Use of E-wallet or E-Money in MLM Software.
Posted On: 19th Feb 2024 10:45
An electronic wallet (or e-wallet) is a sort of online storage that allows users to store information for E-Money transactions without entering their personal information each time. This guarantees swift and secure E-commerce transactions. And e-money, commonly referred to as e-currency, is money that leaves online banking systems rather than being physically present (in banks). An MLM software's e-wallet serves as a virtual account where a member can conduct transactions using the funds on hand.
Use of E-MoneyUse of E-Wallet in MLM Software:
Like all other online transactions, MLM Software also works based on electronic money, an electronic pin, and an electronic wallet. The E-money is used to sell or purchase a new item. With E-money, all transactions are completed promptly. MLM Software providers guarantee secure E-money transactions in addition to flexible operations. An E-wallet system is necessary for managing and manipulating all Cash-in and cash-out fund details of the member profile in the context of the MLM business.
The cash-in process takes place when:
- Member gets commission on MLM Compensation Plan
- Through deposits (which are transferred via Credit Cards, Debit Cards, or any other Payment Gateways)
- From other E-Wallet accounts as E-money transfer
- As a bonus etc.
The cash-out process takes place when:
- Users pay a 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:
Your MLM business will run much more smoothly if you use e-wallet management to track all transferred monies (both added and taken out funds). E-wallet serves as the key tool for successfully operating an MLM business in this fashion. Admin can access a detailed report of E-Wallet transactions regularly.
Features of E-wallet in MLM Software are:
Some of the important features for E-wallet in MLM Software are:
- The amount in the E-wallet can be used for purchasing E-pins.
- The amount in the E-wallet can be used for new registrations.
- The amount in the E-wallet can be used for ordering/purchasing products.
- Can transfer money to another E-Wallet (From one user to another).
- The amount deducted in re-purchase from payouts can be transferred to E-wallet.
E-wallet always ensures safe MLM Business with no risks.
