- 24 May 2022
- 2 Minutes to read
- Updated on 24 May 2022
- 2 Minutes to read
What Are Money Credits?
Money credits are a monetary amount that you make available to customers as benefits. They can then use this amount of money to pay for their different purchases.
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 can control how customers use the money credits they receive to make sure they only use them to pay for one or multiple of the following items:
- Event tickets
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 adding money credits to a plan that customers can use to pay for any booking or product, but not plans.
In this scenario, you'll need to create a dummy internal plan that you don't sell to any customer and then select this plan when setting up the money credit. This setup effectively prevents customers from covering their plan charges using the money credit since no one is signed up to this dummy plan.
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.