Inspiration
Burdened by having to wait up to months to get paid back for certain expenses, we created a platform that creates a virtual contract amongst a group for a certain payment so money is transferred appropriately before the payment is made by a member of the group.
What it does
Goldpot is a iOS mobile application that users can use to ensure that they will get the appropriate money from a group of people before a payment is made. A user, the "leprechaun" of a group, can instantiate a "gold pot" with a certain monetary value for a payment. Other users can join the leprechaun's gold pot by drawing a unique shape with their phones that the leprechaun will provide. Once everyone has joined the group, the payment will initially be split equally amongst each member. Users can then specify if they would like to contribute more or less than the suggested values. The specified money will be withdrawn from each member and transferred to the leprechaun. The leprechaun will then be able to make the payment once every member has put forth the amount they agreed on and will not have to worry about having to follow up with people individually to get paid back!
How we built it
Challenges we ran into
We had difficulty in straightening out our idea of a payment splitting app. We spent a lot of time exploring different ways to make it easier for users to create these goldpots, and found our current implementation to be the least demanding on the user.
Accomplishments that we're proud of
We are really proud of the value that our platform can bring to users. As college students, we often struggle with group payments. There is always a person who delays payments or doesn't not pay back in a timely fashion. Our platform makes it so easy for members to join a group and put down their money, eliminating the complexity of coordinating group payments. Our platform also encourages members to pay up in a timely manner as its in a group setting rather an in a 1-on-1 setting. We envision Goldpot to change the way group payments are made and definitely make them effortless!
What we learned
What's next for Goldpot
Integration with an actual payment service to allow the transfer of money amongst people is our next goal. We hope to improve our platform by having money from each member of a specific group be transferred to a third party payee (i.e. Restaurant) rather through a specific leprechaun. We also plan on incorporating Computer Vision frameworks to detect receipts so a payment can be split based on items in addition to total value.
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