Funding Your Reward Redemptions

Once Rewards have been enabled for your organization, you'll find that you can offer two types of Rewards to employees:

• Provider-Fulfilled (gift cards for external vendors - e.g. Starbucks, Amazon, etc.)
• Company-Fulfilled (company-sponsored items - e.g. merchandise or time-off)

For provider-fulfilled Rewards, Recognize works with a third-party vendor to offer a wide range of digital gift card options for recipients. A deposit must be made to Recognize prior to offering provider-fulfilled Rewards so that they can be funded and fulfilled automatically. Recognize does not charge a 'per redemption' fee, and we only pull funds from your Rewards funding account to cover redemptions when they are made by your employees. In other words, when you make a deposit, we place it in a holding account, and it remains there until points are redeemed by your employees for Rewards.

NOTE: Deposits are not required for company-fulfilled Rewards since your internal team would fulfill those types of Rewards. Be sure that if you are using provider-fulfilled Rewards and are planning to send a bulk recognition that you have enough funds in your account to cover any potential redemptions.

Depositing Funds to your Rewards Bank

1. As mentioned above, Recognize does not charge a fee per redemption. There is a deposit fee of 5% for credit cards and a $30 deposit fee for ACH Pull. Check and ACH Push deposit options have no associated fee. Beyond that, 100% of the money deposited into the system goes to your gift cards. If a user redeems a $5 gift card, they get a $5 gift card, and there is no fee to the company.
    
2. You transfer the money to us, we place it in a holding account, and it is your money until redeemed.
   
   
   Fees for Deposits:

Push - Transaction is initiated and funds are transferred from your sending account — you are pushing the money into the destination account.

Pull - Transaction is initiated and funds are transferred from the receiving account — you are pulling the money in from the source account.

There is a minimum deposit amount of $1000.

3. To deposit money with Recognize for Rewards, please send a request to accounting@recognizeapp.com and include the following:
    
   1. The amount you would like to deposit (minimum of $1000)
       
   2. How you wish to deposit your funds (ACH push, ACH pull, Wire transfer, Credit/Debit, or Check)
      1. If you choose to send a check, the mailing address (also included on your invoice) is as follows: 
         
         Recognize Services LLC
         312 SW Greenwich Dr
         Suite 594
         Lee's Summit, MO 64082
          
4. Once we receive the above details regarding your deposit, our team will send you an invoice. To ensure proper credit, please include your invoice number on the check, if applicable.
    
5. Once payment is received and funds have been applied to your account, you will receive a confirmation email from us.
    
6. Recognize also provides downloadable reports for accountants, which can be accessed from the Company Admin portal. Once we receive your payment, you'll see it show up as a line item in the Transactions table in Company Admin > Rewards > Transactions. 
    
7. After we've applied your payment, when you go to your Rewards catalog and select 'Create a reward' in the menu, you'll now see the option to add a gift card.
   
    

Refunds for Rewards Funding Account

In the event you wish to cancel your account and have your remaining Rewards balance refunded to you, a $50 fee will apply, and your refund will be provided by way of wire transfer.

For example, if your company deposits $1,000 for gift cards, and staff has redeem $250 in gift cards, we'll send you a wire transfer of $700.00 should you request a refund of your balance.

 

Holiday Rewards Deposits

Over the holiday period, we traditionally experience a significant increase in employee redemptions for Rewards, and we're thrilled to see so many organizations taking the opportunity to Reward and motivate their teams!

To help ensure a seamless experience for your staff, and provide you with the peace of mind that Rewards will be distributed promptly, we recommend appropriately funding your Rewards account with this in mind prior to the Holiday rush.

If you have any additional questions about depositing funds for provider-fulfilled rewards, please reach out to us at accounting@recognizeapp.com. 

Checking Your Organization's Reward Balance

You'll want to check your organization's Rewards balance on a regular basis if you're using provider-fulfilled Rewards, and make sure you are topped off enough to cover redemptions. See the below steps for how to find your organization's current Rewards balance.

1. Select 'Menu' from the top right corner of your screen
2. Select 'Company Admin' from the drop-down menu
   
   
    
3. Click 'Rewards' from the main left menu
4. Click into the catalog where your provider-fulfilled Rewards are set up
   
   
    
5. You will then be re-directed to a dashboard for that catalog, where you will be able to view your Rewards Deposit Balance in the top left corner of the screen, alongside the number of points that amount will cover should redemptions occur
6. It's important to also be aware of your organization's total 'Unredeemed Points', since this is the amount of points out there that could potentially be redeemed by employees
   
   
    
7. Striking a balance between the two will be important for user experience, because if your funds fall too low, user redemptions will be blocked