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View Full Version : Any other companies have?.....


accents4you2
09-13-2014, 03:17 PM
Are there any companies that have an e-wallet.?I had never heard of it before I joined Trades of Hope. I didn't realize how much I was going to like it....it's great!


funmomma
09-14-2014, 06:06 PM
I don't know how many others have it, I had always had to either collect the commission upfront and keep track of my sales or wait till the first of the next month to get my commissions. I agree, it's really nice having access to my commission as soon as a sale goes through my site or I enter the sale in my back office. The huge bonus for me.... that I have a complete record for tax time because it all goes through them, right into that e-wallet. :D
Amanda

liz.jewels
09-15-2014, 03:46 AM
What is e-wallet?


funmomma
09-15-2014, 07:10 AM
Liz, it's an online wallet (or account) in our back office. After each sale the commission for that purchase is immediately placed in our e-wallet. We can see the sale(s) commission, our bonuses at the beg. of each month, etc. in this part of our back office. We can pay for business supplies, our $5 newsletter fee (if we're participating, etc.) straight out of this e-wallet if we wish to and we can transfer the money straight to our checking/savings account whenever we want to. I hope that explains it better.
There is a 50 cent fee to transfer to our account that we have it set up to send to. You could collect your cash weekly if you wanted to, I usually collect mine once a month at this point but as my business continues to grow I might collect mind as bi-weekly checks. For me it's worth the tiny fee to be able to have access to all my income whenever I need it and since all commission is paid out this way/ tracked by Trades of Hope it should all be recorded on my tax form they will send me in January.
Companies are getting so creative in dispersing commissions nowdays beyond just a monthly check. E-Wallets, loading it on a debit card, etc. Technology will keep changing our businesses.
Amanda

KNicholls
09-15-2014, 11:34 AM
South Hill Designs has something similar to this through Paylutions. I love it because I got a gorgeous branded debit card that I can use and since it has an awesome locket pic on it, it draws attention when I use it in stores. Ours is the same, only 50 cents to transfer to checking account if we want to do that.

accents4you2
09-15-2014, 02:05 PM
Since I keep other money separate from my business, it's nice to have access to it literally immediately after an order is placed even before a party closes. (I like that orders go out before party closes too.) Just nice to have for business supplies, etc...and keeping it there shows you exactly how much "in the black" you are too.

accents4you2
09-15-2014, 02:07 PM
Kathy the card with the locket sounds neat too

utopiandream78
09-16-2014, 08:18 PM
this sounds pretty nifty. I have only ever her of google wallet and isis wallet or something like that but I have no idea if they work the same. That's ice having everything all in one lace like that. Any chance you can right checks out of it? I use my paypal account with debit card for most of my business, but also use a separate checking account to be able to write out checks when I need them.

accents4you2
09-17-2014, 08:32 AM
Utopia Dream,

I have the money transferred into my business checking account and can write checks from there. :) I like the convenience of it, but also how timely it is. We offer special Wednesday sales, and I often check my wallet at the end of the night. I don't usually have it deposited into my business account right away..but it's nice to have it if I need it. Plus the record keeping is great!

liz.jewels
09-17-2014, 01:59 PM
Ah, I get it.

I have access to my commissions immediately because I only have to pay my wholesale cost for purchases. So, if I sell $1000 of jewelry, I pay Silpada $700, and the other $300 I collected never leaves my possession.

I could see how this would be a huge improvement, though, for companies that make their reps pay retail and then reimburse back the commissions once or twice a month!

KNicholls
09-17-2014, 03:08 PM
Liz, we can actually do both. For parties, however, it's all retail and then we get our commissions. We get the base 20% weekly and then the bonus payments monthly along with any commissions on our team. I love how it's done because I use the weekly payments for things like gas and groceries and then the monthly one for bigger bills. If I do cash and carry sales, I can reorder through my back office and get that commission immediately as I only pay 60% of the retail price.

NorthernClover
09-22-2014, 12:56 PM
Could you share who the vendor is that your company uses for this? Thank you!

funmomma
09-22-2014, 05:32 PM
Sorry, our back office doesn't show who the vendor for our e-wallet is.



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