You only pay for rewards that are redeemed from our Reward Suite that's composed of gift cards, donations, and swag. You will be billed on the first day of each month for the rewards redeemed in the previous calendar month. You can see the dollar amount of rewards redeemed under Analytics > Financial Reports.
Predicting rewards spending
Employees will give and redeem different amounts each month. 10 points in Nectar is $1 USD.
On average we see 60% of points given away each month, which means only 60% of the monthly allowances will be redeemed as rewards.
You will also want to budget for birthday, work anniversary, and awards that you plan on giving out for the year. All these rewards amounts are customizable to the amount you specify.
Here's an example to help you with budget forecasting:
Company X = 100 employees
Monthly allowance = $5 ($5 x 12 months = $60 yearly)
Birthday bonus = $50
Work Anniversary bonus = $25
Avg $ amount per award given = $20
Projected number of awards = 50
(100*60)+(100*50)+(100*25)+(50*20) = $14,500/year
Total projected budget = $8,700*
*This is based on the average of 60% of points being given and redeemed ($14,500*.6)
Adjusting reward spending
The easiest way to adjust your Reward Spend is by changing the monthly allowance your employees have to give away. This can be done in the admin features of your Nectar account on the Settings > Allowances & Values > Peer to Peer Allowance/Managaer Allowance page(s).
