Funding Your Account Follow
Each organization is set up with a funding account. Organizations then fund that account before using points to purchase products. Like a bank requiring a check to be backed by funds, points on the Awardco platform must be backed with enough funds to fulfill all product redemptions. Awardco does not front the cost of your company’s items or purchases. Each organization is responsible for funding its own redemptions on the Awardco platform. Unfunded orders will not be processed and will remain pending until payment is received. There are two methods by which organizations can fund their points:
- Invoice issued upon point deposit: In your admin portal on the Awardco platform, add points weekly, monthly, quarterly, annually, or intermittently as needed. Adding points will trigger the invoicing process and organizations will receive an invoice requesting the funds related to those points. Points are added to the company account immediately. However, the funds will not appear in the funding account until payment is received by Awardco. If there are insufficient funds in the funding account, orders will not be processed and will remain pending until payment is received.
- Invoice issued monthly on points awarded: In your admin portal on the Awardco platform, add points weekly, monthly, quarterly, annually, or intermittently as needed. On the first of each month, organizations will be issued an invoice for the amount of points awarded during the previous month. Because there are no initial funds in the funding account, this option requires an upfront security deposit. The security deposit also serves as an overdraft protection against points added, awarded, or redeemed during the month between invoices. This is to help ensure that redemptions continue to run smoothly throughout the month. Awardco recommends 20% of the organization’s annual estimated budget as a security deposit, but this can be discussed with your account manager. If there are insufficient funds in the funding account, orders will not be processed and will remain pending until payment is received.
NOTE:Please keep in mind that this is not a use it or lose it model. Referring back to the bank analogy, this is your money. The purpose of the funding account is to simply fund your points and assure that orders go through successfully.
Software License, Implementation, and Deliverables
Reminder: Software license & implementation are billed annually as soon as the contract is effective. Invoices must be sent in order to initiate services. Deliverables are billed after products have been shipped (monthly, quarterly, or annually). Payment methods include check, ACH, or wire transfer.
If you have any questions, please contact our Awardco Support Team.