Keeping your Awardco platform finances, specifically points and funds, in perfect sync just got a whole lot easier! For organizations using the Customer Managed billing method, we're excited to introduce Company Account Auto Balancing, a feature designed to streamline your financial management and ensure smooth program operation.
The Challenge:
If you're on the Customer Managed plan, you know that maintaining a 1:1 ratio between your points and the funds in your redemption account can sometimes feel like a juggling act. Here's why imbalances can occur:
- Taxes, Shipping, and More: When users redeem points, the actual dollar amount deducted from your redemption account might differ slightly from the point value due to factors like tax, shipping costs, customs fees, or even a tax buffer.
- Internal/Client Fulfilled Orders: If your company handles the fulfillment of certain "uploaded items," or offers the cash out redemption option, points might be redeemed without any corresponding dollar deduction from your redemption account.
- PPP Ratios: For organizations with purchasing power parity (PPP) implemented, the dollar amount deducted won't directly mirror the number of points redeemed. For example, with a PPP of 0.5, a 48-point redemption might only deduct $24.
The Solution: Automatic Balancing
Company Account Auto Balancing is designed to take the guesswork out of this process. Here's what it does:
- Daily Top-Up: Every day at 2 am UTC (7 pm MDT), our system automatically calculates the difference between the total points in your platform and the funds available in your "Redemption Account."
- Smart Deposit: If your Redemption Account balance is higher than the value of your total points, the system will automatically perform an "auto point deposit" to bring your Company Account balance in line with your readily available funds. You'll see this clearly recorded as a transaction in your Points Transactions report.
Ultimately, Company Account Auto Balancing translates to great benefits for you, the admin. It simplifies financial oversight, proactively eliminates point deficits, reduces the need for manual intervention and support inquiries, and streamlines the Customer Managed experience.
Key Things to Know:
- Automatically enabled for all accounts using the Customer Managed billing method. This feature can be disabled upon request.
- This feature does not add or remove funds from your platform, it simply tops up points when there is a point deficit.
- Auto balancing is reflected as an “auto point deposit” in the Point Transactions report.
- Auto balancing runs daily at 2 am UTC (not currently configurable to more or less frequent than daily).
- The auto balancing feature never auto-withdraws points if there are more points in the Company Account than funds in the Redemption Account.
FAQ
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Q - Am I being charged for these points?
- A - No, this feature aligns your total available points with the funds you already have.
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Q - Why is there an imbalance?
- A - Internal/client fulfilled orders, PPP, tax buffers/shipping/customs fees (where applicable) can all contribute. Orders rarely deduct the exact same number of dollars from the redemption account as points that were redeemed – it's often due to the reasons mentioned above. Over time, these slight differences accumulate to a surplus of dollars and a deficit of points.
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Q - What happens if I have more points than dollars?
- A - Nothing; we are not topping up your dollars or withdrawing points. We only top up points when you have a surplus of dollars.
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Q - Where are the points auto-deposited?
- A - Right into your company account. We will never add points to a budget or a user's wallet.
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Q - What should I expect to happen? Will anyone be interrupted by this?
- A - Absolutely no interruptions! The calculation and auto-deposit run quietly in the background nightly at 2 am UTC
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Q - Will I be able to see this auto point deposit in reporting?
- A - Yes, it will be logged as an "auto point deposit" in the Point Transactions report.
If you have any questions, please contact Awardco Admin Support.