DEFINITION OF TERMS USED:
Provider: A business registered with GoldTeam to offer GoldPoints to Members.
Member: A builder that is registered with GoldTeam.
GoldPoints: Points issued to Members for payments received in accordance with the Providers normal Terms of Trade. (Each point being 1% of net payments (excl. GST) made to Providers and valued at $1 to Members when redeemed for Rewards.
Redeem: Exchanging GoldPoints for Rewards.
Rewards: Goods or services Members purchase with GoldPoints.
THE COSTS:
(Please read about THE BENEFITS, before making your decision)
Q: Does it cost anything to join GoldTeam?
A: No. Registration is free of charge and there are no annual registration fees.
Q: When will I need to pay for the GoldPoints that I issue to Members? (i.e. the 1% granted to Members on net eligible payments received)
A: GoldTeam do NOT charge Providers for the 1% GoldPoints value upfront. Providers are instead invoiced for these funds only when a Member eventually redeems GoldPoints for Rewards. Therefore the need to pay for the GoldPoints usually arises much later, as Members generally sit on GoldPoints for a considerable time to allow points to accumulate.
Q: Apart from the 1%, what are the immediate costs once registered and active with GoldTeam?
A: There are no fixed fees. All charges only relate to activity. There are two fees payable - a transaction fee and a handling fee.
Q: What is the transaction fee?
A: A transaction fee of $3.00 +GST per Member is charged for each Member payment that you enter into the GoldTeam database. E.g. if 10 of your customers are GoldTeam Members and they all pay their monthly accounts on time then GoldTeam will invoice your company $33.75 for the 10 line items you entered that month.
Q: What is the handling fee?
A: The handling fee is 10% of the value of the Reward item purchased. (This is only 10% of the 1% granted to Members) The handling fee covers GoldTeam to collect points funds from the various Providers that the Member traded with and to then arrange for purchase & delivery of the item. This cost is actually accommodated within to the 1% GoldPoints amount, as Providers pay 1% of the NET payment (excl GST) received from Members, as the 10% handling fee will be less than the GST claimable via the Tax Invoice you’ll receive from GoldTeam for the Members Rewards item.
THE BENEFITS:
Q: How will GoldTeam provide a prompt payment incentive?
A: Members are only eligible to receive GoldPoints if they pay their account on time, or other agreed terms of trade. As a Members GoldPoints accumulate, their desire to ensure they get GoldPoints will help ensure your invoice is shunted to the top of the pile.
Q: How will GoldTeam help retain existing customers?
A: Members desire for GoldPoints will be a strong factor when tempted to switch to a competitor who can’t offer GoldPoints.
Q: How will GoldTeam help attract new customers?
A: As well as the reasons referred to above, your business can gain additional exposure to Members through the monthly GoldPoints statement emailed to all GoldTeam Members in your area or via your promotional page on the GoldTeam website, available to Members when they login.
Q: What are the other benefits of belonging to GoldTeam?
A: There are inherent benefits to belonging to a network of builders and suppliers & subcontractors; like being able to easily arrange social get-togethers with other Providers or having an effective tool to provide competitive advantage by making it very easy to promulgate sales/marketing initiatives, group promotions, etc. - all at a click of your mouse. It also provides the ability for the builders to easily send an email to all Providers with jobs that they’d like quoted.
Q: What is the ultimate aim of GoldTeam, in terms of Membership?
A: The aim is to get all the builders in your area to become GoldTeam Members and for all product and service categories to have suppliers registered. More Members means more opportunity for Providers and more Providers means more opportunity for Members to get GoldPoints. The more GoldPoints Members get, the more they want, which means the effectiveness of GoldTeam will grow as participation grows.
Q: How long will it take before most builders on my area become Members and most supplier categories are filled?
A: As the number of suppliers and sub-contractors grow, so will the number of Members and vice versa, as a supplier will be more keen to join if there are many Members and a builder to join if there are many participating suppliers and sub-contractors involved. Once joined, new Providers will approach their builder customers to join GoldTeam and new Members will approach there suppliers to join - thereby enhancing the potential benefits for everyone involved.
HOW IT WORKS:
Q: How easy is it to furnish online returns?
A: It’s very easy. Simply log on to the GoldTeam website and enter eligible payments made by any of your customers who are GoldTeam Members. A short video showing the on-line return procedure is located at the bottom of this page.
Q: How will my accounts person identify a customer as being a GoldTeam Member to enable allocation of GoldPoints?
A: Most of the “off the shelf” accounting programs enable flagging of customers to various categories, which then enables a report to be easily generated to identify qualifying customers and/or payments. Otherwise, at the end of each month you could manually check off the list of payments against the current Member list, which is downloadable from the GoldTeam website.
Q: When a Member wants to redeem GoldPoints, but has been dealing with 5 or 6 GoldTeam Providers, how does GoldTeam work out who pays what and when?
A: As Members are likely to be dealing with more than one Provider, your contribution may only be part of the overall cost of the Member’s Rewards purchase. The GoldTeam database system debits the oldest GoldPoints first and therefore are processed/redeemed on that basis. Potentially, one of your customers could possibly gain a Reward without your business needing to pay anything, if a Member had been dealing with other Providers earlier and the GoldPoints from the others Provider/s was sufficient to fund the Reward.
Q: How often do I receive statements from GoldTeam?
A: An invoice/statement is automatically emailed to Providers as soon as an online return is completed. Providers can check transactions and balances by logging in to the GoldTeam website at any time.
Q: What Rewards can builders buy with their GoldPoints?
A: Absolutely anything. If it can be bought, and a Member has enough GoldPoints, then it’s available to them. This allows Members to shop around for the very best deal.
Q: How do Members redeem GoldPoints for Rewards?
A: Once Members have decided on the goods or service for their Reward, they login to the GoldTeam website to generate an order number, which they use when shopping for a Reward item. GoldTeam then collects the funds from Providers, arranges purchase and delivery to the Member.
Q: If a Member chooses to redeem GoldPoints on a product or service from my business, will I need to provide the Member with GoldPoints for that purchase?
A: Yes. It should be treated as a regular sale to a Member and therefore qualify for GoldPoints.
THE COMITTMENTS AND LIABILITIES:
Q: What is the term of my registration?
A: As long or as short as you wish. A Provider can cancel its registration at any time by contacting the GoldTeam office. The main condition to retain your registration is that your company remains active in remitting GoldPoints. A Provider’s registration may be terminated if there are no Member payments entered into GoldTeam system for a period exceeding 120 days.
Q: Do GoldPoints expire after certain periods of time?
A: No. The GoldPoints retain there original value and can be redeemed in full by a Member at any time.
Q: Will I still be liable for GoldPoints if my business closes?
A: Yes, unless closure is due to insolvency. Members expect that GoldPoints remain valid unless the business that provided the GoldPoints becomes insolvent. If a Provider’s business is simply closed down, it is expected that the Provider would secure Members GoldPoints owed by remitting funds to a GoldTeam holding account to fund future redemptions by Members.
Q: Am I still liable to pay GoldPoints if I simply withdraw from the GoldTeam program?
A: Yes. If you withdraw and cancel your registration with GoldTeam, you’ll still be liable for GoldPoints owed to the members. GoldTeam will invoice your company whenever a Member’s redeems GoldPoints still owed to them by your company.
Sample of completing a monthly GoldPoints return