“Why can I only cash out once per month?”

Our cash-out process is changing - here’s why.

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Sophie Lubin
October 9, 2018

The world of energy sharing (where you get paid for the energy you don’t use) is exciting, fast-paced and transformative. It’s also brand spankin’ new, meaning that we - along with you - are still in the process of figuring out how it works and how best to make the process as easy, seamless and efficient as possible.

One of the areas we’re currently trying to make a bit more efficient is the cash-out process.

As of this month, OhmConnect users will be limited to one cashout per 30 days. The means that if you cash out on any given day (we’re using October 2 as an example) and then attempt to cash out again the following week, It will look something like this:

While in a perfect world, we would love to keep up the possibility for users to cash out anytime they’d like, the process is too expensive to maintain without us needing to cut into the amount that we can pay users for their energy reductions … which we certainly don’t want to do!

To bring you behind the scenes on our financials: for each transaction (or cash-out) that a user makes, we pay a $0.25 fee to our bank. While it might not sound like a lot, twenty five cents when multiplied by hundreds of thousands of users cashing out more than once per month adds up to a whopping bank fee at the end of the month.

To help you get the most bang for your buck, here are a few tips on maximizing your points:

  • When you cash out for OhmConnect store credit, we top up your cash out - which gets you extra added value to make it even easier to buy and connect a smart device.
  • You can donate your points as often as you want.  No transaction fees (!) and in addition to helping the environment with your energy sharing, you are now helping a worthwhile organization with your points.  There are lots of options including the Sierra Club, March of Dimes and many local schools. Stay tuned for more coming around Teams soon!

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