This policy outlines the requirements and operational guidelines for establishing and managing a Float Fund to ensure seamless reward fulfilment for high-volume redemption programs managed by Partner+.
A Float Fund is separate to fees charged as retainers, project or ad-hoc work. All such charges can be paid on credit where an approved credit application has been granted.
Where average monthly redemptions exceed $5,000 AUD, Partner+ will request the Client to provide a Float Fund.
The purpose of the Float Fund is to enable Partner+ to:
- Procure gift cards, Mastercards, products, experiences and custom rewards
- Cover freight and fulfilment-related costs
- Maintain immediate redemption processing without reliance on delayed invoice payment cycles
The Float Fund will be invoiced to the Client as a separate, once-off invoice unless otherwise agreed in writing.
Partner+ will issue detailed monthly redemption reports including:
- Total redemptions by type
- Associated costs deducted from the Float Fund
- Remaining Float Fund balance
Where the Float Fund balance falls below 25% of the agreed amount, Partner+ will notify the Client and issue a replenishment invoice to restore the Float Fund to its required level.
- The Float Fund amount may be reviewed and adjusted periodically to reflect actual program activity.
- Increases in redemption volume may trigger additional Float Fund requirements.
- Decreases in redemption volume may allow for a partial refund of excess Float Fund amounts, subject to Partner+ approval.
Upon program termination or expiry of the Agreement, Partner+ will reconcile the Float Fund within 30 business days.
Any unused Float Fund balance will be refunded to the Client, less any outstanding redemption costs, freight charges or fulfilment liabilities.
Partner+ reserves the right to waive the Float Fund requirement for programs where the Client's redemption amounts don't warrant the need and where the Client demonstrates:
- A consistent history of timely invoice payment
- Low redemption volumes below risk thresholds
- Alternative risk mitigation measures acceptable to Partner+
- The Float Fund is not intended to generate interest or financial returns for the Client.
- The Float Fund is a prepayment mechanism to protect the program's operational efficiency.
- This policy forms an integral part of any Loyalty or Rewards Program Management Agreement.
For further information please contact your Partner+ representative.