MyCenterBid baffled by affiliate hesitation

At the heart of the MLM penny auction niche is the idea that retail customers buying bids and participating in auctions provides the bulk of revenue.

Take away this core concept and ultimately, regardless of what specific compensation plan a company deploys, all you’re left with is affiliate money being used to pay affiliates.

Unfortunately after mounting regulatory shutdowns, business closures and outright collapses, if the industry has learnt anything since Zeek Rewards emerged it’s that retail sales are virtually non-existent in an MLM penny auction business.

Revenue-sharing, profit-sharing, retail volume orientated compensation plans, sales, sample bid models, luxury auctions, bargain auctions… it doesn’t seem to matter what MLM penny auction companies throw at the niche, there just isn’t any retail in it.

No stranger to a lack of retail is MyCenterBid, formerly Bidify. After abandoning their (virtual) US operations Bidify fled to Europe where it has relaunched as MyCenterBid.

On the affiliate side of things back offices and what not went live last week, with the CenterBid penny auction projected to go live on Friday, July 19th.

Aware that acknowledging the majority of their revenue comes from affiliates, typically an MLM penny auction company goes to great lengths to perpetuate the retail bid sales myth.

Not MyCenterBid though, in a rather curious update sent out to affiliates the company is demanding to know why its affiliates are ‘waiting to take action when the auctions are live‘, practically ordering them to pump money into the company  and “take action” now.

In the MyCenterBid update, sent out July 10th, the “MyCenterBid Team” wrote

DO NOT FALL IN THE WAITING TRAP

We hear people say that they will be waiting to take action when the auctions are live.

Why? We’ve said before – why not use this time to learn how everything works and start creating momentum? It’s almost like being in prelaunch where everybody has a huge advantage..

There is also over 400,000 FSC/Loyalty Credits in people’s accounts. The same rule applies here. Buy your monthly maintenance and PV immediately, and teach everybody else to do the same.

We recommend everyone to have a minimum of 100PV at all times. That will generate Sales Points and possible commission cycles in the Dual Team system. Remember all un-cycled Sale Points are banked for 6 months.

You can also purchase marketing bids which you can share with your customers.

Make sure you take action NOW regardless of fully understanding the compensation plan or not.

It all starts with your Dual Team; generate your momentum there and all other parts of the plan falls into place like a gigantic monetary puzzle. Focus on this part only, that’s what’s going to generate your payouts throughout the whole system.

There is a lot of new information to read and digest, DO IT NOW! Don’t wait.

NOW is the time you should take action.

With no auctions, any revenue MyCenterBid generate now is going to originate from its affiliates. Thus it’s not surprising that the company urges affiliates to “focus only” on the “Dual Team” (binary).

As noted in the MyCenterBid review,

The general idea seems to be sign up as an affiliate, self-qualify for commissions via a bid purchase, create a customer and bid on an auction and then earn on the bid pack purchases of affiliates you recruit.

MyCenterBid pay out a commission every time 300 volume points are generated by a down line in an affiliate’s binary.

One of the ways these volume points are generated is when an affiliate purchases a Center Bid bid pack, which is currently what the company is strongly encouraging affiliates to do.

If CenterBid were pioneering the penny auction niche and nobody in the industry had ever seen anything like it before, they might have reason to ponder why their affiliates are evidently hesitant to throw their money at them.

Given MyCenterBid’s long drawn out history as Bidify however, including no less than five compensation plan revisions and the complete flop that the Bidsson penny auctions were, do they really need to ask?

Even if you’re just taking money from affiliates and ultimately shuffling around to pay commissions, you still need to keep up the appearance of penny auction activity. Well, you do if you expect to have a hope in hell today of convincing people to put up their money.

Between the collapses, shutdowns and voluntary abandoning of companies altogether, the MLM penny auction niche landscape is vastly different to the investor honeypot Bidify pre-launched into back in early 2012.

A point that seems entirely lost on the MyCenterBid management team.

If I might be so bold as to make a prediction, given the tone of the notice MyCenterBid have put out and the inability for the MLM penny auction niche to produce any viable retail activity, all they’re gearing up for is yet another affiliate-funded outing that is going to end in tears.

