Domestic Money Transfer | Money Transfer | Money Transfer API | IMPS | NEFT

Domestic Money Transfer

Introduction - Domestic Money Transfer

Money Transfer allows you to send money instantly 24 x 7 x 365 to any IMPS supported banks in India. Receiver will get the money credited into their bank account within 5 -10 seconds.
Start offering money transfer services through the very same "Wallet" and boost your outlet footfall and income.

How it Works

Domestic Money Transfer works exactly same as how Mobile Recharge works, only difference is that instead of mobile number you need to collect the beneficiary bank account number, IFSC Code and the amount which needs to be transferred from your walk in customers.
Enter the details into a simple web form and complete the transaction. The beneficiary account will be credited the amount within 5-10 seconds.

Transfer Mode

Our platform supports IMPS & NEFT transfer modes and the system automatically switches the transfer mode.
IMPS : Immediate Payment Service is an inter bank electronic instant money transfer service which allows to send and receive money 24 x 7 x 365. The platform is powered by National Payment Corporation of India (NPCI) who settles the IMPS transactions in India on real time basis 24 x 7 x 365
NEFT : National Electronic Fund Transfer under RBI which settles NEFT transactions in India as batch wise and works only on working day and hours of RBI

Difference between IMPS & NEFT

IMPS	NEFT
Maximum Limit Per Sender Per Transaction is Rs 5,000	Maximum Limit Per Sender Per Transaction is Rs 25,000
Maximum Limit Per Sender Per Month Rs 10,000 without KYC and with KYC Rs 25,000	Maximum Limit Per Sender Per Month is Rs 50,000
Payment Settles within 5-10 Seconds	Payment is processing as batch wise and requires 2-8 hours to settle
Payment can send 24 x 7 x 365	Payment can be send only on working days and hours of RBI
Supports only 67 Banks	Supports all banks in India

Our Unique Features

Get Started in 5 Minutes : Our robust white labelled platform allows you to get started your own money transfer platform in Just 5 Minutes

Easy to Use : Our extremely user friendly & Multi Language platform allows all type of customers to use without any technical knowledge/training.

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Omega Softwares is the provider of custom E-commerce Website & software development Services for businesses worldwide. Consult our software solutions specialists now to discuss how our development services will enable you to overcome your software technology challenges.

E-Mail Us: info@omega-sys.com

How does Binary MLM Plan work ?

Binary Multilevel Marketing Compensation plan

Binary MLM is a unique business strategy used by a lot of Networking marketing companies. As the name suggests, Binary MLM is based around the number 2. The distributor plan in a binary MLM looks similar to a binary tree. A distributor would introduce 2 new members (Front line distributors). These 2 new distributors would then, hire 2 distributors each and so on.

A typical Binary MLM distributor plan looks something like this:

The distributor A for the MLM company using Binary plan would hire 2 distributors B and C who are his Front line Distributors. Now the distributors B and C, would then hire D, E, F and G who would be the down line distributors of A. This process would continue and the new distributors would join. Theoretically, it can go up to infinity as more and more distributors join. This is a 2-by-infinity matrix plan.

The two people they sponsor may not always end up on the same level. Someone above you may have had to place someone they have sponsored in that position, since their front two positions were filled or because they keep sponsoring others as they build their sales organization.

In a binary MLM plan, each distributor would have only 2 front line distributors. Suppose, A hires 3 distributors B, C and D. He makes B and C as his front line distributors. Now, D who is hired by A cannot be his front line distributor as the front two positions were filled. He can choose to place him below B or C. As a distributors keep hiring ( or sponsoring) new distributors, they may not end up in the same level ( as front line distributors). This is called Spillover

It might also happen that, both your sponsors might not end being your Front line distributors because some distributor above you may had to place the new distributor that hired in that position as he keep hiring new distributors to build the sales network.

Structure of Binary MLM

The binary tree consists of 2 sub-trees, one is referred to as Power-leg and while the second sub-tree is called the Profit-leg.

Power leg

As the new distributors sign up, they will be automatically placed in the distributor’s power leg. The power leg structure will have automatic placement of new distributors. As the number of front line distributors is limited to 2, any new sponsors would be placed in the distributor’s down line power leg (Spillover).

Profit leg

Profit Leg does not support spillover. All the distributors in the profit leg are personally hired( or sponsored) by their immediate distributor As the new distributors sign up, they will be automatically placed in the distributor’s power leg.

I hope you find this basic tutorial on Binary Plan useful. In the next tutorial, we will be discussing about the compensation plan in Binary MLM. If you have any doubts, please leave a message or contact us.

E-Mail Us: info@omega-sys.com

Friday 16 November 2018