Overview

A wallet is an account used by customers within CRM.COM to fund prepaid subscriptions and rewards, as well as being used as a means of money transfer in EMI (Electronic Money Institution ) business model .

Setting Up Wallets 

Before you start using Wallets set up the system to reflect your own business needs.

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Wallet Transaction Types

User definable types are used to distinguish between wallet transactions of the same classification. Classifications define the operational characteristics of each transaction. For example, create two separate transaction types of classification wallet 'credit', in order to differentiate between transactions that fund the wallet by credit card or by voucher. 

There are five predefined wallet transaction classifications:

• Credit funds the wallet. 
• Debit deducts funds from the wallet.
• Reimburse takes funds from the wallet and credits the account of the owner.  
• Void transactions reverse and cancel Credit, Debit and Reimburse transactions.
• Transfer moves money from one wallet to another.

If multiple types are created for each classification, then a default type must be selected for each one. Specify the default classification through Used as Default Type . 

Once transaction types are created, define what type of transactions will result from the execution of specific events in the Wallet Flows. 

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Wallet Flows

Define the rules and causes that will be applied on performing wallet actions. Wallet causes are events that cause automatic wallet actions such as creating,cancelling, debiting, crediting, reimbursing wallets and voiding wallet transactions. In some events you have the option to define specific parameters which will trigger the event, thus offering you greater flexibility on how the system will behave. For example, you can set that only when a specific financial transaction payment type (e.g. card payment) is created that the wallet should be credited.

• Creating wallet flows: Define the flows that will result in automatically creating new Wallets. Note that by default, new Wallets are automatically created whenever an Account is related with a Rewards Participant.
• Cancelling wallet flows: Define the flows that will result in automatically cancelling Wallets. Note that by default, Wallets are automatically cancelled whenever the related Rewards Participant is terminated.
• Debiting wallet flows: Define the flows that will result in automatically debiting Wallets.
• Crediting wallet flows: Define the flows that will result in automatically crediting Wallets and debiting Accounts.
• Reimbursing wallet flows: Define the flows that will result in automatically reimbursing Wallets and crediting the Accounts.
• Voiding wallet flows: Define the flows that will result in automatically voiding Wallet Transactions or post Financial Transactions against the Account.
• Limits and thresholds: Define the limits allowed per Wallet Transaction and the threshold rules for Wallets.
  • Minimum wallet balance threshold: The minimum allowed wallet balance which is acceptable by the system. The specified value is inclusive and can be positive or negative. The wallet balance and the available balance per each allotment condition, cannot be less than this specified threshold. In that case the system will not allow the wallet to be debited (including reimburse, transfers or voiding of credit). If not specified then the minimum wallet balance threshold is considered to be equal to zero.
  • Rule: Define rules for the maximum allowed amount among all wallet transactions created against a wallet within a day or year, and which is primarily used by the EMI business model. If this amount is exceeded, then no more wallet transactions can be created against the wallet. E.G., Credit = 50 and Debit = 50 total = 100 and which can differentiate based on KYC profile or accounts classification.

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Wallet Balance Periods

A wallet balance period is the monthly time frame during which the balance of the wallet is calculated. The opening balance of a wallet is the sum of the balance brought forward from the previous (closed) period and balance resulting from transactions in the current (open) period.

The first period is automatically created by the system. The next period is created once the current one is closed (using the Closing Period process). Closed periods cannot be opened again or used to register new wallet transactions. Wallet transactions can only be posted against the one open period. 

To close an open period from the data entry page, click on Close Wallet Balance Period available through the Actions menu. To view a list of errors identified while calculating the period, click on View Calculation Error Logs. 

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Maintenance Fee Rules 

Define the wallet maintenance fee rules that are charged after a certain inactivity period, and are charged periodically based on the Fee Billing Frequency.

The process is responsible for applying a maintenance fee to wallet owners, customers and merchants, whose wallet has been inactive for a long period of time. This is a background recurring process, performed on a daily basis to deduct the required amount of money. 

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Transaction Fee Rules 

Provide a set of rules that define the transaction fees that will be applied on creating wallet transactions. Multiple transaction fees can be configured and applied per wallet transaction.

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Using Wallets

Use Wallets to fund prepaid subscriptions and rewards as well as to handle EMI business model. In this section you can find out how your business can use Wallets to cover its own needs.

Credit, debit,reimburse or void wallet transactions associated to the wallet either directly from the Wallet page (Actions) or through the dedicated (Manage) Wallet Transactions page.

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Funding a wallet

The following processes result in a wallet being funded:

Manually creating a credit wallet transaction

Credit wallet transactions (which increase the funds available in the wallet) can be created by selecting NEW from the Wallet Transaction data entry page or by selecting Credit Wallet from the Actions of the wallet data entry page.

Topping up a wallet

Funds are deducted from a wallet when a prepaid subscription is charged or when awards are redeemed. When the balance falls below a predetermined threshold the system can use the subscriber's online payment system (e.g., credit card or PayPal) to top the wallet up and avoid the interruption of services. Top up rules must be set up in Automatic Recurring Payments available under Accounts Settings.