QBULE is promoting themselves using Speak Asia's Name & Fame

A company named QBULE is trying to use Speakasia’s name for promoting their business they are promoting it by the name of Speakasia Part – 2 …Friends let me clear something that Speakasia matter is already in Judiciary and is under ipc 420 which is a criminal Act mounted on the company…In such difficult scenario it is impossible for a company to launch either by a different name or any PART 2…PART 3…

In order to Launch a new company or a new business module or a new concept…PART 1 NEEDS TO BE JUSTIFIED OR CLEARED FROM THE INDIAN JUDICIARY only then PART 2 …PART 3….PART 4 can be launched by the company…

Writ 1127 which has been filed by the company’s legal team which is for claiming the admin rights and server for which a scheduled date is kept in this month…Indian Judiciary will decide as to whom the server will be given between the two entity – SPEAKASIAONLINE or HAREN VENTURE PTE LTD whomsoever is the authorized person to claim the server…

Another most important thing that will be decided between the company and the Indian Judiciary that whether the entire payments will be cleared or just Exit payments will be cleared…for this Writ 1127 is important…

It has also been observed on 25th June hearing was taken place in which there were some sealed envelopes which was submitted in High Court…now what was inside that sealed envelope it has not been revealed yet…and the envelope shall be witnessed by the Hon judge who shall justify many thing on the basis of sealed envelope submitted

It has also been observed that all those big leaders or panelists who have earned Huge money from Speakasia have avoided the TAXATION and have been underground for long time which is also a major concern for DELAY for all of us …company …Indian judiciary and the investigation agency EOW in filing the Chargesheet…

However it is said and expected EOW to file its Chargesheet soon – ONLY EXPECTED not confirmed yet unless they gather all informations and catch those who have avoided the TAXATION part earned in Speakasia business

So Friends keep your spirit high…be positive as we did not do anything wrong…why to fear anyone…lets stay united and wait for the outcome from the Indian judiciary and we await the Justification for further proceedings in favor of all panelist and the company

Take care of yourself and stay united as many things are yet to be revealed and will update all

Regards,

Update with the help of Speak Asia Support Group.

Why SAOL matter is being delayed by more than 2 years?

Panelists are confused,

.

Why SAOL matter is being delayed by more than 2 years?

‘

Some believe the reason is business model which might be considered as money circulation by govt.agencies.

‘

But after carefully studying all the court orders, now it is clear that any of govt. agencies never raised its finger against the business model. Its a different matter that few panelists had treated it as a MONEY CIRCULATION, as mentioned in final order of ABA 1083, over which company had got the clarification over it through its WP 222 in BHC.

‘

A-Few believe that as CS is not being submitted thats why server data can not be availed from EoW.

‘

B-Few believe that, panelist data is not available as the admin rights of SAOL server with EoW.

‘

Above both points A & B are half the truth. but not for those reasons which are being told by leaders of a organisation.

‘

Reasons behind above two point is

‘

MONEY WHICH HAS TO BE DEPOSITED INTO THE COMPAY ACCOUNT, WAS DEPOSITED TO A ANOTHER ACCOUNT/ACCOUNTS other than the company account.

A huge amount was being deposited in the account/accounts other than the company account. and this is the fact. and it is not here say for sure. Due to this theft, company just can not proceed for payment, and there after for restart.

‘

So this is the main hurdle, and this is also a answer to that all jokers who are jumping and dancing with all around with a HOARDING of

‘

———————————————————-

“WHEN COMPANY IS READY TO GIVE THE PAYMENT

and

WE ARE READY TO RECEIVE THE PAYMENT

THEN

WHAT IS THE PROBLEM ?”

——————————————————-

‘

only to create pressure over the company to make the payment, and there by their deeds can be hided !

‘

The fraudsters who theft the money of panelists, there by of company ,are HANDS IN GLOVE with a organisation.

‘

Investigations is going on over these MONEY which has been stolen very smartly, and these fraudsters are now wishing, since 1st day of SAOL matter, that investigation should not be go on by any investigation agency, and this organisation is doing this job on behalf of these fraudsters. They are shouting for submision of CS.

‘

Why these people are shouting for submission of CS ?

