Scredit Crunch

Major release: Announcing our new groups!

Posted in Features, Scred by setok on February 24, 2010

Where do we start … it has been a long and arduous process to rebuild the old MiniCorp features which were in closed beta last year. Finally we are opening them up to the world with loads of new functionality. This is the future of Scred and the future of how to manage money.

And no, we haven’t forgotten our much loved release names. We held the latest name back for a special occassion, which this is.

The release is called: Best of Both Worlds.

In this announcement:

  • What’s New
  • What about the costs?
  • The PayPal competition

What’s New

Scred\'s new groups

So let’s see what we are announcing:

  • A whole new level of Scred money management for communities. It is based on the new PayPal X APIs and is now open in public beta for everyone!
  • With the new Scred Groups you can get to grips with your community’s complete finances, in a really integrated and easy to use way. No accountants needed!
  • Record expense claims (including attachments like receipts) and pay them out, send invoices, collect registration fees for events or memberships, sell items with your own webshop etc.
  • Everything is integrated, tracked and accounted automatically. Income and expenses, profit and loss, and other reports are generated for you. You can forget about fiddling with Excel.
  • Make payments directly from within your group’s pages.
  • You can think of this as a kind of smart community-oriented online bank. Whereas a normal banking experience is just moving figures from one place to another, we provide a whole bunch of tools to make things relevant for you and your community. We add meaning to money.
  • For bands, indie film crews, event organisers, associations, hobby groups, small businesses and I’m sure you’ll come up with many more.
  • We have completely redesigned the look to our site.
  • We have dropped the terms Pools and MiniCorps from active use. They are both just different kinds of Scred Groups.
  • We have entered this into the PayPal X Developer Challenge competition. Please support us by voting for Scred (see instructions)!

Phew, that was a lot of stuff. Needless to say, we’ve been working incredibly hard to get all of this done. While this is still work in progress, we are immensely proud of it. The level of integration and the ambitions for this project are unlike anything attempted before in this area. We believe this is what all financial systems will look like in a few years.

Check out a short video of Scred’s new stuff

For anyone worried: shared expense groups will not be forgotten. We regularly need and use them, and they will be developed. However, we are very excited about these new developments, and we will be working hard to advance them onwards.

What about the costs?

For all money moved by Scred (using PayPal) we will charge 1.5% of the amount transferred (minimum $0.25 or 0.25 EUR per transaction) [1] [2]. This is our open beta pricing and is subject to change after the beta period, but we will keep things decent for our groups in the future too.

Expense Claim
Voting in the PayPal competition

Check our earlier post for instructions on voting.

If we do manage to win, we will pass on any waivered PayPal transaction fees directly to our Scred Groups! That’s a total discount of up to $50’000 in fees to our customers. [3]

Tweet this link about voting:

Integrated Shop


We would love to hear your feedback on all of this. Do not be afraid to click on the Scred feedback link.

Log into Scred to start using the new features.

[1] For payments in US dollars the minimum fee charged by Scred is $0.25 and for payments in euro 0.25 EUR. For payments in other currencies a value equal to 0.25 EUR is charged in the currency of the payment.

[2] Standard PayPal fees apply in addition to the Scred fee.

[3] Applies to fees charged by PayPal, Scred’s standard fees apply.

Vote for Scred in the PayPal X Developer Challenge!

Posted in Night of Code, Scred by setok on February 24, 2010

Scred has submitted its new group feature (announcement coming shortly) to the PayPal Developer Challenge competition, and we have been accepted to compete with around 50 other ideas. The finalists will be selected based on a community vote process, so we need your help! Please show your support and vote for us.

Here’s how (see pics below):

  • Go to the PayPal X site and register. You can use your existing PayPal account. When asked to log in, the process will happen on
  • Go back to if not there already. Apparently you might not be put there after registering!
  • Select Vote Now in the PayPal X Developer Challenge section.
  • Click the Vote Now text on the next page. It looks like a title or heading, but it’s not!
  • At this point you might be redirected a few times. Wait a bit.
  • Search for scred in the search box (in the upper right hand corner).
  • Click title for the details on Scred
  • Hit Click to Vote. The checkmark should change from gray to blue.
  • You can only vote for one entry in the competition.