Posting a payment or credit note

The system can be configured to automatically credit the wallet when a payment or credit note is posted in an account.

Transferring money from one wallet to another 

Using the 'Transfer to another wallet' option from the Actions menu. 

Transferring money from the account to the wallet 

As long as the account balance is less than zero. Using the 'Transfer from Account' option from the Actions menu.

Executing a prepaid billing run

To bill Prepaid subscription services. If a prepaid service is removed before being fully consumed, the billing run credits the wallet with the unused amount. 

Creating an award transaction

Awards are funds that credit the wallet of reward participants and can be redeemed for goods and services. Although awarded funds appear available in the wallet, spending them can be subject to conditions or restrictions. For example, a €20 award that must be spent on a Monday. Most award transactions are triggered by the creation of customer events. 

Cancelling a spend transaction (Voiding)

The wallets of reward participants are credited with awards and administer how the awards are redeemed. When an award is redeemed funds are debited from the participant's wallet. Funds can be returned to the wallet by voiding the debit wallet transaction (e.g., in case the participant returns a product bought with awarded cash).

Cancelling an expiration transaction (Voiding)

Funds earned through awards that are available in the wallet can be subject to an expiration date (e.g., end of the month or year). Expiration transactions debit expired amounts from the wallet. Funds can be returned to the wallet by voiding the debit wallet transaction (e.g., in case the award was expired by error).

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Spending or deducting money from the wallet

Wallets in CRM.COM are mostly used to pay for prepaid subscriptions and to redeem awards. Funds can be deducted from the wallet by creating debit wallet transactions.

Select NEW from the wallet transaction data entry screen and then select Debit Wallet Transaction, or select Debit Wallet from the Actions menu of the (manage) wallet data entry screen.

Executing a prepaid billing run

Prepaid subscription services are billed through a prepaid billing run. When a prepaid billing run is executed, services are billed and funds are directly deducted from the subscriber's wallet. The wallet is debited using debit wallet transactions.

Cancelling a payment (Voiding)

If a payment made to the account (resulting in a credit wallet transaction) is cancelled, the respective wallet funds are deducted from the wallet by voiding the transaction.

Cancelling an award transaction (Voiding)

If an award is cancelled (e.g., in case the participant returns the products that gained him the award) funds can be removed from the wallet by voiding the credit wallet transaction.

Creating a spend transaction

Awards credit the wallet of reward participants. Awards can be redeemed through spend transactions which debit the wallet. A debit wallet transaction is created to reflect the spend reward transaction. Spend requests are always performed as part of a Purchase customer event.

Executing a wallet expiration run

Awarded funds available in the wallet can be subject to period validity constraints (e.g., until the end of the month or year).  Expiration transactions trigger debit wallet transactions that remove the expired amounts from the wallet.

Transferring to account

Funds can be moved from the wallet to the associated account, debiting the wallet.

Paying off a bill or an invoice using wallet funds

An outstanding bill or invoice can be settled using the unconditional balance in the wallet (through the WEB API only). 

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Reimbursing an account through a wallet

Funds from a defunct wallet can be preserved and reimbursed into an account. The maximum amount that can be reimbursed is specified in the wallet rules.

Cancelling a wallet

When a wallet is cancelled, its balance is transferred to the associated account through a reimburse transaction.

Replacing a prepaid subscription account 

Funds are reimbursed from wallets whose account is no longer associated with a prepaid subscription. 

Manually reimbursing an account

Automatic reimbursement can be disabled for more control. To manually reimburse an amount create a NEW > Reimburse Wallet Transaction from the Wallet Transactions screen, or use the Reimburse Wallet action from the Actions menu on the data entry screen of the destination wallet (manage wallet). 

Voiding a wallet transaction

Voiding reverts a wallet transaction, removing funds that were added to the wallet or adding funds that were deducted from it. Credit, debit, reimburse and transfer wallet transactions can be voided. Voiding is in most cases undertaken by the system, as configured in the wallet causes, resulting in crediting or debiting the wallet.

To manually void a wallet transaction use VOID from the Actions menu in the wallet transactions data entry screen and then click on SAVE in the modal window. Voided transactions remain visible.

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Transferring money between wallets

Funds can be transferred from one wallet to another as long as the wallets are effective and the source wallet has enough funds. By:

• Creating a NEW > Transfer Wallet Transaction from the wallet transactions summary screen. 
• Using the Transfer to another Wallet transaction from the Actions menu on the data entry page of the source wallet. 

When transferring funds three transactions are created:

• Wallet transfer transaction.
• Debit wallet transaction (debits the source wallet).
• Credit wallet transaction (credits destination wallet).

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Transferring money from wallet to account

Funds can be transferred from the wallet to the associated account by using the Transfer to Account action through Actions in the wallet data entry page. Only the unconditional balance of the account can be transferred (debiting the wallet).

It is also possible to transfer funds to other accounts not associated with the wallet.

Wallet money allotments

Wallets are used to finance prepaid subscriptions and administer award transactions.