‘

No, they are not after the submission of CS for the interest of we all panelists.

Then for what is the real reason?

‘

Reason is, once the CS submitted, related cases go to trial court , where , as per their one of leaders sayings, proceeding takes time, and cases under trial run for years without end. For adding new accused in the FIR and further investigation becomes difficuilt after submission of CS.In that process, secrecy of investigation can not be mantained, and also can not do any further investuigation freely for new accused to be added.

‘

So these fraudster, through this organisation exploring their ill wishes to stop the investigation and submission of CS , so that the MEN STANDING BEHIND can be hided and can escape.

‘

So, this organisation, in the name of panelists interest, playing with the future of we all panelists on behalf of all these fraudster. But company, law and all the govt. agencies know their game, and they will treat all these fraudster and their all HANDS IN GLOVE on merit basis.

‘

———————————————————————————————–

MAIN AGENDA OF THIS ORGANISATION IS EYE OPENER, but now forget it, company and court themself explore their main agenda during the course !

————————————————————————————————-

‘

This organisation’s next agenda is to stop the Investigation anyhow

‘

or

‘

other wise delay the matter as more as possible in the name of panelists interest.

‘

For this, in the name of defreezing their freezed accounts, they availed the support of many frenchisee. But, they should know,this organisation had never capability to get their account defreezed.

‘

Frenchisee , after missguided by this organisation, and impressed by BIG MEN STANDING BEHIND this organisation, in the anticipation of their accounts get defreezed, they have helped this organisation and its men in all possible way, and these frenchisee had got a lot respect from organisation men for the FULL HELP in all respect.

‘

They should understand that, for a solution to a matter, one should contact FATHER instead of his SON.

‘

Yes, few men, who joined hand with this organisation afterwards, and promoted this organisation with all their effort, may or may not be aware of this facts. Because they seems working only on trust, forgetting that in a business , where money is involved, TRUST has a little role to play than to work on figure and facts.

‘

I know, still many are there who will not accept this bitter truth, but for them, only the time is the solution which will reveal all above said facts.

‘

No matter, who accept this BITTER TRUTH or not , but if U think, after realising the truth that there is no FINGER RAISED BY ANY OF GOVT. AGENCY, then why we are not getting our money and why SAOL business is not getting RESTART?, then definately U will smell something odds in the matter for which these fraudster have no true

answer.

‘

So,

‘

they are these people who stand only to tell lies

‘

and

‘

here are we people being cheated by all these fraudster since 1st day of MESS UP !

‘

One thing should know

‘

Honesty and GENUINITY can not be measured only on sayings, when MONEY is also involved along with many other things !

‘

Emotions can not work for a longwhile

‘

when

‘

there is a money matter !

Source -Harsh Vora shared in Speakasian support group

Inspect before Depositing Cash with Financial Entities: RBI Warning

The Reserve Bank of India has issued an advisory to the public recommending them to thoroughly evaluate their financial investment decisions, consisting of making deposit with NBFCs.

The FAQs describe in detail the numerous kinds of monetary entities and the regulations regulating them. They also have detail where members of public can lodge complaints in case some financial entity is found to be performing business unauthorized or does not repay the deposits.

The Frequently asked questions, for example, state that the Reserve Bank controls Non-Bank Financial Business that conduct monetary activity as their principal company; it has authorized just a few Non-bank Financial Business to accept deposits; all bundled entities should always be authorized to collect deposits either under the Reserve Bank of India Act 1934 or under the Companies Act, 1956; and it does not control chit fund activities or Collective Financial investment Schemes (CIS).

The FAQs also state that a detailed list of NBFCs authorized by the Reserve Bank to accept deposits is available on the RBI site (www.rbi.org.in? Sitemap? NBFC List? List of NBFCs Permitted to Accept Deposits) and has advised the members of public to inspect the list before placing deposits with Non-Banking Financial companies.

The Reserve Bank has actually been, on a number of events in the past, through news release and with its outreach and sensitization programs performed by its Regional Offices, cautioning the public not to fall prey to make-believe offers promising unsustainable returns by individuals, unincorporated bodies and companies.

