There are two ways that you can set up payment for rewards: post-pay and pre-pay.
This is the default payment mode. When an employee receives a reward, Bonusly fulfills it and records a line item for the face value amount of that reward. At the end of the month (or when the total amount of rewards redeemed exceeds $100) Bonusly charges the total to the payment method on file.
Note: We charge a 3% convenience fee for post-payment. This fee is to cover the risk Bonusly takes on when paying for your employees' rewards upfront.
With pre-pay, Bonusly bills your payment method for a certain amount up front. As employees get rewards, Bonusly deducts the face value of the rewards from the pre-paid amount. When the pre-payment balance falls below a certain amount, Bonusly charges the same amount to your card to top up the balance.
Frequently Asked Questions
Why should I switch to pre-pay?
Here are the advantages of pre-pay:
- No fees. There is a 3% convenience fee for companies on the post-pay method. This fee is waived for companies on pre-pay.
- Ease of accounting. The amount charged to your credit card is the same every time, so there will be no variable or hard-to-identify charges. This makes bookkeeping easier.
- Prevent catalog interruptions. If your card expires or otherwise becomes unavailable, you have time to update your payment information to ensure service is uninterrupted for your team.
Why is there a convenience fee for post-pay?
With post-pay, Bonusly is paying for the rewards for your employees and charging your credit card at a later date. If your card is declined or your company goes out of business, Bonusly has lost that money. To cover the increased risk, Bonusly adds a 3% convenience fee.
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