Illustrative finance workflow example pack

Understanding the Finance Workflow for Referral Rewards

For SourceX referral partners, understanding the finance workflow is key to tracking the progress and eventual payout of your rewards. This resource provides illustrative examples of how a referral moves through the financial stages from an eligible deal to an approved payment.

The finance workflow ensures that rewards are processed accurately and paid out after all conditions for eligibility are met. It directly connects to the six stages of a referral, particularly stages 5 and 6, where buyer payment is received and your reward becomes eligible for approval and payment.

The Role of Finance in Reward Approval

After a referred company completes a qualifying licensing deal and a buyer accepts the data, SourceX collects its platform fee. At this point, the finance team reviews the transaction. This review is critical for approving the reward for payment, confirming that all terms are met and the collected fee is accurate.

What finance verifies:

Buyer Payment Receipt: Confirmation that SourceX has received its eligible platform fee from the buyer. Eligibility Criteria: Verification that the referral meets all program requirements, such as proper attribution and that the company was not an existing lead. Reward Calculation Basis:* Accuracy of the SourceX collected fee, which forms the base for your reward, excluding elements like supplier payments, taxes, or refunds.

Illustrative Example: A Referral's Journey Through Finance

Here’s a hypothetical example of how a referred company's successful data licensing deal translates into a reward moving through the financial pipeline:

Illustrative:

1. Introduction: You introduce Company A, a manufacturer with extensive operational data, to SourceX.
2. Review & Deal: SourceX evaluates Company A, and they agree to license a portion of their internal process documentation. A buyer commits to a licensing deal.
3. Buyer Payment: The buyer accepts the data delivered by SourceX, and SourceX subsequently collects its platform fee for the licensing transaction. At this point, your referral status may update to Estimated or Eligible.
4. Finance Review & Approval: SourceX's finance team reviews the collected fee, confirms the transaction's eligibility, and processes the reward for payment. Your reward status changes to Approved.
5. Payout: Once approved, your reward enters the payment processing stage, and upon completion, its status becomes Paid.

This sequence ensures that partners are compensated for successful, completed transactions, aligning with the principle that a lead, meeting, or signed agreement alone does not trigger payment.

Understanding Reward Statuses

Your referral dashboard provides transparency into the status of each referral, including its financial progression:

Estimated: An initial indication while the opportunity progresses towards a completed deal. Eligible: SourceX has received a qualifying fee from the buyer. Approved: Finance has completed its review and approved the reward for payout. Processing: The payout is currently underway. Paid:* The payout has been recorded as completed.

Rewards can be canceled or reversed if a payment is refunded or if the referral is later found to be ineligible. The reason for any change is always recorded.

For more details on reward calculations and other program specifics, refer to our rewards section or consult the FAQ.