Frequently Asked Questions
Below are the questions we are commonly asked about SmartRands and the SmartCircle. If your question doesn’t appear in the list below, then please get in touch with us using the form at the bottom of the page and we’ll get right back to you with the answer.
Yes you do. The aim of the SmartRand rewards you offer is to make your goods and services more enticing to other SmartCircle members. If you don’t offer any rewards, then there is no reason for other members to use you, and they will prefer to use other members who do offer rewards.
Remember though that you are free to choose the level of rewards you are prepared to offer. Obviously, the more attractive the reward, the more new clients you will attract – but the size of the rewards you are prepared to offer is completely up to you.
No you don’t. You can structure your SmartRands rewards offer however you like.
We would prefer that you do keep it as a percentage of the price, since this is cleaner and it’s what SmartCircle members are expecting to see (and are used to). However, there is a lot of flexibility in how you structure the SmartRands rewards you are prepared to offer. For example:
- you could offer a fixed number of SmartRands per sale (or have different fixed amounts based on the rand value of the sale)
- you could offer a certain number of SmartRands if the member takes a certain action (e.g. asks for a quote or attends a sales presentation or webinar)
- your SmartRands reward might be contingent on certain customer behaviour (e.g. only gets the reward at the end of the contract if all conditions are met)
If your SmartRands rewards are not a percentage of the price, then you will be able to explain exactly what rewards you offer and under what conditions they are paid when you submit your business listing.
Yes, you must offer at least 5% of the price in SmartRands in order to list your business in the SmartCircle.
If your SmartRands rewards are not quoted as a percentage of the price, then we reserve the right to take down your listing if the rewards are not sufficiently attractive to SmartCircle members.
You won’t ever have to pay us a cent to be a member of the SmartCircle. It’s completely free to put a listing on our website and to see if it works for you.
Once you start earning SmartRands, we charge a monthly fee of 1% of the balance in your SmartWallet. This fee is deducted from your balance, so you won’t have to pay anything in (and the SmartRands you earn are free anyway). Once you start getting clients and sales (and paying SmartRands rewards), the minimum monthly fee is 250 SmartRands – which is paid out of your SmartRands balance (unless the balance is too low in which case your account will accrue a negative balance).
If you need to pay SmartRands to clients for new sales and you don’t have sufficient SmartRands in your SmartWallet to cover this, then you will be required to buy the necessary SmartRands on the SmartExchange. The cost to buy a SmartRand is R1.
No, there are no transaction fees when you spend your SmartRands.
No there are no transaction fees when you buy or sell SmartRands.
If you buy 100 SmartRands on the SmartExchange, you will pay exactly R100.
If you sell SmartRands on the SmartExchange, the SmartRands will be exchanged at the stated exchange rate (which is currently R0.50 per SmartRand). However, we recommend that you don’t sell your SmartRands, but rather use it in the SmartCircle (where you get full value for them) or with one of our spend partners (where you get R0.80 value per SmartRand).
Have any other questions?
We’ll be glad to answer any other questions you might have. You can either get in touch at email@example.com or use the form below, and we’ll get right back to you!