The RBI Frequently asked questions likewise recommend members of public to instantly register their grievances in case they notice any business accepting deposits unauthorized or not repaying the principal and/or interest with the local police or with the Economic Offences Wing of the State Police and in case the entity is a business, then register grievances with the Registrar of companies.

RBI Advisory on What \* to check prior to making deposits with NBFCs.

A depositor wanting to place deposit with an NBFC must guarantee that:.

The NBFC is registered with RBI and is particularly authorized to accept deposits. This can be inspected from the list of deposit taking NBFCs published on the RBI internet site – www.rbi.org.in? Sitemap? NBFC List. The depositor should examine the list of NBFCs allowed to accept public deposits as well as check that it is not appearing in the list of companies restricted from accepting deposits.

NBFCs need to conspicuously show the Certificate of Registration (CoR) released by the Reserve Bank on its site. If an NBFC is authorized to accept public deposit, the certificate mirrors that.

RBI does not assure the repayment of deposits accepted by NBFCs.

NBFCs cannot use the name of the RBI in any manner while conducting their business.

Currently, the optimum interest rate that an NBFC can pay to a depositor must not exceed 12.5 %. The Reserve Bank, nevertheless, keeps altering these rate of interest relying on the macro-economic environment. The Reserve Bank releases the modification in the interest rates on www.rbi.org.in? Sitemap? NBFC List? Frequently asked questions.

The depositor must insist on a correct receipt for every time of deposit placed with the business. The receipt should be properly signed by an authorised person from the company and must mention the date of the deposit, the name of the depositor, the amount in words and figures, rate of interest payable, maturity date and amount. 

Finance Ministry for Changes in Prize Chits & Money Circulation Act

The department of financial services has proposed modifying the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 to make inducement to individuals for signing up with MLM pyramid, Ponzi or cumulative investment schemes an offence to plug loopholes in money churning tasks of business.

The division under the finance ministry has proposed to place a brand-new section 3A in the Act with a change Bill for this function.

The existing provisions of the Act ban various deceitful schemes and anyone breaching the provision is liable to be put on trial and penalized. However, it is possible that marketers of an illegal fund can take up a stand that the scheme is of a business entity which they are simple teams, who are exempt for the acts of the entity.

To plug this loophole, the new section will ensure that individuals who are marketers in such schemes are individually prosecuted and punished if they fraudulently or dishonestly cause persons to register for or participate in such schemes.

Besides Chits Act and Sebi Act, these schemes are presently covered under the RBI Act, 1934, the Companies Act, 1956, and state laws for protection of interest of depositors in the financial facility.

The Chits Act covers prize chits and money circulation schemes, but there is no particular reference to multi-level marketing (mlm) schemes for items and services in the Act.

There are particular company entities, which introduce schemes for appointing selling representatives for their items and collect registration charges from them with a more requirement that such agents have to designate even more representatives gathering registration charges from them. The reimbursement paid to the offering agents includes a share in the registration costs gathered from the new selling agents joining the scheme. Such schemes are referred to as pyramid, Ponzi or multi-level advertising and marketing schemes.

RBI flashes red signal at MLM companies

The operations of shady multi-level marketing (MLM) companies — which operate what are popularly known as pyramid or Ponzi schemes — have come under the regulatory scanner with shady MLM companies mushrooming across the country and duping investors. Many firms posing as MLM agencies for consumer goods and services have been actually mobilizing large amounts of deposits from the public with promises of ridiculous returns of 120 per cent and repayment of principal within a year.

In a circular, the Reserve Bank of India has alerted banks that in cases where accounts have already been opened in the names of the marketing agencies, retail traders and investment firms, the banks should undertake quick reviews. “Wherever large number of cheque books has been issued to such firms, the relative decision may be reviewed,” it said.

With many MLM companies recently using the banking technology to dupe investors, the RBI said, “banks should be careful in opening accounts of the marketing/trading agencies etc. Especially, strict compliance with KYC (know your customer) and AML (anti-money laundering) guidelines issued by the RBI should be ensured in the matter.”

The banking regulator also named seven MLM companies (Fine India Sales Pvt Ltd, Lakshya Levels Marketing, Eve Industries, Trident Advertising & Trade Links Pvt. Ltd, Super Life Link Distributors, Lue Brain Education Society and Manya Mantra Marketing). “These firms and their agents had reportedly promised very high returns on deposits and lured common people to part with funds in the name of certain investment/deposit schemes,” the RBI said. 

