The Funding page is where you connect a funding source to Motivosity so that users can take their "Motivosity Bucks" (or whatever you have chosen to call them in the Preferences Page) and convert it to real money. The ThanksMatters card can be activated (by most users, see this article for more details) and used as a credit card to purchase any good they'd like, or they can visit the Motivosity Store that you have set up to redeem their Motivosity Bucks for a gift card of their choosing.
Understanding the Different Balances in Motivosity
To really help you understanding the funding page, we must first cover that users in Motivosity will have a "To Spend" fund, and if you have the Rewards and Recognition Add-On, users will also have a "To Give" fund (that you setup in the Setup > Peer to Peer page).
Those are seen on the home page here:
With that in mind, let's take a look at the funding page, and start by understanding the three balances displayed near the top:
Unredeemed Spending Balance
This is the sum total of everyone's spend balances company wide. It is essentially saying, if every user were to redeem all of their bucks right now, this is how much would get spent. In the example above, if everyone was to cash out their To Spend money right now, they would be cashing out a total of $2,567.
Average Spend per Month
This is the average amount of bucks that are spent through the store each month. This average can give you a good idea of how much you need to add to your Pre-Fund Account Balance each month or quarter. We recommend companies keep about 2 or 3 months worth of money in their Pre-Fund Account Balance. Just be aware that this Average Spend per Month amount may fluctuate quite a bit during the first couple of months that you use Motivosity.
Pre-Fund Account Balance
This is the PRE-FUNDED balance that allows users to redeem through the store. In other words, this is the REAL MONEY that you have put into the system. When users redeem their Motivosity Bucks by using the ThanksMatters card or through the Motivosity store, it is possible because of the money in this account. You will need to add funds to this balance via a credit card or bank account before users can redeem gift cards.
Example: Let us say Leslie has decided to spend $20 of her money (from the $45 in her "To Spend" account) to get an Amazon gift card from the Motivosity store. Several things will change in the system:
- First, Leslie's To Spend balance will go down from $45 to $25.
- Because Leslie redeemed money and her spending balance went down, that will reflect on this Funding page and the Unredeemed Spending Balance will go from $2,567 to $2,547.
- Finally, with every redemption the Pre-Fund Account Balance will also go down. In this case it will go from $1,484.75 to $1,464.75.
Types of Funding Sources
In order to put money into the Pre-Fund Account Balance, you will need to add a funding source. You can do this by adding a credit card or a bank account. There are pros and cons to both methods.
- Adding a Credit Card will put funds into the Pre-Fund Account Balance immediately, but there is a 3.5% transaction fee.
- Adding a Bank Account will require 24-48 hours to verify the account, and it can take up to 5 or 6 business days for the bank to actually move the funds, but there is no transaction fee.
Adding a Credit Card
Adding a credit card might be a little easier, but in the long run, also more costly. There is a 3.5% transaction fee* for all credit cards. Your first deposit is limited to $1,000. Once that clears (immediately) and after 24 hours, that limit goes to $2,500. After that, you are limited to $5,000 per request after that. The transaction processing time is about 4-6 hours before the funds will show in your Pre-Fund Account Balance. If you enter in over the limit of the current stage you are in for funding, Motivosity will only apply the valid amount. For example, if you are on your second deposit limit, and add $2700, Motivosity will only apply the $2500 that is accepted.
*Note: Motivosity will waive merchant fees on the first $1,000 deposited by a credit card BEFORE launch.
Canadian Credit Card
Adding a Bank Account
Please Note: If you are a Canadian account please disregard ACH transfers are only in the US.
Your first deposit through your bank account will be limited to $1000. Once that clears (about 5-6 business days), the next deposit is limited to $2,500, and then after that the max deposit becomes $50,000. The transaction processing time for ACH transfers is 5-6 business days. If you enter in over the limit of the current stage you are in for funding, Motivosity will only apply the valid amount. For example, if you are on your second deposit limit, and add $4000, Motivosity will only apply the $2500 that is accepted.
Before You Begin
We use Stripe to help with the transfer of funds to and from Motivosity. This usually works well, but occasionally banks will attempt to block some of these transfers of money. Because of this we recommend that you contact your bank and ask them to whitelist these two IDs
- 1800948598 - Stripe Payments Company
- 4270465600 - Stripe Payments Company
Micro Deposits
When you first add a bank account you will be sent two micro-deposits to your account. On your statement the two micro-deposits will not post that they are from Motivosity. So make sure you are just looking for the amounts. So make sure you are looking just for the amounts. They should both be under $1. You will use these two micro-deposits to verify your account. See below. When entering the micro-deposits into Motivosity, you will want to enter in the deposits with no 0's or dots (.). For example if the deposit is $0.43 and $0.11 you will want to enter it into Motivosity as 43 and 11. To do this you'll go to 'Setup' - Funding' and click the 'Verify' button next to the bank account you added.
Adding Funds into Motivosity
Once a source has been added, you can Add Funds to the Pre-Fund Account Balance. To add funds, click on "Add Funds" next to that source. This should populate a box to enter the funds. It will then ask for your MFA password to confirm you have access to do this! So make sure that's handy as well. Tada! You're all set.
How much should we fund?
For starters, we recommend adding enough funds to your Pre-Fund Account Balance to cover a month or two of spending. You can estimate what your monthly spend will be by using the 'Estimated Annual Budget' found in the 'Peer to Peer' section of Setup. You can take your total and divide it by 12 to get your estimated monthly budget. This would give you the max amount that could be spent through the store in the first month of being live. Remember, that users can redeem whenever they want to, so it is unlikely that every user will redeem all of their bucks they received in the first month.
Setting up a 'Balance Warning'
If you don't set auto-funding rules you can set a 'Balance Warning' notification. You will be sent an email once your Pre-Fund Account Balance reaches a certain level. This will function only if no auto-funding rules are in effect (So you don't get confused). We recommend enabling this if you aren't using auto-funding rules. Those who will receive such email notifications: Primary admin, Admin and Finance admin.
Setting up an Auto-Funding Rule
Once your Funding Source has been added, you can create an Auto-Funding Rule that will automatically bring funds into your Pre-Fund Account Balance once it has hit a certain level.
To do this, click the small pencil icon next to the Funding Source that you would like to use.
In the example above, once this company's Pre-Fund Account Balance hits $250, their Pawnee City Bank Account will move $500 in, leaving them with a total of $750 in the Pre-Fund Account Balance.
For Motivosity experts, those that have been using Motivosity for multiple months or years, we recommend using the "Average Spend per Month" balance found in your Funding page. You can use your average spend per month to gage how much you should fund per month, quarter or year.