MyCredits Pool Overview

At the beginning of each new month, you will fund your MyCredits pool so your customers can earn credits for engaging with your brand. During your current pool period, customers will engage with your brand and earn credits for taking a multitude of different actions.

At the end of each month, only your top 10 customers will be rewarded a portion of this pool based on the percentages you setup inside your account.

So if you have customers that don’t make it to the top 10, they’re credits will carry over to the following month so they have a greater chance of making it on the leaderboard and earning cash back rewards.

If your customers land in the top 10, we will send the winning value to their PayPal accounts. Then we will zero out the amount of credits inside their account so they start at 0 for the next month.

For example, 1st place can earn 25% of your pool, second place can earn 20% of your pool, 3rd place can earn 15% and so on. You get to choose how this pool is distributed and how much you add to your pool each month.

Getting Started With Your First MyCredits Pool

When getting started with MyCredits, your pool is paused by default so you have a chance to start inviting your customers and getting them active in your new rewards program.

We do this because once your first pool is funded, the monthly period begins and you have roughly 30 days before the 2nd Pool is drawn from your account. So if you don’t want to fund your pool right away, make sure you hold off on activating your pool.

Tip: When getting started with your account, make sure you setup all your product and social offers first, so that once you start inviting your customers, they have tons of content to engage with and different ways to earn credits. If you have a new business and not many ways to drive traffic, you may want to get a few customers active in your account before starting your first 30 day pool.

Once you are ready to start driving customers into your account, you can visit the company settings, then select connections to re-fetch all the customers on your existing payment processor accounts (Ex. Stripe, Shopify, etc.)

How To Setup Your Pool

In the top right hand corner of your dashboard, click the account icon and select company settings from the drop down.

Once you are in this menu, click Pool Rewards.

Inside this dashboard screen, you can determine how to split up your pool for the top 10 rankings.

This is a portion of the Pool Rewards screen. You can determine how much each placement will be rewarded at the end of each month.

We recommend to keep the pool distribution setup as you currently see in your account, but you can choose how you would like to reward your customers. You can even decide to give 10% to each of the 10 winners for the month, so if you have a $100 pool, each customer would receive 10 dollars.

Pool Recommendations

We recommend that you scale your pool based on the amount of active users. So as you start adding hundreds or thousands of active users (active users are customers who currently have their PayPal account connected), you should increase the amount of your monthly pool.

Your Customers and the Leaderboard

Your customers will be able to see the leaderboard and who is in each placement at any given time during the month. They can visit this page from the dashboard inside their account.

This will help your customers understand where they rank so they can engage more with your brand to earn more credits, and ultimately place on your top 10 leaderboard.

Again, if they don’t place in the top 10 for a particular month, their credits will transfer over to the next month so they have a better chance at making the leaderboard.

Author

Founder of MyCredits

Write A Comment