Expensify has launched a new corporate credit card rewards program that allows users to make an automatic charitable donation each time they swipe an Expensify card.
The expense management system provider launched a corporate card in October 2019 with employer clients including Stripe, Snapchat, Warby Parker, and Pinterest. Through this new card initiative, called Karma Points, Expensify will donate 10% of card revenue to causes that help the homeless, provide meals to hungry children, and fight climate change.
For example, when an employee is purchasing a business flight on their Expensify card, it will trigger a donation to help offset carbon emissions. Employees taking a client to lunch will direct funds toward providing a meal for a hungry child.
All of the funds raised will be donated through their charity website, Expensify.org.
“We want to make it incredibly easy for people to pay it forward and to see the real-life impact of those donations,” says Expensify CEO David Barrett.
Companies using the Expensify platform can go a step further by enabling the new Corporate Offsets feature, which will automatically donate $2 to Expensify.org for every $1,000 worth of approved employee expenses.
“We’ve designed Expensify.org so people can see exactly where the donations are going in order to increase the emotional connection between donors, volunteers and recipients,” Barrett says. “All donations will route to one of five funds under Expensify.org.”
Employers are recognizing the importance employees place on social good and they are taking steps to make this a corporate priority. Employees are more likely to work for an employer who is socially responsible, according to data from PwC and 70% say they want to work for an organisation with a “powerful social conscience.” Indeed, paid time off for volunteering has increased by 5% over the last five years, according to the Society for Human Resource Management.
Expensify is looking to apply its expertise in expense management towards increasing the transparency of how funds are used and the convenience of how donations are gathered, Barrett says.
“Employees benefit from knowing they’re part of a cardholder community that’s making a meaningful impact on real-world issues, just by swiping the Expensify card,” Barrett says. “On top of that, the card saves time for everyone since you don’t need receipts at all for most purchases and there’s no waiting for reimbursement.”
