Sell more, earn more! Meet the OMG CashBack Program, designed to reward your business for growth on the OMG platform. Here are the most frequently asked questions (and answers!) about this new program.
Q: Which clients are eligible for the CashBack Program?
A: All clients are eligible for the CashBack Program if their OMG fee is 3.95%. You will automatically be enrolled on January 4th, 2021 for this CashBack Program.
Q: Do I have to opt into the CashBack program or do anything?
A: No, you don't need to do anything. All updates will happen automatically.
Q: What are the three CashBack tiers?
A: $0 to $249,999 receives 0% back on your OMG Fee (this is not a tier)
Tier 1: $250,000 - $499,999 receives 10% back on your OMG Fee
Tier 2: $500,000 - $999,999 receives 20% back on your OMG Fee
Tier 3: $1M+ receives 30% back on your OMG Fee
Q: When are tiers calculated?
A: Tiers reset annually on January 1st of each year and you start at $0.00 in sales volume on January 1st of each year
Q: How much will I get back and how is this CashBack calculated?
A: The amount of CashBack you receive each quarter is based on the volume processed in that quarter, and at what tier the volume is in. Contact our Support Team or your Account Manager if you need further clarification.
Q: Where is this money generated from for the CashBack Program?
A: It comes from the OMG fee. The incentive is calculated by the amount of volume processed via OMG fee rate.
Q: How do I pass the OMG fee on to the end consumers?
A: The OMG fee can be added at the store level. Go to a store > Edit Store > Taxes & Fees > Add Fee. Best practice is to add a percentage type fee named “Processing Fee” or “Service Fee” and set the percentage an amount to cover the OMG fee, or at 6.5% - 7% to cover both the OMG and CC processing fees. You can also set this as a default setting so that all new stores you create automatically have the OMG fee added by making it part of your Store Template. The end consumers will always see the OMG fee as a line item when checking out. Here’s a Help Center article with more info: How to Add Fees.
We’ve also seen clients build the cost of the fee(s) into the price of products, which are not exposed to the end consumer (similar to hiding fundraising). Keep in mind, this approach requires clients to do several calculations outside of the platform and may create the perception that the dealer/distributor or their products are more expensive.
Q: All of my Sales Reps incur the OMG fee and bake it into the price of their products, will I not receive money back?
A: Yes, if your business incurs the OMG fee, you are still eligible to receive CashBack on incurred OMG fees.
Q: When do I receive my check?
A: Within 45 days after each quarter closes, we will mail you your check. Make sure the correct address and ‘owner/master’ is on file, as that is where and who will receive the check.
Q: Where can I update the Owner contact info such as the mailing address?
A: Contact your Account Manager or speak with our Support Team and we can verify the Owner contact info we have on file.
Q: What if I sign up with OMG in the middle of the year, when do I start accruing?
A: Your volume clock starts accruing the day you start processing volume through your OMG stores and resets annually.
Q: Are gift cards and coupons included in the CashBack program?
A: Yes, all volume, regardless of method (CC, gift card, coupon, etc.) will be added to your accruing volume for CashBack.
Q: How are refunds calculated?
A: If a refund is processed, you will lose that accrued volume. Example: If on March 25th you sell $100 of merch, that is added to your accruing volume. If on April 5th, that $100 is refunded because the consumer didn’t like the fit, that is then taken away from your accruing volume.
Q: I don’t want to be a part of the program - now what?
A: If you do not want to receive CashBack, please let your Account Manager or Support know, and we will not mail your check.
Q: If I reach a tier in the middle of the quarter, how will my CashBack be calculated?
A: Your CashBack incentive is calculated by when you hit volume in each calendar year, not within each quarter. If you processed $500,000 of volume in Q1, $250,000 of that volume would be in Tier 0 (no earnings in that volume) and $250,000 would be in Tier 1, and you would get CashBack on that portion.
Q: Does my tier carry over quarter-over-quarter or year-over-year?
A: This is an annual program with quarterly payout. Tiers are calculated annually and reset on January 1st of each year. This year's volume will start accruing on January 1st, 2021.
Q: I believe there's a mistake on my check amount, what do I do?
A: If you believe your check is incorrect, please reach out to your Account Manager or email@example.com.
Q: When does OMG start charging for other features like White Label and Single Store Deposits?
A: January 4th, 2021
Q: How much is the StoreBuilding fee?
A: $50 per store. This applies to both regular stores and Express Stores.
Q: When do we start charging $50.00 for StoreBuilding?
A: January 4th, 2021
Q: Are the credit card processing fees changing?
A: No, CC processing fees are staying the same.