- 01 Nov 2022
- 2 Minutes to read
- Updated on 01 Nov 2022
- 2 Minutes to read
What Are Money Credits?
Money credits are an amount of money that you give customers to let them cover some or all of their purchases. Money credits are considered benefits that you can add to products, plans, or directly to a customer's account.
How Money Credits Work
You add money credits as benefits to plans and products within your Inventory. You can also add them directly to a customer's account via the Benefits tab.
You have control over how customers use money credits. For example, you want their money credits to cover bookings ans product purchases, but not plans ot event tickets.
Money credit can cover the cost of one or more of the following items:
- Event tickets
As well as the following through the Universal credits toggle:
For example, you can add money credits to a plan that customers can only use to book specific resources.
A more complex setup could be a money that customers can use to pay for any booking,event, tickets, PAYG passes, products, or charge but none of your plans.
In this scenario, you need to create an internal dummy plan that you don't sell to any customer. You then select this internal plan when creating the money credit. Since the credit can only apply to this plan it is isn't sold to anyone, the money credit cannot be used for plans.
For example, if you want customers to be able to make purchases or bookings worth up to $100 using money credit and your space's tax rate is set to 20%, the money credit you add as a benefit should be $120 to cover tax.
For example, a customer purchasing a Hot-desk Booking Package product priced at $80 that includes $100 worth of hot-desk booking credits will always pay $80 for the product.
Similarly, of you add $50 of booking credit directly to a customer's account, they will never be charged the $50 value.
When will customers receive the money credits I just added to plans and products?
Members already signed up to the edited plans will only receive the new money credits when their contract is renewed. Customers with recurring products will also only receive the new credits once their product is renewed. Any customer signing up to a plan or purchasing a product after you edit the plans or products will immediately receive the new credits.
How do I make sure customers are charged for money credits?
Money credits don't add charges to a customer's account on their own. If you include the credits as plan or product benefits, you can simply add the value of the credits to the item's price.