The answer depends on how progressive you are. Initially, you can pay distributors by check but you want to find an MLM software supplier whose system offers integration with e-wallet debit card companies.
The pay by check method
This could work well when you launch your company. You need a check print solution to use this method. It is a manual process that can become tedious and inconvenient but it could work fine as long as you have less than 1,000 distributors.
Another small problem. Lost checks must be canceled and reissued.
With our experience in launching over 1,000 MLM companies, we advise you to seek an MLM software supplier whose software suite offers integration with e-wallet debit card companies.
The debit card method
This is the way e-commerce companies operate. In the MLM industry, distributors who join a company get an e-wallet and a branded debit card. The company can get their money in and out real fast by transferring money from their company bank account to the e-wallet account of their distributors
This method is convenient, fast, flexible, and comes with benefits to suit both you and your distributors.
Debit card companies include brands like PayQuicker, Hyperwallet, Payout, Propay, Paynear. and others.
With your MLM software integrated with such vendors, you buy debit cards for your distributors, cards branded with your company name. Every time distributors use their card, the brand name on their card promotes your company.
Debit cards offer benefits for your distributors. They can:
- Transfer the money to another debit, credit, or savings account.
- Use an Automated Clearing House (ACH) which is a network for money transfers and money transfers. It’s a way to move money between banks anywhere in the world without paper checks, wire transfers, credit card networks, or cash.
- Arrange “spin backs” and pay for products or services from your company.
- Set up their e-wallet account for recurring billing like payments for auto-ship.
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