Yesterday, VentureBeat reported on a cool new company called WePay that offers group payment solutions for managing a single account. For example, student groups in schools or charities fundraising can take advantage of the tool to manage financial accounts smoothly with multiple points of contact.  Some functionalities include creating accounts, managing transactions, collecting money, producing invoices, and monitoring payments.

The founders of WePay have noticed that many PayPal users have switched to WePay in order to manage accounts seamlessly. For example, PayPal only allows one personal account. For business accounts, PayPal requires a tax ID number after a certain value is reached.  With WePay, a local charity, a fraternity, a sports team, etc. can use a single login with different levels of access assigned to certain individuals.

WePay looks to be a great tool for community settings and has different functionalities than PayPal. Watching their progress and marketing efforts should prove to be interesting.

Image thanks to http://www.flickr.com/photos/35266332@N07/3755511399/