5 Important Co-op Deadlines for Channel Partners to Keep in Mind

1. Deadline for Submitting POS Reports

When do you need to submit your POS (Point of Sale) Reports to start earning Co-op funds?

If you’re a distributor, it’s crucial to submit your POS reports on time to accrue Co-op funds. Typically, vendors require these reports by the 10th day of each month, covering sales from the previous month.

It’s also important to understand how often your funds accrue. This can vary, with funds accruing quarterly, annually, or according to a custom schedule set by your vendor.

Make sure you’re clear on these details to maximize your Co-op funds.

2. Deadline for Submitting a Prior Approval

How long do you have to submit a prior approval request for your accrued Co-op funds?

After you’ve accumulated some Co-op funds, the next step is to request prior approval to use them. This is often where funds get wasted because they aren’t used in time.

Typically, a vendor’s Co-op program will have deadlines for when unused funds expire. This could be after a quarter, two quarters, or a year. Always keep track of these deadlines to ensure you don’t lose your funds.

Additionally, vendors usually require that you submit your prior approval request a certain number of days before the planned event or activity—often 14 days in advance. Make sure to understand and follow these specific requirements to make the most of your Co-op funds.

3. Deadline for Completing the Approved Marketing Activity

How long do you have to complete the marketing activity after your prior approval request is approved?

Once you’ve submitted your prior approval and it’s been accepted, you need to pay attention to the deadline for completing the associated marketing activity. Each vendor sets their own deadlines, which can vary.

For instance, some vendors may allow two quarters to complete the activity, while others may only give you one quarter. There are also times when exceptions might be made based on specific circumstances.

Make sure you know the deadline set by your vendor to avoid wasting time and ensure your marketing activity is executed as planned.

4. Deadline for Submitting a Claim

How long do you have to submit a claim after completing an approved marketing activity?

This is a crucial step because it’s when you get paid for your efforts. Once you finish the approved marketing activity, you’ll have a set period to submit a claim to receive your Co-op funds.

The specific time you have can vary by vendor, but it’s commonly a number of days, such as 90 days. If you miss this deadline, you risk losing the Co-op funds, and your company would have to absorb the full cost of the marketing activity.

Stay organized and make sure to submit your claim on time to avoid any losses.

5. Deadline for Receiving Payment

When should you expect payment after your claim is approved?

Once your marketing claim gets the green light, it’s up to the vendor to process and send out your payment.

However, it’s important for you, as a channel partner, to know when to expect this payment. Vendors typically set a maximum timeframe for when they will complete payments on approved claims, often specified in days, like within 30 or 60 days.

Keeping track of this timeframe helps prevent any missed payments and ensures you receive what you’re owed without unnecessary delays.

Make sure you’re clear on this timeline so you can manage your finances effectively.

Conclusion

Whether you’re selecting new vendors or working with existing ones, it’s important to review their Co-op guidelines.

Vendors are responsible for setting these deadlines, and it’s your job to track them.

Being clear and aligned on these rules helps eliminate confusion and ensures that your Co-op funds are used effectively, not wasted.