Focus on SA's first online money box: Candystick.co.za

Tired of trying to make common gift because you never agree on what to offer and you struggle gathering the money from every participant? Candystick found a solution for that. A Candybox is an online money box where friends, family, colleagues or anyone else can contribute towards an occasion or a group gift. Invite people and they will handle the rest. Have a look at their website !

 

How does it work?

The startup business model is based on a R5.00 transaction charge anytime someone adds money to the free-created candybox.  The startup offers the possibility for the creator of the box to remind people to contribute to it by sending them reminders.

Concerning safety, numerous precautions are in place to make sure that the money collected is as safe as possible. The money contributed goes into a safe deposit account in a bank where no-one can touch it until the Candybox reaches its maturity date.

Once the box reached its maturity date (decided by the creator), the money gathered is available. It can then be spent either on one of candystick partners’ shop, or transferred to a bank account with a 5.5% transaction fee.  

 

Why did the idea come out?

Candystick was founded at the beginning of 2015 to try and improve the experience of group gifting within South Africa. Indeed it is time consuming and strenuous to collect money. Therefore, the Candystick team put all its energy and efforts into ensuring that you can make your contribution as personal as possible, whilst taking all the admin out of your life.

Views: 154

Comment by Stéphane Gay on September 2, 2015 at 12:13pm

Interesting to launch this idea in SA.

This has already been launched successfully in Europe. However, with much lower fees (2.9% average iso 5.5%).

You can find below a link with all the similar websites existing in France with their advantages and fees:

http://socialcompare.com/fr/comparison/tirelire-cagnotte-en-ligne-c...

Cheers

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