When setting up coupons in the Spending Points section, you can change the value of each coupon by clicking on the Customize button in the appropriate coupon panel.

We recommend setting the value of each coupon with a target discount in mind.
Using our prior example, where customers who spend $100 and receive 1,000 points, let's say that you'd like to offer a 5% discount for customers participating in the program. You could then set up a series of coupons where somebody who spent $100 would be able to exchange their 1,000 points for a $5 discount code.

In the $5 discount panel in the Spending Points section, you'd click on the Customize button, and set the cost of the coupon to 1,000 points.