An E-Wallet is an online storage medium holding information for E-Money transactions without entering user data each time at the time of transaction. This ensures E-commerce transactions quickly and securely. And E-money, which is also known as E-currency is the cash that exits in online banking systems, and not in the physical form (not in the banks) . In the case of an MLM Software, E-wallet has the role of a virtual account where member can make transactions with the amount available. Let us see how an MLM Company can use E-Wallet in MLM Software.
Use of E-Money\Use of E-Wallet:
Like all other online transactions, MLM Software also functions with the principle of Electronic currency, E-pin & E-wallet. A new product is sold/bought using the E-money. All transactions are carried with E-money in a matter of time. Along with the flexible operations, MLM Software provider’s guarantee secure E-money transactions. Considering the MLM Business, An E-wallet system is essential to manage and manipulate all Cash-in, Cash-out fund details of the member profile.
Cash-in process takes place when:
1. Member gets commission from MLM Compensation Plan
2. Through deposits (which is transferred Credit Cards, Debit Cards or any other Payment Gateways)
3. From other E-Wallet account as E-money transfer
4. As bonus etc.
Cash-Out process takes place when:
1. User pay new membership fee from online registration
2. During withdrawal
3. While transferring E-money to another E-Wallet account
4. While adjusting bonus
5. While buying E-pins
6. While Upgrading member account
7. While Requesting E-Money withdrawal etc.
Benefits Of E-Wallet management:
E-wallet management makes your MLM Business much easier as it records each and every transferred funds (both added and deducted funds). In such a way, E-wallet acts as the major tool to run MLM Business successfully. A detailed report of E-Wallet transaction is available to admin in a scheduled manner
Features of E-wallet in Infinite MLM Software are:
1. Amount in E-wallet can be used for purchasing E-pins.
2. Amount in E-wallet can be used for new registrations.
3. Amount in E-wallet can be used for ordering/purchasing product.
3. Can transfer Money to other E-Wallet (From one user to other).
4. Amount deducted in re-purchase from payouts can be transferred to E-wallet.
Altogether E-wallet ensures smooth and safe MLM Business with no risks. In total, make sure that you choose the best MLM Software with a good E-Wallet system for your MLM Company. Our MLM Software comes with an E-Wallet system with numerous features that can ease your MLM Business. You can Register here and start using our “FREE MLM Software” Demo NOW.