The PayPal vote site is a bit, hm, funny. So you might need to try again from the start, after registering. Let us know if you’re having problems.

Your support is much appreciated. If we manage to win, we’ll celebrate in good style at our next Night of Code! :-)

Common Problems:

  • “It’s still asking me to register after I registered and clicked Vote Now” — The next page following the “Vote Now” button is quite misleading. There’s a text that says you need to be registered to vote. However that’s not an error! Above it there’s what looks like a title saying “Vote Now”. However, it’s not a title! It should be a link to get forwards.
  • “I searched for Scred but didn’t find anything to vote on”. If you use the normal search you will not find anything. You must press the Vote Now button in the Developer Challenge section on the front page. Then again click “Vote Now”. Only then can you search.
  • “I get an error when trying to log in”. These pop up now and then. We don’t know why it happens and the only solution seems to be to try again later, or from the frontpage. We’re sorry about this, but it is outside our control…
  • Get in touch with us if you have other problems. We’ll try our best to help. page

Second phase

Search for Scred

Click Title


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New feature: settle multiple balances with one click!

Posted in Features, Scred by setok on February 22, 2010

Before some bigger news we are announcing important changes to settlement payment:

  • You can settle a complete pool balance with one click, even if you would need to pay several people!
  • Settlement payments now incur a small transaction fee.
  • Transaction fees to PayPal and Scred are paid by the sender of the payment. The people paid receive the full amount.

Previously it was possible to settle balances by clicking on ‘Settle’ and paying each balance one at a time. That was much handier than having to dig out people’s bank accounts and manually entering transactions. However we reckoned we could do better and have now built a way for you to settle your pool debt with one single click, and automatically sending the payment out to up to five members at a time.

So say your pool Trip to Mordor ended with you owing money to Aragorn, Boromir and Legolas. Instead of having to pay each one in turn, you can simply click ‘Settle’ by your balance and select ‘Pay All’. You will be brought to a PayPal checkout allowing you to pay everything in one swift go, and still make it in time to conquer Sauron, and stuff. After all you probably want to settle in good time as things might get a bit hairy up there.

To facilitate all of this magic Scred now takes a small fee of 1.5% of the payment amount (minimum $0.25 or 0.25 EUR) for each settlement (standard PayPal fees apply). Let us know what you think of this feature and how you might like it improved.

Log into Scred to start using the new features. We are using the new PayPal X APIs to provide this.

We will be announcing some larger updates shortly.

P.S. You can help us improve Scred by taking our survey.

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Scred makes making money easy with new MiniCorps + UI updates

Posted in Scred by setok on January 21, 2009


We are very proud to announce our most important release since the service was opened (release nicknamed ‘Babylon Squared’). Scred MiniCorps are essentially small virtual companies. With them you can track income, expenses, debt and actually sell items and receive money with the integrated shop. Scred will track all orders and display them to you, as well as calculate your profit and revenues. Finally your band or event can forget about the awkward money stuff, and simply sell online. Other examples are associations, student groups, hobbyist film crews, artists, handcraft or trip organisers.

Sell MP3s, DVDs, t-shirts, donations, memberships, tickets … anything. Scred will keep track of it all.

This is unique in the world. Anybody with a PayPal account can immediately start selling and receiving money. The MiniCorp feature is currently in closed beta. Beta codes can be found in some places on the web, or possibly if you ask really nicely :-)

All MiniCorp functionality will remain free at least for the beta period. We’d especially love to hear feedback about what is good, what is bad about it, or what you’d like to see.

Check out what two major blogs, ArcticStartup and TechCrunch say about it:

New UI

We haven’t left normal pool users in the dark, either. Scred now has a much more refined user interface for Scredding with your pals, making it much more obvious what you want to do. No confusing terms like ‘creditor’ and ‘indebted’ on the main website. Additionally you can tag your entries. Later it will be possible to get statistics and reports based on that.

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