The “referred business” must meet the requirements outlined in the Venn Referrals program. Since referral terms may change from time to time, always check the Venn "Referrals" page and click on the Terms and Conditions link for the most up-to-date details.
In general, the referred business usually needs to:
Deposit funds: Deposit a qualifying amount into their Venn account within a certain number of days from account approval. (Exact deposit amount and timeframe can be found in the Terms and Conditions in Venn “Referrals”).
Spend with Venn Mastercard: Use the Venn Mastercard to make qualifying purchases within the required timeframe after account approval. (The specific spend amount and deadline are listed in Venn “Referrals”).
Be a genuinely new business: The referral will not qualify if the referring customer and the referred business share the same director, owner, or admin across two or more businesses. This ensures that only genuine new businesses are referred.
Referral payouts: Referral rewards are paid on the 5th of the month following the 30-day eligibility period.
Example 1: If you joined on January 4, your 30 days end on February 4. Any successful referrals you made will be paid on February 5, and then on the 5th of each following month.
Example 2: If you joined on or after January 5, your 30 days end on February 5. Any successful referrals you made will be paid on March 5, and then on the 5th of each following month.