Gift Card Pool FAQ
How does gift card pooling work with Bookkeep?
If you are using Shopify for gift cards and your company is multi-entity whereby each POS location is a different entity or group within your organization, Bookkeep can automate gift card pooling to hold gift card funds in a central account and payout as used.
Gift pool only works in conjunction with mutli-bank settlement of Shopify Payouts using Bookkeep.
Each day Bookkeep calculates funds owed to the pool or owed to the location based on transactions from the previous day and updates the payout balance for the location.
What is the holdback fee?
The holdback fee is a percentage of the payment for the gift card held back from the pool or from the location to cover card processing fees. So when a card is loaded at a location the pool received the transaction amount minus the holdback fee. When a card is used in a transction the location received the amount minus the holdback fee.
How are gift card discounts handled?
When a gift card is loaded and the face value is more than the amount collected the difference will be booked as a promotional expense to the location and that expense will be effectively moved to the pool. The pool only receives the amount paid for loading the card even if the liabilty for the card is more.