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Legally Enroll Others with Your Commissions.....Really? MLM Software can do that?

Permalink 10/26/11 00:20, by admin, Categories: MLM Software, Members Back Office, Features , Tags: gift certificates, intermember transfer, mlm software, personal account

Link: http://www.internetnextstep.com

Is it possible? Well actually http://www.internetnextstep.com has sold MLM Software for over 12 years now, and actually the "MLM Personal Account" system has been in place for every single one of those 12 years.

We like to consider the MLM Personal Account System to be MLM Software's #1 most critical feature in todays Global Marketplace.

They say imitation is the best form of flattery, then we are flattered! Recently a competitor of ours has announced with great fanfare thier MLM Software MLM Personal Account System called PayHub as if it is unique and wonderful. Appears pretty much exactly what we have had for 12 years. You have to love it when the Big Guns are chasing their tails so badly they think they are ahead. I guess 12 years not so bad. Imagine the features we have added to our MLM Software they haven't even thought of since then!

So just what advantages are there for using an MLM Personal Account system for your MLM company? What exactly is an MLM Personal Account system?

The MLM Personal account system is a way of operating your company that is a bit different than traditional MLM software methods. It is becoming more popular in the MLM Software world today, 12 years after we introduced it due to need in Asian markets where credit cards are not as ubiquitous as North America.

An MLM personal account is like an online bank account that each of your members gets when they join. Instead of you paying people by pay check every week or every month, you put the funds into their MLM Personal Account. The member can request a payment any time they like from their members lounge.

Just to keep all members happy, a member can also set their settings to get a check every month or every week if they prefer. There are many options available in our software like allowing the member to ask for a paycheck anytime their account balance exceeds a certain amount (for example $100). They can also request that enough to cover their next months autoship be left behind so they don't need to have their credit card billed.

So just what advantages does this type of MLM Personal Account system have to your members and to your MLM company?

First lets look at the members. Very often members don't like their credit card being billed each month. This system allows them to pay for their autoship out of their earnings.

Also, very often members don't like being charged the check fee of $3 or $5 on a very small check. This system allows them to save this fee and amalgamate a few months of earnings in the beginning and get one big check or wire transfer payment saving themselves fees. This also reduces your corporate charge back risk massively, as well as saves you the MLM Company on Visa Discount fees!

Our MLM software allows you to use MLM Gift Certificates and MLM Inter Member transfers to have your members further capitalize on this MLM Personal Account system.

An MLM Gift certificate can be generated from the members back office and sent to anybody to use to join the MLM Company without a credit card. You can read more about MLM Gift Certificates for our MLM Software at:

http://www.internetnextstep.com/personal_account.htm#Gift_Certificates

An MLM Inter-member transfer is a method that any member can send any other member funds from his MLM Personal Account to theirs, effectively transferring their earnings. This is handy to allow another member to issue his own MLM Gift Certificates even if he has not had earnings yet, he can arrange to pay the transferring member however the two of them work it out. It has nothing to do with the MLM company! They can even use the MLM Company hating Paypal for the transaction without risk to the MLM Company!

You can read more about MLM Inter-member Transfers here:

http://www.internetnextstep.com/personal_account.htm#Inter-Member_Transfers

Now, lets take a look at the advantages to the company.

First and foremost is the chargebacks that become impossible for a member to do. We all know how much of a pain chargebacks are. The average chargeback costs a company about 1 hour to chase down and defend. Even if you won each and every chargeback battle, you are still losing an hour of an employees time, and often it is an expensive employees time. So lets say you process 1000 orders per month and you have a 1% chargeback rate. This would be 10 chargebacks or 10 hours of wasted labour. Your internal cost of an employee if you are doing 1000 members a month is probably around $50 per hour, so that would cost you $500!! Lets say you are exceptional and only have 1/2 of 1% chargebacks, that is still a $250 loss to your company. Imagine if you did 10,000 shipments a month!

Secondly, the visa discount fee. Usually around 3% if you are a regular offline product driven company, but up to 6% or more if you are online with virtual products. Lets say you do the same 1000 orders and 10% opt for the personal account system of having autoship payed for from that account. If your monthly orders are $70 each, then that is $70 x 3% = $2.10 x 100 = $210!

So as a percentage of sales it is only .3% but that is .3% off your bottom line. If you are 10% profitable, that means on 1000 orders of $70 = $70,000 in sales x 10% profit = $7,000 in profit.

If we now look at you chargeback costs as a percentage of profits we get $500/$7000 = 7% of your profits!

The discount rate savings as a percentage of profits would be $210/7000 = 3%

So buy utilizing the MLM Personal Account system instead of the regular sending of checks every month system, on chargeback savings and credit card discount rate savings alone, you profits would be 10% higher.

Just think, we haven't even taken into account all the money you would save by not sending out the checks and paying the fees your bank may or may not charge you for the cashing of all the checks. Not to mention how much easier your bank reconciliation would be for your accountant each month.

Go a step further, say 1000 people leave $50 in their accounts waiting for their accounts to get big enough to get a check, that is a $50,000 float you could have in a money market fund earning you a few percent! Even at 2% that would be about $83 a month of money you just generated out of thin air!! If you had 20,000 members who did that same, just imagine how big that number would be! $1666.66 per MONTH!!!!!!

I think you can see, the MLM Personal Account system can both save you money, and actually Make you Money! It is why we built it as one of our Core features 12 years ago and counting! It just keeps getting better too!

Internetnextstep.com Consulting Ltd.
http://www.internetnextstep.com
Your MLM Software Experts!

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