Another step towards a cashless society, EventSum makes it easy to chip in money without reaching for your wallet.A little like a handy go to application between friends, group social payment app EventSum lets users collect funds to pay for anything from a joint birthday present to a group's big night out. The person organizing the fundraising or fund collection or group social payments has the option to set a deadline/payment goal for an Event and only receive payments once that goal is reached.
Officially launching in India in May 2017 after the beta testing period of 6 months, EventSum is targeted at individuals, small businesses and formal/informal groups and is accessible via Android app initially and on iOS (planned release in late 2017). Organizers can make their Events public or else keep it private and only share the 6 digit Event code based access link with friends/contacts/customers/group buddies via email and social media.
EventSum is free for personal use by organizers and contributors, who are able to see who else has contributed, check basic details etc. The service charges a flat 2.3 percent Service Charge / Admin fees for organizers/individuals/small businesses to withdraw the money collected for an Event using the EventSum platform.
The free EventSum service already has a wide range of local users in Hyderabad via its Beta Testing platform. To date, EventSum has achieved its Indian growth via its College Champions program partnering with local colleges and institutions. While there are plenty of ways for people to transfer funds, EventSum's strength is its ease of use and social nature.
We believe that comparing EventSum to bank transfer/digital wallets is a bit like comparing Facebook/WhatsApp to an email."The two can do similar things but EventSum adds a social layer, bringing friends/acquaintances/contacts and money together. It takes about as long to start an Event on our mobile app, as it does to write a tweet."
Today EventSum operates in only India and is looking to grow to more countries in 2018.Like many other similar crowdfunding/social payment platforms, EventSum's dispute resolution process is limited as it does not hold money in escrow but holds the money in a trust before it’s disbursed/transferred into the nominated bank account of the Organizer. It advises users to do their research before backing or contributing to an Event, as when an Event reaches its goal (deadline or targeted total funds) the pooled funds are transferred directly to the organizer's bank account within 2 business days.
EventSum has several safeguards in place to limit misuse, with organizers required to upload photo identification and KYC details like PAN #, bank information and UPI details that can be verified before they can start an Event. EventSum also manually monitors Events on a daily basis to ensure they are legal and meet EventSum's acceptable use policy and adheres to its Terms and Conditions, which bans collecting funds for a range of activities including gambling, supplying controlled substances and providing sex-related services.
EventSum's guidelines/T&C's do not include a detailed dispute resolution process, instead, individual users are encouraged to attempt to resolve disputes directly with the organizer of the Event and to contact EventSum, if they can't come to an agreement.EventSum also has a fraud prevention policy in place to ensure its platform is safeguarded from intended misuse by people or businesses for the range of activities mentioned in its Guidelines and Acceptable Usage policy under its T&C's.