What are the benefits of setting user spend limits in a team wallet?
Previously, in order to send a campaign, the user needs to have balance in their user wallet. This required an admin to transfer funds to the user wallet from a company or team wallet, which can be time-consuming. Another option is to setup a monthly budget reset in the team budget settings, however, the admin is limited to setting one budget per user in the team.
We have now improved this feature so that monthly spend limits can be set per user per team. This provides the following benefits:
- Reduces the need to transfer funds to each user in the team. The admin just needs to ensure the team wallet has enough balance.
- Improves flexibility when updating a user's spend limit at any time of the month. If User A needs more money to spend, the admin can just update User A's spend limit directly on the Spend Limits settings page.
- Provides visibility of the available balance per user based on monthly spend and monthly spend limit. It is more clear to see that User A only has x amount of funds available because of what they have spent against their spend limit.
- Reduces the need for a user wallet. Instead of having multiple user wallets to manage, the admin can just manage one team wallet for all users within a team. The user wallet can then be used for specific gifting needs outside of the team's budget.
I am already using the Budget Settings on the Team Page. How do I transition to using Team Wallet spend limits?
You can transition to using Team Wallet spend limits if you currently have "Reset Monthly Budget" setup in the Team's Budget Settings page.
Step # 1: Ensure you have a team wallet created against the team. (Instructions here.)
Step # 2: Follow the instructions below for how to setup spend limits against a team wallet.
Step # 3: Input the Monthly User Budget that is in your team budget settings as the Default Spend Limit per User against the team wallet and click Apply to All.
In the Team's Budget Settings page, each user in the UK Marketing Team will have 100 GBP every 1st of the month that is transferred from their team wallet to their user wallet.
In the Team Wallet's Spend Limits page, configure the default spend limit to be 100 GBP so that all users in the team has this spend limit. Click Save to save your changes.
Step # 4: Update the Monthly User Budget that is in your team budget settings to be 0. This ensures that at the start of the month, the user budgets are reset to 0 and any leftover money will return to the wallet source configured.
In this example, user wallets of users in the UK Marketing Team will reset to 0 at the start of the next month. Any leftover funds will get transferred to the UK Marketing Team GBP Wallet.
If you want to transfer the money from the User Wallets to the Team Wallet, you can also use the Transfer Credit button.
How can monthly user spend limits be customised per team wallet?
- Go to Organisation > Wallets
- Select Team Wallets in the dropdown
- Click on a Team Wallet you want to edit. (If you have not created a Team Wallet, please follow the instructions here.)
- In the Team Wallet page, click on the Spend Limits tab.
- By default, the spend limit of each user in the team is 0.
- You can update this by doing the following:
- Turn on Unlimited Spend - This will enable all users within the team to have access to the team wallet's total balance.
- Set a Default Spend Limit per User - If you input an amount and click Apply to All, this will enable all users within the team to have the spend limit based on the default amount. Any new user added to the team will also get this default spend limit.
- Customise each user's spend limit - You can go to each user's monthly spend limit and update them.
- It is important to Click Save in order to save your changes.
How does the Monthly Spend Limit work?
Each user within the team will have a monthly spend limit that influences the Available Balance they have from the team wallet. The Available Balance will be the balance available to the user when sending a gift from the platform. When sending a gift in the platform, we check whether the user has enough available balance in their team wallet if the team wallet is the payment source of the gift send.
How is the Available Balance per User calculated?
The available balance depends on the following:
- Total Team Wallet Balance - The amount of credit the Team wallet has.
- User's Currently Monthly Spend - This takes into account any pending and process sends in the current month and any refunds or cost adjustments that are updated in the current month that may be from a previous month's transaction.
- User's Monthly Spend Limit - This can either be Unlimited or a specific amount.
- If Monthly Spend Limit = Unlimited:
- Available Balance = Total Team Wallet Balance
- If Monthly Spend Limit > Total Team Wallet Balance:
- Available Balance = Total Team Wallet Balance
- If Monthly Spend Limit < Total Team Wallet Balance:
- Available Balance = Monthly Spend Limit - Current Monthly Spend
How can a user see the Available Balance from a Team Wallet?
OPTION # 1: When a user is logged in, in the balance top bar, the user can see a breakdown of their team wallets and user wallets. The user can select the team wallet they have access to in order to see the available balance they have for that team wallet.
In this example, the user has £100.00 available from their UK Marketing Team GBP wallet.
OPTION # 2: When a user is sending an engage, if they have more than 1 wallet with enough funds, they can see the balance of each wallet in the Wallet Step.
OPTION # 3: When an admin or campaign manager is updating the payment source of a Triggered Campaign, they will see the available balance in each wallet on the list.
Now you have spend limits setup, how can team wallets be used to send a gift?
Please refer to this help article.