How influencers redeem rewards on Acorn
Rachel Baumann on August 17, 2023
Acorn rewards influencers when they post about your brand on Instagram or when customers use tracked promo codes to make a purchase. When influencers earn enough rewards, they can redeem them for cash or gift cards in the form of store credit.
Redeeming for store credit
Merchants can use store credit to compensate micro-influencers in a cost-effective way. When content creators get free or discounted products, they can further share your product with their audience, which gives your brand added exposure.
When you configure the redeem card, you can choose a “conversion rate” between a set number of points and the amount of store discount influencers receive when they redeem points for a voucher.
For example, if you set 100 points to be worth $10 in store credit, influencers will need 100 points before they can redeem a store discount voucher worth $10. Here’s what that card looks like to influencers when it’s time to redeem:
When influencers click on the redeem button, they can choose the number of points they want to redeem for a voucher which will be sent via email.
Redeeming rewards for cash payment
You can also set up a cash payment option for influencers. When influencers redeem their points for cash, they’ll be paid via PayPal, Venmo, crypto, or direct deposit.
To set up cash payments, go to the Cash rewards section of the setup checklist or the CASH card in the Setup & Preview tab and click Edit. Select the conversion rate for points to cash and the payment method you want to use. Most merchants will set a higher conversion rate for cash payments than for store credit. This incentivizes influencers to redeem their points for store credit instead of cash.
You can choose which methods of cash payout you'll allow influencers to use. PayPal is the default option for cash payments because it's the most widely used payment method. Based on the payment method you choose, influencers will be asked to enter payment information specific to that method. For example, if you enable Venmo, influencers will be asked to enter their Venmo username.
When influencers redeem points for cash, they’ll be prompted to enter their payment details. Here’s what that looks like:
After they enter their payment details, both you and the influencer will receive an email confirmation, which will prompt you to pay the influencer. The email notification will include the influencer’s payment details and the amount they’ve cashed out so you can pay them easily. We recommend paying influencers within 24 hours of receiving the email notification and sending them a confirmation email once you’ve paid them. This will help you build trust with influencers and encourage them to continue working with you!
By default, points are stackable, so if an influencer has 239 points, they can redeem 200 altogether for a single $20 voucher. If you want to prevent influencers from stacking points, you can disable this option when you set up your rewards program. This setting applies to both store credit and cash payments.
By default, points don’t expire, but you can set an expiry date for points if you want to. For example, if you want to encourage influencers to redeem their points quickly, you can set an expiry date for 30 days after they earn the points.
This feature was suggested to us by a merchant who wanted to encourage influencers to redeem their points and further engage with her influencer program. We're always open to feedback and suggestions from merchants, so if you have an idea for a new feature, please let us know!
Please contact us at email@example.com if you have any questions about redeeming points!