The problem with individual settlements
When everyone settles up with everyone else, you end up with lots of small transfers – error-prone and annoying. It's better to first net out all balances and then find the shortest path to settling up.
Who owes whom?
When several people take turns paying, things get confusing fast. The trick is not to settle every individual debt, but to bundle all balances together.
Bundle and minimize balances
Whoever ends up in the red pays those in the black – ideally in as few payments as possible. Quitto takes care of exactly that optimization for you.
- All balances are combined
- A suggestion for the minimum number of transfers
- Payment details (PayPal/IBAN) can optionally be added
Frequently asked questions
Why not just have everyone settle up with everyone else?
That leads to lots of small payments. A simplified settlement achieves the same result with far fewer transfers.
How does Quitto find the best settlement?
It nets out all balances and suggests the minimum number of transfers needed to settle them.