Cash Unite Review: A multi-social hub?

There is no information on the Cash Unite website indicating who is running or owns the business.

The company’s website domain (“cashunite.com”) was registered on the 27th of January 2012, however the domain registration appears to be that of Cash Unite’s hosting provider rather than the company itself.

Cash Unite’s Privacy Policy isn’t much either, simply stating that

This site (the “Site”) is owned by CashUnite, a United Kingdom limited liability company.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.




The Cash Unite Product Line

As I understand it, Cash Unite offer some sort of multi-platform social network manager to their affiliates.

With CashUnite, your friends, family, colleagues and contacts are all available at your fingertips!

CashUnite is the World’s first, Multi-Social Network platform, enhancing a users ability to simultaneously connect and interact across their Social Networks, through one hub.

MultiSocialSuite unifies all the major Social Networking sites in the world into one location.

Live activity streams ensures you never miss any action – keep tabs on the latest gossip on your facebook account with live streaming and interaction.

A blogging platform also appears to be on the cards,

A viral based blog system embedded into your profile allows you to create a stir with any topic of discussion that you want.

Stay in control of what you have to say and watch your content spread like wildfire, with our unique integration with all the major Social Network’s in the world.

Access to the social hub and blog system are included with Cash Unite affiliate membership, advertised as starting at $9.99 a month.




The Cash Unite Compensation Plan

Hard details of the Cash Unite compensation plan are currently not available on the company’s website.

What is communicated through a marketing video however is that affiliates will earn based on how many people are in their downline, sorted via what appears to be a unilevel compensation structure.

Affiliates appear to be compensated out of paid membership fees, with a “potential earnings calculator” calculating a projected monthly income based on how many people an affiliate recruits into Cash Unite.

Advertising is also mentioned on the Cash Unite website, indicating that this will also be a revenue generator for the company. How Cash Unite will pay affiliates out of this revenue stream however is not disclosed.




Joining Cash Unite

Affiliate membership to Cash Unite starts at $9.95 a month for what they call the “Bronze Package”.

Additional affiliate membership levels are supposedly available but at the time of publication further information was not available on the Cash Unite website.




Conclusion

Potential red flags with any monthly subscription based MLM opportunity lie in how the company pays out commissions to its affiliates.

Cash Unite raise two red flags in this regard, with the first being the inclusion of affiliate membership fees to pay out commissions. What this effectively does is turn Cash Unite into a recruitment driven pyramid scheme.

You sign up, pay your monthly membership fees and are paid commission based on how many affiliates are in your down line paying their monthly membership fees.

Additional revenue-streams may be available to the company but in light of the above, become irrelevant.

The second red flag is the mechanic by which how much an affiliate is paid each month is dictated by how much money they put into the system.

The following marketing copy taken from Cash Unite affiliate’s provided income projections for affiliates suggests this is precisely what Cash Unite plan to offer affiliates:

This refers to the amount you’ve accumulated so far in potential earnings from the entirety of your network. This is based on the Bronze level package at $9.99.

Your earnings would increase significantly with other packages we have available for launch. This also does not include the 100% commissions we pay you.

This is just one revenue stream of MANY with CashUnite.

Granted we’re talking “potential earnings” but if how much an affiliate pays each month in membership fees determines how much they earn, a big question mark then falls on the motive behind the payment of membership fees – regardless of what services or products are attached to them.

The mention of 100% commissions is also interesting to note, as the phrase has recently been used by several MLM opportunities with compensation plans closely resembling that of cash gifting schemes (usually attached to the freely available WordPress blogging platform).

The following inclusion in Cash Unite’s privacy policy is also something to be aware of:

We use Personal Information to contact you about our Site, Social Media Tools, and other related products and services in which we think you may be interested.

At the time of publication Cash Unite are claiming to be in prelaunch, with no advertised official launch date mentioned on their website.

Cash Unite advise

We haven’t launched the site yet…BUT

You can begin building your social networks now by inviting as many friends as possible to CashUnite.