Managing your Daggle balance
The details you need to manage your money, bump up your balance, deposit, and withdraw
You can think of your Daggle account in some ways as a bank account. You have a balance, and with it you can do a number of things. In this post we’ll run through exactly what those are.
1. Check your balance
At its most basic, your Daggle account tells you how much money you have in it. This is pretty standard and a good place to start before doing any of the other things from the list below. To get there, just click on the menu and then Account.
When you first join, you’ll probably see your balance is zero. There are a number of ways you can increase this, which we’ll get to below. For now, it’s good for you to know that before you start borrowing, you’ll need to save a credit card as back up in your Settings page. You can read more on that in our blog on how to register and get set up.
If your balance is ever negative after you finish borrowing something and end the transaction, we’ll bring you back up to zero automatically using your saved credit card. Or, if you are in the middle of borrowing something and you reach AED -50, we will square you away to zero again without affecting your transaction. Easy!
Note: In both these cases Daggle won’t charge fees, but third-party payment providers probably will. We add whatever these are onto your final cost, so that the owner of the item you borrowed gets paid the right amount.
2. Spending your balance
The best part about having money on Daggle is that you can spend it with zero transaction fees. What you pay someone for borrowing their kayak or Playstation or whatever is exactly what they get. No commission to us from either party. Beautiful!
All you have to do to start spending is borrow an item through Daggle. (There are lots of great reasons when and why to borrow rather than buy.) Once you have selected the item(s) you want to borrow, go ahead and contact the owner. You’ll be able to arrange a meet up and start the transaction (check out our ‘how to borrow’ post for more on this).
You can track how much money you have left by going back to your account page. When you borrow something, watch your account balance closely and you’ll see it changing in real-time. It’ll be very slowly going down as you transfer real-time payments to the owner. (For more on our real-time payments, check out this post.)
3. Increasing your balance
There are 4 main ways to increase your Daggle balance.
First — lend something out.
This is the most effective way of doing it. You’ll be able to monetize the enormous value locked in your every day items and have people pay you to borrow them. (There are lots of great reasons to start lending things out, in case you were wondering…)
That’s a steady stream of income into your account, at zero-fee transaction costs — amazing! This is a better time to go back to your account and watch your balance, because this time it will be going up in real time!
Once you’ve got a good cash flow coming in from lending out your items, you will probably want to take a look at this post to learn more about Daggle’s dynamic monthly subscription model. (It’s how we keep the lights on.)
Second — refer a friend
Every time you refer a friend you’ll get AED 20 , instantly! Your friend (just because they know you!) will get AED 20 as well.
How do you do this? Find your unique referral code in your Account page and click on “Increase your balance”. There you can copy the code and give it to your friend to use to sign up. If they successfully register, you’ll both be credited AED 20 and you’ll see it in your Daggle balance. The only requirement is that you both validate your accounts to Level 2.
Third — deposit funds.
The fastest way to boost those balance numbers is to directly deposit funds into your Daggle account. You can do this by navigating to your account and clicking on ‘Deposit’. You have the option of using your preferred payment method (from your Settings page), using a bank wire transfer, or requesting a cash deposit appointment (we’ll come to you!)
It’s worth noting again that Daggle doesn’t charge fees, but third-party providers, including banks, often do. Any charges by these providers for deposits into your account will be taken out of the incoming transfer. Since most of these providers charge flat fees, it’s often best to transfer larger amounts than smaller ones, but check with your bank or payment provider first to see how they charge fees.
Fourth — bug bounty (coming soon!)
If you spot or experience a bug in the Daggle website or mobile site, of any kind, you can report it to bug@daggle.org and get AED 10 for every new one reported to us. We will be keeping a log of all the bugs we’ve been alerted to, so you can know if the one you’ve found is new and if you’ll earn AED 10 from it.
This is a great way not only to increase your balance, but help improve your user experience with Daggle too! Win-win! So, tell us all about those bugs. Gotta catch ’em all!
4. Withdrawing from your balance
We’re just like a bank, remember! If for some reason you want to take money out of Daggle, you can. This means you don’t have to worry about “pre-spending”, i.e. feeling like you’ve basically spent the money since you’ve deposited it with Daggle.
That’s just not the case. We’re not like a pre-paid card or Itchy & Scratchy money!
Also, when you earn money through Daggle (by lending things out) you won’t feel like its trapped and you can only use it on Daggle. Again, it just ain’t so.
If you’d like to withdraw some of your funds, just navigate to your account page via the avatar in the menu bar, and click on ‘Withdraw’. There you’ll have a number of options on how to receive the funds, such as a wire transfer, PayPal, or cash.
Easy!
Not to bang on this drum too much, but again, Daggle won’t charge you fees for withdrawing, but third-party providers might and that cost will come out of the amount you withdraw.
One last thing on withdrawing: if you earn credit through referring a friend, this money cannot be withdrawn, only spent. Say you have AED 100 in your account, of which AED 20 was from referring 1 friend. You could withdraw AED 80 no problem. The remaining AED 20 would have to stay on your account or be spent by borrowing something.
And that’s all there is to it! Your Daggle account is ready and waiting for you. We hope this has been helpful. Happy Daggling!
