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Added a "Cash" Option
When we started with a Awardco a few years ago, one of the biggest requests that we received was to be able to redeem points for cash instead of having to get a gift card. We prefer that employees redeem points for something meaningful, but we also recognize that there are limitations with the Visa gift cards. In order to add a "cash" option, we wanted to limit this to only large Point amounts, starting at 1,000 points, to avoid over-use.
We added "Cash" options at several tiers - 1000, 1250, 1500, 1750. When an employee chooses this options, an email notification is automatically sent to our Payroll department so they add this to the next payroll (where it is also taxed immediately).