Note: Company Rewards are managed by the User and any payment processing that is required as a result happens independently from the PraisePal platform. We do not bill any additional amounts for Company Rewards.
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Billing Cycles Based on Your Plan
Users on Yearly Plans
If you're on a Yearly Plan, on the 1st day of each calendar month, we consolidate the previous month's worth of Gift Cards that the Users in your Workspace have claimed and issue an invoice for them. Payment for this invoice is automatically processed with the payment method on file.
Users on Monthly Plans
If you're on a Monthly Plan, the amount that your Users have claimed in Gift Cards are also billed monthly, but are consolidated and billed together in the same invoice on the same day that your Monthly Plan renews.
Plans that are Pending Cancellation
When you decide not to renew your PraisePal subscription, you can still continue using the platform till the end of your billing period. During this time, the Users in your Workspace can continue claiming Gift Cards with their earnings and we will continue billing for Gift Cards that are claimed during this period.
It is thus important to ensure that your payment method remains updated to ensure Gift Card payment goes smoothly and to prevent disruption to your Users from claiming Gift Cards.
Payment Processing Fees for Gift Card Redemptions
We pass on payment processing fees only for amounts related to Gift Cards, based on the standard rate that our payment processor, Stripe, charges for companies incorporated in Singapore.
Why pass on payment processing fees?
As a company, PraisePal does not monetise Gift Cards in any way. In addition, when a User in your Workspace claims a Gift Card, we pass on 100% of the value of that Gift Card to your User.
We’re committed to transparency and want you to understand the reasons behind these fees. Currency fluctuations, international bank charges, and third-party processing fees are part of ensuring users receive their rewards quickly and reliably, no matter where they are in the world.
As such, in order to continue facilitating the fulfillment of GIft Cards for your Users, we pass on payment processing fees only for amounts related to Gift Cards. This allows us to provide Gift Cards to you and your Users while continuing to be financially viable.
Here are the different types of payment processing fees incurred, based on your payment method:
💳 Payment via Credit Card (Post-Paid)
If your company is on a post-paid plan and you've added a credit card to your account, your billing for gift card redemptions will include:
Currency Buffer on Gift Card Redemptions (1.5%)
When users redeem gift cards, there can be small differences between the gift card value at the time of redemption and the final cost we pay to vendors.
This is due to:Foreign currency exchange fluctuations
International transaction and bank fees
Example: A user redeems a Grab gift card valued at US$2.19. When we purchase the voucher, the final charge might be US$2.22 due to these fluctuations.
To manage this across all redemptions, a 1.5% buffer is applied to the cost of every gift card redemption.Credit Card Payment Processing Fee (3.4%)
This is the standard processing fee charged by the payment provider for handling transactions securely and efficiently.
🏦 Payment via Manual Bank Transfer (Post-Paid)
If you are on a post-paid plan and choose to pay manually via bank transfer, your billing will include:
Currency Buffer on Gift Card Redemptions (1.5%)
When users redeem gift cards, there can be small differences between the gift card value at the time of redemption and the final cost we pay to vendors.
This is due to:Foreign currency exchange fluctuations
International transaction and bank fees
Example: A user redeems a Grab gift card valued at US$2.19. When we purchase the voucher, the final charge might be US$2.22 due to these fluctuations.
To manage this across all redemptions, a 1.5% buffer is applied to the cost of every gift card redemption.Manual Payment Processing Fee (3.4%)
This covers the administrative and processing costs associated with manual invoicing, reconciliation, and payment handling.
🔁 Prepaid Credits (Topped Up via Bank Transfer)
Some clients prefer to top up credits in advance via bank transfer. This gives you better control over spend and simplifies monthly invoicing.
Currency Buffer on Gift Card Redemptions (1.5%)
When users redeem gift cards, there can be small differences between the gift card value at the time of redemption and the final cost we pay to vendors.
This is due to:Foreign currency exchange fluctuations
International transaction and bank fees
Example: A user redeems a Grab gift card valued at US$2.19. When we purchase the voucher, the final charge might be US$2.22 due to these fluctuations.
To manage this across all redemptions, a 1.5% buffer is applied to the cost of every gift card redemption.Minimum Top-Up Amount: USD$2,000
To manage operational costs efficiently, the minimum top-up amount per transaction is set at USD$2,000. There are no payment processing fees involved with payment via prepaid credits.
If you have any questions or would like to explore the best payment method for your organisation, feel free to contact our support team.