About Backpocket

Backpocket is a mobile application that facilitates group payments by allowing users to pay only their share at checkout, while providing a secure link for friends to settle their portions within a week. This eliminates the hassle of collecting money from multiple individuals and ensures that the group organizer does not have to cover the entire bill upfront.

```xml <problem> Coordinating group payments for events or purchases often involves one person covering the entire cost upfront and then having to chase down friends for their share. This process can be time-consuming, awkward, and can lead to delays in receiving full payment, potentially straining relationships. </problem> <solution> Backpocket is a checkout service that allows users to split payments with friends at the point of purchase. The group organizer pays only their share initially, and Backpocket generates a unique payment link that can be shared with the rest of the group. Friends can then settle their portions directly with Backpocket within a week, without needing to sign up for an account or download an app. Backpocket secures the booking immediately after the organizer pays their share, ensuring that tickets or reservations are confirmed without waiting for everyone to pay. </solution> <features> - Split payment option integrated directly into merchant checkout flows - Unique payment links generated for each group member - No app download or sign-up required for friends to pay their share - Group organizer only pays their portion upfront - Instant booking confirmation upon organizer's payment - Seven-day grace period for friends to settle their payments - Email and chat support available </features> <target_audience> Backpocket primarily targets individuals who frequently organize group activities, events, or purchases, such as concerts, festivals, and travel, and who want a hassle-free way to manage shared expenses. </target_audience> <revenue_model> Backpocket is free for users; the company generates revenue by charging merchants a fee to offer the split payment option at checkout, driving increased group bookings and larger average cart sizes. </revenue_model> ```

What does Backpocket do?

Where is Backpocket located?

Backpocket is based in Brisbane, Australia.

When was Backpocket founded?

Backpocket was founded in 2021.

Location

Brisbane, Australia

Founded

2021

Employees

8 employees

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Backpocket

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Executive Summary

backpocket.com.au 700+

Founded 2021 – Brisbane, Australia

Funding

No funding information available.

Team (5+)

No team information available.

Company Description

Problem

Coordinating group payments for events or purchases often involves one person covering the entire cost upfront and then having to chase down friends for their share. This process can be time-consuming, awkward, and can lead to delays in receiving full payment, potentially straining relationships.

Solution

Backpocket is a checkout service that allows users to split payments with friends at the point of purchase. The group organizer pays only their share initially, and Backpocket generates a unique payment link that can be shared with the rest of the group. Friends can then settle their portions directly with Backpocket within a week, without needing to sign up for an account or download an app. Backpocket secures the booking immediately after the organizer pays their share, ensuring that tickets or reservations are confirmed without waiting for everyone to pay.

Features

Split payment option integrated directly into merchant checkout flows

Unique payment links generated for each group member

No app download or sign-up required for friends to pay their share

Group organizer only pays their portion upfront

Instant booking confirmation upon organizer's payment

Seven-day grace period for friends to settle their payments

Email and chat support available

Target Audience

Backpocket primarily targets individuals who frequently organize group activities, events, or purchases, such as concerts, festivals, and travel, and who want a hassle-free way to manage shared expenses.

Revenue Model

Backpocket is free for users; the company generates revenue by charging merchants a fee to offer the split payment option at checkout, driving increased group bookings and larger average cart sizes.