Give every partner its own reserve history
A Warranty Bank is attached to a partner relationship. Its contributions and approved uses need to be traceable to that partner. It is separate from simply showing the partner a total of rewards earned.
Weave's product design lets the company configure a dollar or percentage contribution. Decide what qualifies for a contribution, when it is recorded and how the partner sees the balance before the program begins.
A restoration and plumbing example
For illustration, a restoration company could agree to set aside $500.00 for each qualifying signed job referred by a plumbing partner. Later, if that partner causes damage covered by the program's terms, an approved repair could draw on the partner's available Warranty Bank balance.
The $500.00 is an example, not Weave's required contribution or a promise that any particular repair will be covered. The program needs to define eligibility, available funds, approvals and what happens when the repair cost exceeds the balance.
Questions to settle in your program terms
The product can record a reserve, but the software screen does not establish the agreement between the companies. Settle the operating rules before inviting partners.
- Which referrals create a contribution, and at which job stage?
- Is the contribution separate from the partner's reward or allocated from it?
- What kinds of damage and repair work qualify?
- Who reviews the supporting information and approves a draw?
- What happens when the available balance is too small?
- What happens to the balance when the partner leaves the program?
Use a precise description
Weave is software, not a bank. The name Warranty Bank describes the partner reserve feature; it does not by itself create a bank account, an insurance policy or a guarantee of coverage.
Weave is being developed with Green State Restoration. Availability, the final program agreement and payment-provider arrangements need to be confirmed before your company offers a Warranty Bank to its partners.