CRM.COM uses wallet transaction allotments to impose restrictions on the consumption of wallet funds. Allotted funds must be spent either on specific products or on certain dates or at designated merchants. Allotments are displayed through the wallet balance breakdown section available in the wallet data entry screen.

In credit wallet transactions, allotments designate how funds 'can be' spent, while in debit wallet transactions, they designate how funds 'were' spent.

The system makes automatic allotments:

• When vouchers are used to fund prepaid subscription products.
• For transactions that debit the wallet during prepaid billing runs.
• For award transactions (spend conditions defined in reward offers are added in the wallet allotment conditions).

Allotments can also be done manually when creating wallet transactions

Creating and maintaining reward transactions in the default currency and the alternative currency of the wallet

Reward processes that create 'award', 'spend' and 'award expiration' transactions display the amount in the default and alternative currency, and the applicable exchange rate.

• Award transactions: the amount is converted into either currency, depending on the award of the reward offer.
• Spend transactions: wallet owners can spend their wallet balance in either currency.
• Award expiration transactions: wallet balance in either currency is debited when an amount expires. 

Viewing beneficiaries

Wallets are used to fund prepaid subscriptions and to handle awards and spends. While a wallet can fund more than one subscription, it can only be used by one reward participant.

To view prepaid subscriptions and reward participants funded through the wallet, click on View Beneficiaries through the Actions menu from the wallet data entry screen.  

Viewing period transactions, product consumption & balance breakdown

From the wallet screen you can view Period Transactions information (from the respective tab) which provides transactions that took place in the current period. Search criteria can be used to limit the results to specific transaction types.

The Balance Breakdown tab in the wallet screen displays a list of credit records that make up the total available wallet balance. The records are grouped on common conditions, that designate how (on which reward partners and products) and when the funds can be spent. Search criteria can be used to limit the displayed balance, based on conditions applied to wallet funds. The conditional and unconditional balance is displayed, as well as the total balance (in the absence of search criteria).

Viewing the wallet's future balance

By selecting View future balance from the Actions menu on the wallet screen it's possible to see the (estimated) future balance of the wallet on a specific date. This calculation takes into consideration factors such as funds based on current service consumption. 

Enforcing wallet consumption

In order to fund a prepaid subscription and avoid deactivation, a wallet must have a sufficient balance to cover all subscription services. In case the wallet balance is not sufficient to activate a prepaid service for its pre-rated duration, the services will be deactivated and the balanced will not be affected.  To avoid deactivation, the customer may select to use the existing balance to fund his subscription services for a shorter period, by using the Enforce Wallet Consumption action.

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Additional Processes and Automations for Wallets

Communicating Wallets

CRM.COM enables the user to group customers for communication purposes. Customers can benefit from wallet specific information (such as when their funds are running low or when awards are about to expire). 

It is possible to automatically create communications on various events that take place with regard to a wallet such as debiting crediting and transferring of funds by setting up 'Event Based Communication Definitions' accordingly. You can use tags related to wallets (text that is automatically replaced by values specific to selected records) when creating communication plans. Tags are available for selection by typing '#'. 

Refer to the Communications manual for more information and Communication Tags for a complete list of service request tags.

Expiring wallet balance 

Wallet funds (especially awards earned through reward offers) are subject to expiration. Funds added through credit wallet transactions can also be created with validity parameters. The expiration process can identify unspent/expired wallet amounts and deduct them from the wallet balance. When awarded funds expire, an award expiration transaction is created which debits the wallet. This background process is executed every 1 hour. 

1. Navigate to Configuration > System Settings > Process Management and Settings > Process Administration & Monitoring. 
2. Go to the Recurring System Processes tab.  
3. For Execute Wallet Balance Expiration Runs click on:
   
   1. 'View Logs' to view already executed runs. 
   2. 'Stop' to stop the execution of the run. 

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 Transaction-In and Transaction-Out are the transactions used to move money between customers and merchants wallets.

• Transaction In: Transactions that credit wallets by moving an amount of money to another customer or merchant wallet.
• Transaction Out: Transactions that debit wallets by moving an amount of money to another customer or merchant wallet.

Deposits and withdrawals are responsible to debit or credit merchant and customer wallets, whose funds are used to carry out e-money transactions.

• Deposit money to a customer’s or merchant’s wallet from their funding source (i.e. bank account).
• Withdraw money from customer’s or merchant’s wallet and put back to their funding source.

Electronic Money Policies

Maintenance Fee: A fee which is paid recurrently for wallet maintenance given that there is no transactional movement carried out for a period. Set this up in Configuration > Finance > Set up wallet settings > Maintenance Fee Rules.

Transaction Fee: A fee which is applicable on  transaction-in and transaction-out and it’s usually a % on the transaction amount. Set this up in Configuration > Finance > Set up wallet settings > Transaction Fee Rules. It's possible to define various restrictions and conditions, such as:

• Maximum transaction fee.
• Apply the transaction fee only if the transaction amount is too small.

• The maximum transaction limit is calculated as the Absolute Sum of wallet transactions.
• Depending on how the system is set, the wallet transactions taken into consideration can be of all or specific transaction types.
  

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