A Charlotte payment-solutions startup has recently expanded its services to eliminate stress for family members caring for an aging elder or disabled loved one.
SupportPay, founded in 2014, originally launched as an online and mobile app that allows divorced, separated or pet parents to organize, pay and track child support, alimony and shared expenses under a single platform. As of March 12, the startup expanded its services to caregivers, making it less time-consuming for them to automatically share expenses, payments and schedules with other family members.
Sheri Atwood, CEO and founder of SupportPay, said there's about 1.1 million caregivers in North Carolina that are spending countless hours to track shared payments through spreadsheets, texting and receipts.
"We've reduced the amount of time spent by over 83%," she told CBJ. "It reduces the conflict. So, it improves their mental and financial well-being and reduces their stress."
The startup's app is the first on the market to help caregivers manage their financial burden and responsibilities, Atwood said.
The payment-tracking process for caregivers takes five steps. Users first would need to register for an account. They would then add family members that will be using the platform, include an expense with the receipt attached, make the payment or dispute an item if needed, and access and organize the data from a computer or mobile device.
"Those using our platform are 90% more likely to pay and more likely to receive payment because of the transparency demonstrated from receipts, ensuring that the money is actually going to the care recipient," Atwood said.
SupportPay also launched Bill Pay — a payment solution for family members or households to manage shared bills. App users can post the bill, and SupportPay will automatically calculate how much is owed by each family member. Each person involved can send their payment directly to the merchant.
"So, now you're not waiting for reimbursements," she said. "You know your money is going directly to the merchant. This now puts it all in one location for them to be able to share this financial information but keep the rest of their financial life separate."
SupportPay is also expanding as an employee benefit, which launched as an offering last year. Atwood said the company has five Fortune 500 companies that have deployed SupportPay to their workers. One of its current partners includes global media giant Hearst Corp., which offers SupportPay as an employee benefit for workers to sign up at no cost.
"And these employers are seeing a huge productivity savings," she said.
SupportPay, which moved its headquarters to Charlotte from Sacramento, California, in April 2023, has more than 100,000 people that use its platform across the U.S., as well as in 70 other countries.
"We're going to continue to expand our payment options, offering families solutions that aren't out there today," Atwood said.
