Overview
The rewards prepay feature allows you to prefund your Matter account for rewards, eliminating the need for frequent credit card transactions and avoiding the associated 3% processing fee. This feature is beneficial for organizations looking to streamline their rewards process, manage their budgets more effectively, and save on transaction fees.
How to Use Rewards Prepay
Fund Your Rewards Account Balance
After enabling the Rewards Prepay feature, you can fund your account via ACH or wire transfer. See the visual representation below.
Rewards Account Balance Update
Once the funds are received, your account balance will be updated. You will receive a notification in Slack or Microsoft Teams, and you will see your updated account balance in the Matter web app.
Reward Payment Processing
Approved rewards, such as gift cards or donations (excluding custom rewards), will be paid from your account balance without any additional fees. Your credit card will not be charged. A ledger of all the credits and debits applied to your account balance is available in the Matter web app.
Low Rewards Account Balance Handling
When your account balance falls below the threshold set in your reward settings, Matter will notify the admins in Slack or Microsoft Teams.
If you approve a reward and your account balance has insufficient funds, you will be notified instantly in Slack or Microsoft Teams.
Prepay Rewards FAQs
What happens if I don't have enough funds to approve a reward? Will my credit card be charged?
No, when your Rewards Funding Method is set to Prepay, your credit card will never be charged for rewards. FYI, you can always change your Rewards funding method back to "Pay-As-You-Go: Credit Card on File" to quickly approve a reward while you wait for your new funds to arrive in your account balance.
Can I switch back and forth between funding methods to approve rewards?
Yes, you can switch between funding methods at any time to determine where funds are drawn to pay for rewards you approve. This is useful if you have a low account balance and need to approve rewards quickly while you wait for new funds to arrive in your account balance.
Are there really no reward redemption fees when I use the Rewards Prepay feature?
Yes, that's correct! Since Matter is not charged a credit card processing fee, we do not need to pass that fee on to you. There are no redemption fees for Rewards Prepay at Matter. Note that you are responsible for any wire fees your bank may charge outside of Matter when funding your account balance.
I see I can add funds using ACH or Wire, what is recommended?
Both methods work. ACH can sometimes have a lower bank fee, depending on your banking relationship. If possible, we always recommend Wire as the funds will likely arrive in your account much faster, usually the same day, compared to ACH, which can take a few business days.