A variety of life circumstances make it difficult for folks to keep up with their expenses. PayTap lets people share payments with their social network and to some extent, brings the crowdfunding "culture" to personal bills.

A crowdfunding culture coming to personal bills?

Impressive goals fueled a space for crowdfunding - the major sites enable individuals and small businesses to fund projects, inventions, or fund startups. Despite the glamour of innovation, when trends help people with the boring parts of life they start really integrating with culture. People don’t want to launch a Kickstarter every day, but they could easily become accustomed to asking their followers to take the sting out of their utilities or credit card payment. Crowdfunding comes to bills with PayTap, a tool that lets anybody share the most mundane of expenses with their social network via email, Facebook or Twitter.

Splitting bills with friends and family...

While PayTap members can reach out to their friends and family to for help with their expenses, contributors do not have to sign up with the service in order to participate. Integration and apps show all the involved parties where the money is going and when the bill is paid - the funds go directly to the biller, making the payment process simple for the person with the bill and the helper network. PayTap membership is free, and the bill payment fee is $1. PayTap aims to integrate with consumer needs in this way, aided by prepaid PayTap Visa debit cards, an iPhone app and Amazon payment option.

... Can also drive customer traffic to online merchants

While customers can opt-in to PayTap on their own, the service offers support directly for billers who use online payment services from PayPal, Dwolla, and others. These tools offer the PayTap payment option on the existing site, so customers never leave the checkout on sites from billers or merchants. PayTap integration even drives traffic, since more purchasers are collaborating to buy a single shopping cart. This workflow also allows for larger-ticket item sales, since multiple purchasers can afford a more expensive product together.

By Ivory King