An E-wallet or Electronic wallet is a virtual storage space that holds the information for the transactions of e-money whenever a transaction takes place. E-wallet guarantees a quick and secure e-commerce transaction in MLM software. E-money otherwise electronic currency is used in online financial transactions but not in a substantial form.
The role of E-wallet in MLM Software
E-wallet, E-pin, E-money, etc are the features of MLM software. MLM businesses with an e-commerce website use MLM software integrated with an e-wallet system for managing the business as well as the transaction like the cash in and cash out process.
When a transaction takes place with e-money, the whole process will take place within a matter of time, that too in a highly secured way. The E-wallet system allows the network marketing companies to send money to the affiliates and to the clients directly into their e-wallets. This also gives permission for the users to transfer the cash to different accounts all across the world.
When does the CICO process take place?
CICO – cash in and cash out process.
The cash-in process takes place when a member gets commission from an MLM plan, through deposits which are transferred from the credit, debit cards, or any other payment gateways, from other e-wallet accounts through money transfer, in the form of a bonus, etc.
The cash-out process takes place when a user pays the membership fee for new online registration, during withdrawal, while transferring cash to another e-wallet, while adjusting bonus, while buying e-pins, while upgrading member account, while requesting e-money withdrawal, etc.
Features of e-wallet in Hybrid MLM Software
- Multi wallet system with repurchase wallet and business wallet that are capable of handling different types of e-currencies.
- You can buy products, e-pins, and perform new registrations using the amount in your e-wallet.
- CICO transaction with the option to choose specific wallets for payout.
- A cloud money storage.
- Users can transfer money from their e-wallet to other user’s e-wallet.
- Easy to use
- High security with high-tech IP whitelisting system that allows transactions for a particular customer only through a specific IP address.
What are the advantages of using e-wallet integration in MLM software?
- E-wallet provides an effective and highly secured way of e-money transferring.
- The cash in e-wallet can be used for purchasing e-pins.
- Can transfer e-money to another e-wallet.
- E-money can be used for ordering \ purchasing products.
- Supports multi-currencies.
- The money deducted in repurchase from payouts can be transferred to an e-wallet.
- The amount can be used for new registrations.
An e-wallet is cloud storage that allows e-transactions like purchasing products or services via electronic devices like computers or smartphones. The e-wallet integrated with MLM software is the place where various bonuses, commissions, e-pins, etc are stored as electronic money. With the commission or bonus earned by the distributor, the money will be transferred to them through the cash-in process to their e-wallet and they can further raise the payout request to the admin for receiving the electronic money as physical money. When the cash-out process takes place the distributor will be free to withdraw the money via different payment gateways such s G-pay, Paypal, etc.