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How to: Pay your Expensify Card balance
Paying your Expensify Card balance couldn't be easier, thanks to automatic settlement. There are two settlement frequency options:
- Daily Settlement: Expensify Cards are settled daily, meaning that the card balance is paid in full each business day.
- Monthly Settlement: Expensify Cards are settled monthly, with your settlement date being set when you finish enabling your Expensify Cards.
How it works
Each business day (that's Monday through Friday, excluding US bank holidays), or each month on your monthly settlement date, the total sum of posted Expensify Card transactions across the domain that occurred since the last settlement are summed up. That grand total is the settlement amount, meaning it's the amount that will need to be paid to bring the Expensify Card balance back down to $0.
That settlement amount is then withdrawn from the Verified Business Bank Account on file for the primary domain admin, configured on the web app under Settings > Account > Payments > Bank Accounts.
That payment is applied to the Expensify Card account. Once the payment is made, the card balance will be at $0 and the cards are considered “settled”.
You can change your settlement frequency or bank account account by going to Settings > Domains > [Domain Name] > Company Cards. Once on the Company Cards page, click on the Settings tab and select a new settlement frequency or settlement account from the dropdown menu. After selecting a new frequency or account, click Save to confirm the change.
Can you pay your balance early if you've reached your Domain Limit?
If you have selected Monthly Settlement, but you've reached your domain limit and would like to settle early, just switch to Daily and we'll settle your balance at the end of the current business day (or the next day if it's after business hours or on the weekend). After settling your balance, you can switch back to Monthly, and we'll use that date as your new monthly settlement date.
That's all there is to it! The Expensify Card statement will be settled daily by an automatic withdrawal from your business bank account, no action required.