There are two ways that you can set up payment for rewards: post-pay and pre-pay.
Post-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.
Pre-pay
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.
How do I switch to pre-pay?
You can learn how to switch to pre-pay and follow along by checking out our article "How to activate pre-pay".
Still need help with this? Shoot us a message at [email protected] and we'll get you squared away!