About Lydia money pots
With the Lydia app, users can set up money pots to collect money from their mobile.
Lydia Prize Pool Commission 🤑
There is no commission on Lydia money pots, regardless of the user's subscription (no subscription, Lydia Blue or Lydia Black) but the use of a Lydia money pot falls within certains limits.
Why should I create a money pot with Lydia?
For a birthday, a wedding, or a leaving party, users can, directly from the Lydia app on their phone...
The Lydia money pot combines the best of the online pots and Lydia. It's a simpler pot that you can take with you everywhere.
Directly from the Lydia app, users can therefore:
- Create a money pot in 10 seconds;
- Share it by sending the online pot page, and start collecting money by credit card or with Lydia;
- Track contributions in real-time thanks to notifications received on their phone;
- Buy gifts with the money collected, instantly.
Creating a money pot 🎁
Creating a Lydia money pot doesn't take any longer than 10 seconds.
To create a money pot, the user must go to the "My money" tab of the app (or click here from a mobile) then...
- Click on the "+" icon and on "🎁 Create a money pot".
- Type-in the chosen name of the money pot.
- Add a cover photo for the money pot. This is the first image participants will see before contributing to the money pot;
A web page hosting the money pot will automatically be created. It will have to be shared to collect contributions.
Optional: Add other administrators to the pot 👫
Several admins can track contributions and purchase gifts with money collected from the Lydia money pot.
To invite a contact to become an administrator, the creator must:
- Go to the money pot via the account section, from the "My money" tab of the Lydia app;
- In the "Members" section, select "Add a member" then select the contacts to invite;
- Select the rights granted to each organizer
See balance: the administrator will be able to access the pot's balance.
See transactions: the administrator will be able to view the pot's transactions.
Spend balance: the administrator will be able to use the pot's money.
Manage members: the administrator can add or remove administrators and manage their rights.
- Click on "Send invitations" to send the invitation.
You can invite a new admin at any time.
Share the money pot 📤
The money pot admins must share the pot's URL link with all the people who wish to contribute.
From the Lydia app
- By going to the money pot's account from "My money" tab of the app;
- By selecting "Share my page" in the Web page section;
- By choosing the means of sharing the pot link (SMS, email, WhatsApp, etc.) then by selecting the recipients.
From the money pot's web page
- Copy the link at the bottom of the page, then send it to contacts by email or text message;
- Or click on the Facebook or Twitter logos to directly share the money pot on these social networks.
Contribute to a Lydia money pot 💸
From the online page, they can add their contribution to the pot by entering their credit card numbers in a secure payment form or in one click with Lydia, if they have an account. For their participation to be effective, they will be invited to...
- Choose the amount of their contribution;
- Enter their first & last name;
- Enter their mobile phone number;
- Enter their credit card number or choose to pay using Lydia.
Other money pot creators can contribute directly from the app.
All contributions are instantly credited to the money pot.
Keeping an eye on contributions 📱
By activating notifications, the organizers of the pot are immediately notified (by email and or mobile notification) of each new contribution.
They can find these participations
- By going to their money pot, from the "My money" tab of the Lydia app;
- By checking its history or by selecting the "Top contributors" section.
Using the money collected from the money pot 💳
Once the money pot is complete, there are three ways to use the collected money:
- Use the money with Lydia directly (Lydia card, payment by phone, Internet cards);
- Convert the amount collected or part of it into gift cards;
- Transfer the money to a bank account.
Buying gifts with the money collected
The money collected can be spent directly...
- In-store with contactless mobile payment (Apple Pay, Google Pay, Samsung Pay) or with the Lydia card;
- Online with Lydia Internet Cards;
- Or by withdrawing the money from an ATM using the Lydia card.
Convert the money collected into gift cards
All or part of the money pot can be converted into gift cards at any moment. These gift cards can be used in major retailers (decoration, furniture, fashion, sport, high-tech, household appliances, etc.).
Some retailers can even credit the money pot with a bonus of up to €10.
Transfer money to a bank account
It's possible to transfer money from your pot to your bank account. Simply:
- Go to the money pot account, from the "My money" tab of the app;
- Click on "Use";
- Select "IBAN";
- Choose a bank account from the list of registered accounts.
(For Lydia free users, the money amount limit that can be transferred free of charge to an external bank account is €500 per month. A 1.5% commission is applied beyond that limit. More information here).
Amount and contribution limits 🔒
Beyond €150 collected and for legal reasons, the organizer will have to verify his identity before being able to use the money collected.
It is recommended to do this as soon as the money pot is created, from the "Verified account" menu in the 3rd "Profile" tab of the app, or by clicking on this link from your phone.
Once the "Verified account" status is obtained, the organizer won't need to do this again for future money pots.
The organiser's Lydia account limit pricing applies to the kitty, including limits on "Sum cash-out /month" and the "Sum of outgoing bank transfers/month" limit.
A Lydia user without a subscription can spend money up to €1,000 / month without charge and can transfer money to another bank account up to €500 / month without charge. Beyond these limits, a fee of 1.5% will be charged.
Ex: With a Lydia account without subscription, a fund raising less than 1000€ will cost 0€ if the money is used directly from Lydia, thanks to a Lydia card, an Internet card, Apple & Google Pay or others.
If the money is transferred to a bank account, the limit "Sum of outgoing bank transfers/month" is exceeded, so there will be ( €1,000 - €500 ) x 1.5% = €7.5 fee. These fees could have been avoided by using the money directly from Lydia.
If both limits are reached on a single transaction, the fees charged will be the highest of any potentially applicable fees.
Close a money money pot
Once the campaign is over and the balance of the money pot is 0€, the user can close it directly from the application by clicking on "Delete this account", visible at the bottom of the page of the money pot in question.
From then on, no more participation will be possible.