Frequently Asked Questions:
If you do not find the answers you are looking for here, you can always try our Community Help page.
What is the purpose of this?
The short answer is to read our About page. The longer answer is this service allows you create your own deals on whatever items you want for whatever price you want.
How is this any different from other group buying websites (such as Groupon)?
The biggest difference is that we allow anybody to become a pooler (anybody can create a deal) whereas with other sites users have no control of who creates the deals.
How much does this cost?
The only fees are when a user cashes out and when a pool successfully pops. The only fees we take are to cover the costs of maintaining the servers and transaction fees. When a pool successfully pops, LetsPool! keeps 5% to cover initial transactions to join the pool (money being deposited to LetsPool!), and LetsPool! charges 3% to cashout (the transaction fee rate) or a flat fee of $25 to receive a paper check.
What is the difference between Create Item and Create Pool?
Items are specifically meant to be bought in bulk amounts. Pools are meant to group people together so that item can be purchased in that bulk amount.
What are LetsPool! "credits"?
To keep transaction costs to a minimum, we have established placing money into a virtual account here on LetsPool!. This will let us do all internal credit transfers from user to user so that we don't have several transaction fees.
Does the cost go down the more people that pool?
Simply put: The Pooler sets the total price per item when they create the pool. This user also sets how many people join the pool. As you can see, it's ultimately up to the Pooler to set these options.
If you get people to join and buy, do you get a point reward?
No, the whole purpose of this service is to allow any user to create a pool of any price from any item they find (or create!), meaning, LetsPool! has no part in these sales other than providing the platform for them to happen. We might end up featuring Top Poolers or something similar in the future, though!
How can you be sure people won't run off with my money?
Just like when eBay started, the main leverage here is in the Feedback System we have in place. Similar to when using eBay, don't join a pool where the Pooler has a lower rating than you think is acceptable. However, due to our "Credits" system, we have one piece of leverage here. All money effectively stays with us until a user decides to "Cash Out". We do verify the cashouts and ensure that the users are not just racking up a bunch of credits and trying to disappear.
How do transactions work with foreign currency?
The easiest way to deal with foreign currency is PayPal. We do plan to get payment gateways in multiple countries, but until then, we recommend PayPal.
How does LetsPool! ensure my information is secure?
All of the Credit Card and Bank Account numbers are stored on Authorize.net, not on our servers! Authorize.net has PCI Compliant secured hosting. This means even if LetsPool! gets attacked then your credit card and bank account information is still secure!
What if my goods don't arrive as advertised?
The first thing to realize here is that is may not be the Pooler's fault. Since the Pooler just creates a Pool for an Item, it may be the Item Owner that misrepresented the item as opposed to the Pooler. The best course of action here is to utilize the Feedback system we have in place.