This glossary defines common terms that you might see as you're using Wallit, or throughout our Help Center.
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ACH
Automatic Clearing House (ACH) refers to a type of electronic payment that pulls funds directly from one bank account and sends them to another. In Wallit, you have the option of transferring money between your Wallit account and your connected banking accounts via ACH. Learn more about connecting your banking account to link your debit card in Wallit
Active
This refers to your status in Wallit. Members are considered active if they have made a qualifying purchase or logged into Wallit.
Allowance
Allowances are fixed, recurring amounts of money that are funded by an employer and can either reset or rollover every month or year. Common examples might include:
Analytics
An overview of benefit and member activity and usage, providing insight into how your team uses Wallit.
App
The Wallit iOS, Android or web-based applications.
Billing contacts
Billing-related emails will be sent to billing contacts. This list of billing contacts includes all Wellspace Owners, but you can add other members of the wellspace and external contacts if needed.
Billing Policy
Our unique billing policy, which automatically stops charging for members that become inactive.
Billing statement
The billing statement acts as a proof of payment and is emailed to Wellspace Owners and billing contacts each time payment is charged.
Card-linked reimbursement
A card-linked reimbursement (CLR) is money paid to an employee as repayment for a wellness benefit. Employees connect a bank account to link their debit card and Wallit deposits their funds there every month they are elegible for a reimbursement.
Card-linked offers
A card-linked offer (CLO) is a reward or cash back amount given to a consumer in exchange for a purchase made with a debit card at participating merchants. A CLO is an offer that you as a member of Wallit initiate by registering a debit card with Wallit in connection with cash back offers, and then making a qualifying purchase from a participating merchant.
Consumers no longer have to remember to clip a coupon, remember a promo or discount code, or show a gift or loyalty card. They simply use their existing card linked to the program to redeem the offer.
For Businesses, card-linked offers represent a powerful digital marketing tool designed to bridge the gap between online marketing and in-store sales to drive sales, increase customer loyalty, and reduce advertising costs.
Cash back
In Wallit, cash back refers to a debit card benefit that refunds the cardholders a percentage of the sum spent on qualifying purchases. Cash back rewards are actual cash that are paid automatically from a monthly allowance funded by an employer or from merchant-funded offers.
Categories
Categories are groupings of products and services from retailers and brands that you can make qualifying benefit purchases in Wallit. In our free plan, you can select from six categories. Additional categories are available in our Paid and Enterprise plans.
Category details
Category details provide information about a category, such as its topic, description, and a list of merchants who are associated to the merchant category.
Category list
The list of categories available for Wallit subscriptions.
Category management
Administrators can choose the categories that wellspace members can make qualifying benefit purchases.
Crowdsourced Savings Goals
Members who are trying to crowdsource their savings goals can invite friends and family to contribute to their goals. They can share their goals on social media, e.g. Facebook, Instagram, Twitter, or email and instant message.
Default categories
Set default categories for new members to automatically join when they create a Wallit account on your wellspace.
Deactivate account
When you're ready to leave a wellspace for good, deactivate your account. For every wellspace you've joined, you'll need to deactivate each account individually.
Email notification
By default, you'll get email notifications if you make a qualifying purchase or if you're not actively using Wallit.
Enterprise plan
The main plan for enterprise customers, Enterprise subscriptions allow Wallit customers to connect multiple wellspaces under a single organization.
Free plan
You can use Wallit with a limited number of features for free, but if you need more features and functionality, we offer three paid plans: Plus and Enterprise.
Full name
A person's entire name listed in their profile. This could mean "first and last", although it can also mean many other things in many different cultures and countries.
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Icon
Wallit's desktop and mobile apps allow you to stay signed in to multiple wellspaces if you're a member of more than one. To help you keep track, icons for each wellspace appear in the Wellspace My Teams tab in the Wellness section.
Invoice
A commercial document between Wallit and a customer that outlines the terms of sale, and provides information on how to make payment.
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Member
Member is a type of role in Wallit. A member is also known as a user and is the default role for new people invited to a wellspace.
Merchant
Merchant is a broad term for any retail or brand in the United States that you can make a qualifying purchase in Wallit. Also, Wallit partners with Merchants to help them sell products or services to Wallit members.
Notification
Wallit notifications keep you informed about things that need your attention.
Notification preferences
You can customize your notification preferences for desktop, mobile, and specific channels from any device.
Online offer
Online offers are a form of advertisement from merchants
Org
Org is an abbreviation of organization as it relates to a company's wellspace, including the subscription that powers the wellspace design, usage, and administration of one or more interconnected Wallit wellspaces.
Organization
With Wallit, an organization powers the design, usage, and administration of one or more multiple interconnected Wallit wellspaces.
Organization Admin
Org Admin is a type of role in Wallit, specifically on the Enterprise plan. They can manage organization policies, security and access, and administrative settings for an org.
Organization Owner
Org Owner is a type of role in Wallit, specifically on the Enterprise plan. They can manage organization policies, security and access, and administrative settings for an org.
