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. (This option is only available for bank accounts connected with Plaid that have not had a negative balance in the past 90 days.)
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That settlement amount is then withdrawn from the Verified Business Bank Account on file for the primary domain admin, configured on the web app under Settings 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 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, you can use the Settle Now button to run settlement. We'll settle for the amount owed, and then run settlement again on the date selected for the monthly settlement to occur.
If you use Daily Settlement, the Expensify Card statement will be settled daily by an automatic withdrawal from your business bank account, no action required.
Our Verified Bank Account has more money, will this change our domain limit?
The domain limit can fluctuate based on cash balance, typical spending, and history with Expensify. If you recently transferred money to the business bank account which is the Expensify card settlement account, you will likely see a change in the domain limit after 24 hours of the transfer (assuming your business bank account is connected via Plaid).