An E-Wallet is an online storage medium holding information for E-Money transactions without entering user data each time at the time of a 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 a 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.
The cash-in process takes place when:
- Member gets commission on MLM Compensation Plan
- Through deposits (which is transferred Credit Cards, Debit Cards or any other Payment Gateways)
- From other E-Wallet accounts as E-money transfer
- As bonus etc.
The cash-out process takes place when:
- User pay new membership fee for online registration
- During withdrawal
- While transferring E-money to another E-Wallet account
- While adjusting bonus
- While buying E-pins
- While Upgrading member account
- 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 fund (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:
- The amount in E-wallet can be used for purchasing E-pins.
- The amount in E-wallet can be used for new registrations.
- The amount in E-wallet can be used for ordering/purchasing product.
- Can transfer Money to other E-Wallet (From one user to other).
- 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.