Organization URL
If your company is on the Enterprise plan, your organization URL is the web address your members will use to access Wallit.
Paid plans
For more features and functionality, we offer two paid plans: Plus and Enterprise.
Payment Method
Payment method refers to the way you funding monthly allowances for you teammates as well as to pay for your Wallit subscription. Payment is made by any credit or debit card.
Plan
A (subscription) plan your team's or company’s agreement with Wallit that specifies the amount you pay each month for our services. For companies processing more than 99 card-linked reimbursements per month, we have 2 tiers of plans: Plus, Enterprise. We’ll work with you directly to get set up with an Enterprise account. Read more about plans here.
Profile
Your profile helps teammates learn more about who you are. By default, everyone can add the following to their profile: a name, username, phone number, and a QR code (for money transfer between members).
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Reimbursement
A reimbursement is a cash back amount for making a qualifying purchase with your linked debit card in your wellspace.
Savings goal
Members can create savings goals in Wallit, e.g. rainy day fund, Peloton, vacation, etc. Goals can be be automated and crowdsourced so your friends and families can contribute.
Service Level Agreement (SLA)
Our Service Level Agreement (SLA) for customers on the Plus plan and above guarantees a 99.99% monthly uptime.
Session duration
Once logged in, members will remain signed in until they explicitly sign out.
Single sign-on (SSO)
SSO is a process that permits someone to enter their name and password from one system (like Google or our your company's mobile app) to access their account in a Wallit wellspace, without needing credentials for Wallit.
SmartBalance™
Besides offering free, automatic cashback, your personal Wallit account comes with access to several built-in saving and budgeting tools designed to help our users automate budgeting, set savings goals and track spending habits. One of those tools is called SmartBalance, and it logs your spending on debit cards and bill payment to give you a more accurate handle on what amount is safe to spend. You don’t have to do anything, but sign up and connect your checking account. Wallit’s real-time automatic budgeting is hands down one of the simplest and most effective ways to know how much money you have to spend at any given time.
Snack
In Wallit, offers appear on an offer card that we refer to as a "snack" or a bite-sized reward When a member taps on a snack, they are taken to a offer detail screen page that provides additional details about the offer.
Spot Bonuses
Wallit allows employers to give one time cash rewards for employee appreciation, e.g., birthdays, work anniversaries, product launches, new business, staying late, working weekends, or whatever.
Timestamp
The timestamp shows you the exact date and time a qualifying purchase was made for cash back in Wallit.
Transfer ownership
A Primary Owner has the highest level of permissions in Wallit — you become one by creating a new Wallit wellspace or Enterprise organization. If needed, primary ownership can be transferred to another member.
Two-factor authentication (2FA, multi-factor authentication)
A preference that requires you to use two-factor authentication for signing in to your account.
Uptime
Monthly Uptime is the percentage of total possible minutes Wallit was available.
Username
A person's first name, or nickname listed in their profile. This is what people would like to be referred to in Wallit.
Verified CardA verified card can be a Visa, MasterCard, Discover, or American Express debit card. We do not accept credit cards, prepaid cards, or department store cards at the moment. A Wallit account must have a connected checking account with a verified card linked to it in order to be a verified account to receive automated cash back.
Wallit API
Wallit API documentation helps developers, partners and our customers integrate Wallit features into their platforms and apps.
Wallit Balance
Your Wallit Balance is where you receive your reimbursements from your employer-funded allowance and cash back from merchant-funded offers. This money can be kept in your Wallit balance for safekeeping or you may choose to transfer it to your checking or saving account(s) that are connected to Wallit.
Wellness Balance
Your Wellness Balance is where your available employer-funded allowance is allocated for reimbursement of qualified purchases, as well as any one-time rewards and spot bonuses you may receive from your company or colleagues. Any unused amount that hasn't been reimbursed to your Wallit balance will rollover to the following on month.
Wellspace
In a Wallit wellspace, people can use their card-linked wellness wallet to improve their work-life balance more effectively by connecting all their banking accounts and debit cards to better manage their day-to-day finances, get access to instant, real-time budgeting, receive automatic cash back from retailers and discover products and services they need to do their best work and live their best lives.
Wellspace URL
Your wellspace URL is the web address your members will use to access Wallit.
Wellspace Administrator
Wellspace Administrator is a role in Wallit. Wellspace Admins can manage members, categories, allowance, payment methods and other administrative functions in your wellspace.
Wellspace Owner
Wellspace Owner is a type of role in Wallit. They can do everything Wellspace Admins can do, but they also control administrative settings: payments, authentication and payment methods, etc.
Wellspace Primary Owner
Wellspace Primary Owner is a type of role in Wallit. They can do everything Wellspace Owners can do, but they also have the ability to delete the wellspace.
Wellspace Settings
Administrators can adjust wellspace-wide settings and preferences that apply to all members of the wellspace.
Wellspace-wide two-factor authentication
A setting that requires everyone in the wellspace to configure and use two-factor authentication for signing in.
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