Lohralee, why did you and Elizabeth set up Storcx?

We wanted to come up with a better system for collaborative gifting.

Before STORCX, if friends wanted to buy a joint birthday or wedding present, or school parents want to club together to thank a teacher, there was no easy way to do it.  Each person would buy a lower-value present which, even if generous and perfectly nice, was perhaps not what the recipient really wanted.

By pooling their money, friends can buy a higher-value present which the recipient really appreciates. It makes luxury giving affordable to all.

There was such an obvious gap for this kind of service, but it didn't exist, so we created STORCX.

How does it work?

Very easily!

One person sets up a free account on STORCX, then creates a gift event, and invites friends, family and colleagues to contribute if they want to. They donate by card on our secure system, the money is credited to the host's STORCX account, and when the event ends, the host uses the amount collected to buy what everyone has agreed on.

Sounds pretty straightforward. Did it take long to turn the idea into reality?

It took a while. When we first came up with the concept, we thought of lots of extra features to add in. Then we realised that to implement them would take ages, so we went back to the main idea. Shrinking the concet down was a difficult decision but definitely the right one. Finding the right tech team was also quite a challenge.

A year after going live, what have you learned?

To take each step as it comes; it's easy to get fixated on an idea or a timeline but sometimes fate just takes it course.

What is money-pooling most useful for – children’s’ presents, wedding presents, adult birthdays or something else?

It's brilliant for birthday presents for all ages, from toddlers to 70s, as well as teacher’s presents and baby showers. But we are also seeing a growth in giftraising for host presents, housewarmings and get-well presents.

Could it be used to finance an event like a hen party, where one person has to collect money from all the others?

Yes, the great thing about STORCX it can be used to raise money for just about anything, including hen and stag parties, holiday shares, even fast money payments.

Are there any minimums or maximums on how much people can contribute?

Good question.  Minimum is £1 and max £2,500.

Can contributors see who else has contributed and how much they have given?

No…. we've avoided that. Everyone has different budgets and the last thing we wanted was to create an environment of 'competitive giving' where people feel peer group pressure.  So on STORCX, only the host can see how much each person has given. The most important thing is the giving, not the 'how much'.

Is the person who is going to receive the gift able to see who has contributed?

That depends. When people contribute they have the option of writing a message to the person they are giftraising for.  The host can then add these messages to the card.

Can the system accept payments from people outside the UK?

Yes.  It works particularly well for absentee guests who live aboard!

Who controls how the pooled money is spent?

The host does.

Does Storcx take a fee on the money contributed?

There is a teeny tiny admin processing fee, purely to facilitate the transaction and web fees for all the added extras like tracking, and messaging!  It is cheaper than wrapping paper – not to mention more environmentally friendly!

Do you plan to link up with particular retailers so that the pooled givers can not only raise money, but also get ideas about what to buy and actually make the purchase?

In our newsletter STORCX STORIES we always give gift ideas to our readers but we will also be launching some new gifting aspects in 2020, so watch this space.

What have you enjoyed most about setting up and running Storcx and what has been not so much fun?!

Having each other has been amazing. Working with your best friend and bouncing ideas off each other is so rewarding and makes everyday a joy.

Thank you Lohralee!