Funding your Awardco account is a relatively straightforward process. If you are a new client as of March 1st, 2020, this new method will apply to you. We have designed this funding method with our clients in mind to make it easy to hit the ground running with recognition.
Here’s how it works:
Setting up your Account
- License and implementation fees are paid prior to the launch of your program. Our finance team will send the invoices for these fees soon after your implementation with Awardco to ensure that clients with Net30 terms will have enough time to pay before launch.
- Our finance team will reach out to your accounting department before your program is live to ensure all billing requirements are understood and agreed upon.
- Redemption invoices for the previous month’s redemptions will typically be sent at the beginning of each month. Invoices will be sent twice a month on the 1st and 15th of the month if the license fee exceeds $80,000.
- If your license fee falls under this category you will be invoiced weekly for the first 30 days of launch. The reason for this is because large organizations are more likely to have large redemptions shortly after the program launches, and we want to keep your account funded to make sure these redemptions are fulfilled in a timely manner.
- Unpaid redemptions cannot exceed 15% of the projected annual budget. This limit represents the maximum amount of credit we can extend. It can effectively be compared to the spending limit on your credit card—once you reach your limit you will need to pay off some of the balance before you can spend more.
- If you anticipate redeeming more than 15% of your projected annual budget within the first 30 days of your platform launch, we recommend paying the first redemption invoice earlier than the Net30 requirement. Alternatively you can prefund your retainer account with sufficient funds to cover the difference.
Terms and Conditions
- If a redemption invoice remains unpaid for more than 5 calendar days after the Net30 requirement, redemptions will be halted until a payment is made. We will do our best to notify you before this happens so you have the opportunity to make a payment and keep the redemptions moving without issue.
- Any invoice that remains unpaid after the Net30 terms will incur a 1.5% monthly fee on the unpaid account.