What can you use the application for?
BillMonk is a great website that comes loaded with a range of features designed help one keep track of his/her money. It does all the mathematical calculations and gives a clear and detailed picture of monetary settlements among friends. The site acts as a personal finance tracker and a guide to make sure that one does not skip any transaction and end up losing even a single penny to someone. At the same time it helps in settling one's account towards his/her friends, avoiding any awkward situations. The service comes for free and all settlements are made online. It allows splitting restaurant bills, apartment rent, grocery bill or any other kind of expenses incurred when one goes out with friends, colleagues or if someone is staying with his/her roommates or partner. It serves a great deal to make life easier by eliminating the burden of remembering numbers and names of creditors and debtors among friends. Apart from splitting bills and allowing their settlement, and shuffling debts, it also maintains a library of things such as DVDs, books, jackets, notes, baseball bat, toys or practically any thing under the sun. It lets users see their friends' libraries as well. It is an easy way to remember that what one has lent out to friends and what interesting and useful stuff friends have that can be borrowed. The service is never far from its users. It allows logging in even from mobile phones and managing one's money and items while on the move.
What is the history and popularity of the application?
BillMonk was launched in January 2006 by Obopay, Inc. based in USA. Obopay is a first of its kind mobile service to help exchange money instantly between friends and family. Within a short span of time from its launch, the concept of online debt tracking and settlement among friends is picking up. It is increasingly being adopted by those who go in for sharing and splitting bills and borrowing and lending stuff frequently. It is making the lives of many a people easier and less cumbersome by avoiding them to indulge in heady calculations with their peers.
What are the differences to other applications?
As compared to similar services available on the net, BillMonk provides limited functionalities. It is useful only up to the limit of finding out balances and settling them. It does not go beyond to provide some tips, suggestions or guidelines for savings or spendings. The interface is very simple and uncrowded. It is suitable for those who wish to manage finances only among their peer groups and family. It does not help a big way in professional finance planning.
How does the application look and feel to use?
BillMonk has a very light and soothing look to it. The Home page has a pale yellow and orange background which is sure impress many with its ascetically pleasant elegance. On one side it has funny cartoons of people worrying about their money and things and on the other side is the figure of the Monk who seems to be relaxed and cool with his eyes closed. The picture itself gives a fair description of the services on offer. Upon reaching one's personal Home page, a page having a white background with some labels on the left and right side with a blue base welcomes you. The entire site has a very light feeling and look to it. It is also very easy to navigate. The instructions are given in a lucid style and browsing through pages is quick.
How does the registration process work?
The registration process is one of the simplest in its class. It does not ask for too many details. Just an email address and the user's name will suffice. And within seconds one is ready with the account. After registering, three choices appear- adding other mail, phone; creating profile (one can also link his/her Facebook account to it and import the profile to BillMonk) or straightaway going to personalized BillMonk homepage. Thus, registering is mandatory to create profile and add friends. No credit card details are required at the time of registration but it might be asked later on when someone wishes to settle accounts with friends online. They promise that they will not spam users' accounts, as they respond only to the transactions entered, or share personal information with anyone. Moreover, it allows to choose the kind and amount of messages to be received. Also two BillMonk accounts (of the same user) can be merged, thereby combining all the emails, transactions and library items together.
What does it cost to use the application?
The services on the site are completely free. Money payment and settlement services are provided by Obopay. It is a first of its kind mobile service to help exchange money instantly between friends and family. It earns its revenues from the transaction fees. Users are prompted to settle their accounts using Obopay. Together with BillMonk it is paving the way for a new generation of settlement mechanism among peers.
Who would you recommend the application to?
BillMonk is highly recommended to all those who need to share and split bills, rent etc. It is ideal for students, young professionals, roommates and partners living-in. It is very simple to use and one does not need to be very tech savvy to use the services. Its simplicity and useful functionalities make it the preferred choice of many. BillMonk is a wise way to avoid money issues come in the way of great relationships.
