occasion between friends, family or even colleagues? The Lydia kitty is an ideal tool to achieve this easily and quickly. We tell you how to do it in this article.
When it comes to organizing events, raising funds or carrying out projects, online prize pools have become essential. Among the many options available, the Lydia pot is one of the good options, just like Leetchi, Le pot commun or Lyf. PayPal no longer allows the creation of prize pools other than via its Paypal.me platform which is more like a donation platform.
The major advantage of the Lydia prize pool lies in its gratuity. Indeed, creating and managing a prize pool via this platform will cost you nothing if all participants have a (free) account with Lydia, unlike other solutions which take a small percentage of commission on the prize pool. Another good point: there is no obligation to have a Lydia account to be part of it. Everyone can participate by accessing the online prize pool page. A participant can choose to pay by credit card or directly with their Lydia account.
How to create a prize pool on Lydia?
To create a Lydia prize pool, you will necessarily need to create an account. But don’t worry, there’s no need to create a bank account, just register via the Android and iOS application.
- Open the Lydia app and Sign into your account
- Go to the section Prize pools at the top of the screen
- Give a name to your kitty
- You can choose to put a visual to your kitty (custom or default)
- You can then share your new prize pool via the link provided
Once you have created your fundraiser, people who wish to participate can contribute without needing a Lydia account. All they need is a valid bank card. You can share the link with them to make it easier for them to participate. Be careful though, with a free Lydia account, the prize pool is capped at €750 maximum.
Throughout the duration of the prize pool, you can follow the progress of donations in real time and send thanks to participants. When you are ready to collect the funds, you have two options:
- Transfer the entire amount to your Lydia account
- Use funds directly from your Lydia account to pay for online purchases.
It is also possible to transfer only part of the funds, and leave the balance available for other transactions.