What is the Platform Funding page?
This page will give a view into your account funding level while helping you get a better understanding of Benepass’ funding process. If your organization has worked with Benepass to set up automatic funding, this is also where you can see when and why Benepass pulls more funds on your behalf.
The Platform Funding page is broken up into 6 main sections. Below is a breakdown of each section along with the information that can be gathered in each view:
Platform Balance is the current sum of all funds that Benepass is currently holding on your organization's behalf, or simply put, the amount that the program is “pre-funded.” This balance is split between funds held with Unit (where HSA contributions and reimbursements payments are paid from) and Stripe (where card transactions are pulled from) which you can view separately in the Data Summary table directly below.
This section also shows a visual representation of the recommended minimum balance (the yellow dot) and the recommended platform balance (the green dot). You can hover your cursor over each part of the graph for more details showing how the amount was calculated.
For programs that have a consistent spending history, Benepass typically pulls funds once every two weeks. Generally, when the balance hits the minimum (yellow dot), Benepass will pull funds to bring the balance back up to the recommended amount (green dot). Then, as employees slowly continue to spend, the funding bar will begin to move back towards the yellow dot until we hit the minimum balance again and the process is repeated!
If Benepass notices we are consistently pulling funds more often than our two-week typical cadence, we will take a deeper look into spending history and make adjustments on our end as deemed necessary.
Health Score is a quick way to see how healthy Benepass thinks your platform balance is. This is based on where the current available balance falls on a spectrum between the minimum and recommended balance. The account health will be highlighted in green, yellow, or red indicating how urgently the program may need additional funding.
Sudden behavior changes, particularly around end-of-year spending, can make this number change quickly in a short amount of time.
Total spendable employee balance is the sum of all notional balances that are available to employees at any given time. For example, if there are 10 employees, and they are each given $100, then the total spendable balance here would be $1000.
Upcoming HSA contributions, in short, this is a predicted amount. Since contributions aren’t set until Benepass receives the payroll data, usually 24-48 hours before the contributions actually happen, we want to ensure this account is well-funded before contributions are paid. To avoid not having enough funds here, our system analyzes the past 14 days' worth of HSA contributions to predict the sum of upcoming contributions. Please note this will display for all accounts, so if your organization does not offer HSAs, the amount shown here will remain at $0.
Upcoming contributions shows the sum of scheduled contributions within the next 7 days. This allows Benepass to ensure there are always enough funds following an increase in spendable balances due to new contributions. Once in that 7-day window, the algorithm will add total spendable+upcoming contributions, and make balance recommendations based on this new total. This does not account for upcoming expirations, but is kept as a safeguard within the algorithm's configuration.
Days of spending remaining is calculated by analyzing the past 90 days of spending and determining an average daily spend. This average is calculated using card spending and approved reimbursements. The system will then divide the current balance by the calculated daily spending average and predict how long the current balance will last.
Balance in Stripe is the current balance available for direct card spending.
Balance in Unit is the current balance available where HSA contributions and reimbursement payments are paid from.
Bank Account Details
This section shows which bank account is connected to Benepass for platform funding.
There are two possible funding types: automatic funding and self-funding. Automatic funding is Benepass' recommended method as it allows Benepass to pull funds from the linked corporate account as needed via direct ACH. Self-funding is for organizations that wish to have more direct control over the funding cadence and amount, which means that funding is managed by sending wire payments to Benepass along with the employer/admin team closely monitoring amounts and program balances to ensure balances are consistently well-funded.
If applicable, in this section you may also see a Funding Limit. This limit determines the maximum amount that can be pulled at one time per ACH. This maximum can be requested by the employer or may be a set maximum amount put in place by banking partners. Here is where you will also find funding instructions based on your chosen method of funding.
Platform Funding Payments
This section shows a record of previous payments into the program, whether by ACH or Wire. You can also select a desired date range by the date filter in the top right view of this table.
Questions? We are happy to help! Please reach out to the Benepass Admin Support Team by emailing email@example.com.