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  1. LEGACY Knowledge Base
  2. Awards

Monetary (Cash) Awards

Creating and managing cash-based awards

PreviousAwardsNextNon-Monetary Awards

Last updated 1 year ago

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Overview

Cash awards are intended to be 1:1 representations of cash currency, that is distributed to users through Village's native payment rails or via third-party payment providers like Stripe or PayPal.

Cash awards accumulate in a user's wallet as they are distributed. Users cash out these awards manually through their 'Cash Out' button on the dashboard. In future, we'll be adding the ability to cash out automatically on a schedule.

You can select the denomination of the cash award, which can be in a currency other than USD. The selected currency will be visible to the end-user.

Before distributing cash awards, any third-party payment providers must be configured in the 'Treasury' section of the Network Manager.

Creating a Cash Award

To create a cash award type, follow these steps:

  1. In the Awards section, click 'New Cash Award' (the purple button on the right of the screen).

  2. This opens the 'Award Creation' page.

  3. Input the following details:

Input
Description

Name of the Award

A simple name like 'Dollars', 'Euros', or 'Australian Dollars'.

Redemption Currency

The denomination of the currency you're awarding. For example, if you’re awarding USD, put 'USD' here.

Award Short ID

A unique identifier for the award. If setting up a payouts with Stripe, consider naming this 'USD-S'. For PayPal, consider 'USD-P'.

Payout Initiation

Choose if the payout is initiated by the user or the network. User initiated means the user must click 'Cash Out' for funds to be distributed. Network initiated means that payouts automatically occur on a set schedule. We recommend that you default to users manually cashing out their awards. This ensures there is visibility into why a user earned a given award.

Payout Provider

Either Village (for USD-V) or your third-party payment provider like Stripe or PayPal.

When you chose a 3rd-party payout provider like Stripe or Paypal, any KYC must be performed by your third-party payment provider, or your platform. Village or its payment partners does not perform KYC for 3rd-party payouts.

🕵️
Connecting Village Cash Outs to your 3rd Party Payout Provider ->