UPDATE: As of 3/13/2017 the credit, debit, and ACH (bank accounts) have been removed from the Travefy Expense tool. If you created a trip before this date, you will still have the option to use all methods of payment.
Travefy allows groups to track all trip expenses in one place. A traveler can simply add a trip expense - such as $250 for dinner - and mark who paid (or who “covered”) for it and who borrowed for it. Because this gets complicated as more expenses are added, Travefy constantly tracks each individual’s net trip expense balance (e.g, the total amount one owes for the trip or is owed from others for covering trip expenses).
Since each person has one net balance they owe the trip or are owed from the trip, we progressively calculate who each person should pay to settle the bill such that we minimize the number of payments.
If you owe money, and you log in to Travefy, we’ll match you up with:
- A person who is collecting from the group and ready to be paid, and
- A person who is collecting from the group and owed more than you owe.
This lets individual users pay off their entire balance in one payment (usually). And, if a person owes more than any single person is owed, we chain payments together. We also prioritize those people who are owed the most money so they get paid back first.
If you happen to owe money but there is nobody on the trip who is available to be paid (meaning they are collecting from the group), we’ll alert you to come back later to pay off your balance.