At Awardco, our goal is to make the recognition and redemption process seamless for both administrators and employees. A key part of this is understanding the different types of communications you might receive from us and their potential accounting implications. This article clarifies the various types of invoices you may receive from Awardco.
Types of Invoices
You or your finance team may receive one or more of the following invoices:
Funding Request Invoice
A Funding Request Invoice is a communication related to your Redemption Account. This account is a dedicated, non-interest-bearing commercial checking account held by Awardco where your company deposits funds to cover the cost of products and services your employees redeem through the Awardco platform.
Awardco periodically sends "Funding Request Invoices" as recommendations for the estimated funds needed to fulfill future redemptions on the platform. These requests are not traditional invoices and do not represent a payment obligation to Awardco. Their purpose is to help you maintain a positive balance in your Redemption Account for uninterrupted employee redemptions.
For comprehensive details on what a Redemption Account is, how it should be accounted for, various funding methods, and further clarifications on Funding Request Invoices, please refer to our dedicated "Funding Your Account" support article.
Subscription Invoice
In general, this invoice is billed annually and is first sent as soon as the contract is effective. It will subsequently arrive annually at the time of your contract renewal with Awardco. Payment of this invoice is required to initiate or continue Awardco’s services.
Professional Services Invoice
If your organization utilizes the services of an Awardco Technical Account Manager, this invoice will reflect charges for their services.
Corporate Gifting Invoice
This invoice is only applicable if your organization has Awardco handle the production of any branded physical items. Corporate Gifting items are billed after the products have been shipped, on a monthly, quarterly, or annual basis.
How to Pay Invoices
You can find the necessary remittance information for depositing funds on any invoice you receive from Awardco. To help our team accurately apply your payment, please include remittance advice when submitting funds. This ensures your payment is correctly allocated to either your Redemption Account or Awardco's operating account. Currently, we accept the following forms of payment:
ACH (Automated Clearing House)
Wire Transfer
Check
Credit Card (for Funding Request Invoices via the Billing Page on the platform) - Please note that credit card payments for standard invoices (software license, implementation, corporate gifting) are not currently accepted.
If you have any questions, please contact Awardco Admin Support.