You pay twice: once for the software, once for the rewards. Bonusly states it plainly — "a $10 Amazon gift card costs you $10" — and keeps reward spending separate from the subscription. Matter bills rewards only when an admin approves a request. Motivosity, WorkTango and Achievers all work the same way: no markup, no prepaid points commitment, funded alongside the licence.
That's transparent, but it means the per-user price understates the programme. Most recognition programmes budget somewhere between $5 and $15 per employee per month in actual reward value. For 200 employees on Bonusly, the software is $7,200 a year and rewards could add $12,000 to $36,000 on top — the licence is the smaller line item. Decide your reward budget per person before you shortlist.