From my debut article in networking times: The Impact of Global Payments on Your Business and Your Wealth in Networking Times
If 100% of your business sales is dependent upon online transactions—and it is if you’re a network marketer doing business globally—then credit, fraud, and electronic payments need to be a top priority.
Let’s face it, we hardly ever use cash anymore. E-commerce is growing and the online shopping trends are increasingly mobile. Our swipe and spend economy has definitely created more business and marketing opportunities, more transparency and, unfortunately, more fraud internationally. As a business owner, make the decision to monitor activities in your back office, often.
credit: payolee.com
Even though the addition of 50 new distributors in 90 minutes to your downline seems like a reason to celebrate, it’s actually a warning signal and it actually happened recently in the Philippines. A U.S. distributor got excited because of all the merchandise he moved in one and a half hours. What he failed to realize – it was a fraud ring driving the sales. He not only lost the merchandise and the revenue it brought his business and his brand front and center to the attention of card association fraud investigators.
Regardless of your cultural background, your most valuable asset is your good name. Assumptions and misinformation about your credit standing and what improves or has a negative impact on it are frightening and are seldom examined. As an example, the policy of having one credit card shared by multi-family and friends can do major damage to your business and your name. A new distributor in South America used his credit card to sign up multiple friends and family to his downline and received cash for products in repayment. When the bill came, the cash was gone and this distributor found himself deep in debt and legal trouble.
Your name and your credit history are synonymous with banks worldwide. Here are a few tips to keep them both in top shape. Click here to read full article: http://networkingtimes.com/blog/index.php/2015/10/16/the-impact-of-global-payments-on-your-business/