How should I use GiftedPath?
GiftedPath offers parents an easy way to say,”No gifts, please” while giving guests who feel obliged nonetheless a way to do something for your child that is more meaningful than buying a traditional gift. Simply create a page and put your page URL at the bottom of Evites, emails and other invitations. Not sure what to put at the bottom of your Evite/invite? Here are some suggestions:
Do I need a 529 college savings account to use GiftedPath?
You can use GiftedPath where you have a 529 account or not. Here’s how both scenarios work.
If You Have 529 Account
GiftedPath works with select 529 plans to send gift contributions directly from your friends and family for deposit into your own 529 account. You can do this through our secure payments partner, WePay.
Here’s how it works. We automatically create a free, personal and secure WePay deposit account when you create your GiftedPath account. Gift funds go directly from gift givers to your secure and private WePay account. With WePay, you can have your gift funds go directly from your WePay account to your 529 account. Just contact your 529 account and get the ACH instructions to send funds directly to your 529 account. They will give you your 529 plan’s routing number and account number where the account number is specific to your 529 account and often contains your 529 account number. From there, you just need to set up withdrawals from your WePay account to go directly to your 529 account. There are no fees to you at all.
If you have questions about how to do this, just click the feedback tab on the right side of the screen and send us a message. We’re happy to help.
If you don’t have a 529 Account
If you don’t have a 529 account, we send all gift contributions directly to you via our secure payments partner, WePay. WePay is used by many crowdfunding sites and is secure, easy to use and free. We automatically create a private, personal and secure WePay deposit account for you when you create your GiftedPath account. WePay is completely free to use.
What are the laws around taxes and gifts?
First of all, we are not tax experts so please ask your accountant for tax advice. Generally speaking, gift taxes are paid by the donor, not the recipient. That said, in 2012, gifts under $13,000 are not subject to gift tax so in cases like birthday parties or holidays, neither you nor your friends/family should have to worry about this.
There’s a good article here that explains how the gift tax works.
How do you send funds to me?
GiftedPath works with WePay, a free and secure payments service that many crowdfunding sites utilize. GiftedPath never handles your money. Your gift funds are directly sent from your gift givers to you.
Does it cost me anything to set up my own page on GiftedPath?
GiftedPath is absolutely free to anyone who wants to create a page.
Does it cost me anything to use WePay to get my funds?
Nope. Transfers from WePay accounts to your own bank account are absolutely free of charge.
How do you make money?
When people send you gifts, we charge your "gifters" a very small gift processing fee to cover the fees that credit cards charge and to help us cover the costs of offering the service to you.
Our fees are designed to be less than you would pay for a birthday card and sales tax on a traditional gift you’d buy at a store.
As an example, if someone wanted to give you $100, we might charge them $105 with $100 going directly to you and $5 for the gift processing fee.
What are the best ways to let friends and family know about my GiftedPath page?
The best ways to let friends about your page are:
- - Include your URL on party invitations
- - Share it on Facebook, Pinterest, Twitter and Google+
- - Put it in your email signatures.
I’m not familiar with WePay. How does WePay work and how do I access my funds?
WePay is used by the world’s largest crowdfunding sites handling hundreds of millions of dollars in transactions. WePay serves as an electronic alternative to traditional payments such as checks and allows for internet processing of credit card and debit card transactions.
Using GiftedPath to directly send your funds for deposit to your 529 account.
Wepay offers GiftedPath users a way to send send funds directly and security for deposit into your 529 account. There are no middlemen and GiftedPath does not handle the funds in the process of sending funds for deposit your behalf. All you need to do is get the ACH deposit instructions from your 529 account and set up your WePay account to withdraw your funds automatically and directly to your own 529 account. Just click the Feedback tab on the right and send us a message if you have any questions.
Using GiftedPath to send funds to your own WePay account
WePay works like a digital wallet. You can easily transfer your funds out of WePay to your own bank account without any fees. You can then use your funds for anything you want - deposit it to your child’s college savings account or save it for a rainy day.
A friend sent me their link. When should I give my gift?
You can make your gift anytime. Most guests make their gift contributions immediately and gifts are typically between $25 and $100.