Reynolds was in Sheffield for yesterday's 0-0 draw with Inverness Caley.
"The fee is what the club said they would sell him for before I came here. I won't be seeing anything of it but I knew that. It's not a problem - I'll get his wages.
"If you're asking me can I replace Mark for what he was, at this stage of the season? Probably not. But I'll be doing my best.
"It's good business for the kid and good business for Motherwell. We are getting money that we wouldn't get at the end of the season and it's better happening two weeks before the transfer window shuts than two days."