Early Cash Out Update

by Brian C Woosley on December 20, 2014

 

Based on the feedback I’ve received from the community, I have been working with the Finance and Engineering departments to figure out a way for everyone to have the ability to cash out their earnings in a faster manner in addition to the current 90 day matured earning policy.

As a reminder, the reason we have the maturity process in place is so the Finance department has 90 days to catch any bugs or fraud that may occur across the platform before any earnings are able to leave. Thanks to this process, our economy is not only secure and stable, but it is also growing at a rapid pace.


The solution I’ve arrived at has 2 elements:

1) Allow only those that are active in the community, the ability to cash out early

2) Create an early cash out pool that early cash out users contribute to, to protect against any fraud or bugs that may occur


Here’s what I am thinking:

In order for any member to cash out their 0-day profits, they must first be “in the green” in each of the 1, 2, 3 steps at the top of their homepage.

Once they have accomplished that, they can choose to cash out their earnings before they are fully 90 day matured.

Based on the amount of their early cash out, each user will then be expected to contribute a percentage of that cash out to the early cash out pool. The larger the cash out amount, the larger the % that will be contributed to the early cash out pool.

In this way, we can still have 90-day cash outs in place as they are now (with no contributions to the early cash out pool), but also give users the ability to cash out early if they have the desire to do so.

This will give everyone the flexibility and control of cashing out money whenever they need it – regardless of maturity.

 

Now that you have a better idea of how early cash outs might work, I’d like to hear from you all regarding this early cash out proposal.

Assuming you are in favor of it, I expect that we can have this functionality in place within only 3-4 weeks from today.

 

Looking forward to hearing your thoughts!

P.S. Lastly, I want to inform you all of a technical issue that was fixed this week. Previously, many users had the ability to spend more in the marketplace than they should have been able to. Once this issue was fixed, the amount “available to spend in the marketplace” went down to the amount that it should have been at all of this time. If you recently noticed a drop in the amount you have available to spend in the marketplace, it is due to this issue being fixed.

757 Comments

Mona Kh

Great news ... Personally i will think about the best choice..... but could you give us idea about that % percentage of contributed.

27 months ago
Brian C Woosley

Good to hear - That is still something we are working on as there are many variables at play for this feature to work. Will be sure to provide that information as soon as possible.

27 months ago
Jawad Jee

thanks mr.brain we are waiting for this awesome cashout policy. hope this will get more and active fanbox members.

27 months ago
Hope Okpoho

This is good...it's now of the members choice of cashing out early or allow it to matured a full 90 day. Thanks Brain for this.

27 months ago
Fantastic Photos

Great Update ,, thanks Brain

27 months ago
Umair Siddique

I hope that the percentage to be contributed in the early cash out pool would not be very large. This is great. We were expecting something like that. Thank You so much Brian. Desperately waiting to see this feature alive and functional :D

27 months ago
Alex Aurora

This is a great idea, thank you Brian!

27 months ago
Martin Binnington

Thanks for the update Brian!
This is a very interesting development, and I'm sure it is one that most users will get behind!
Cashing out has always been a major talking point, and we know that the safety and security of all of our users against fraudulent activity is vital - but this gives active users who contribute to the community and economy a way to get their profits a little sooner :-)
Big thumbs up!

27 months ago
Kristin Perry

Best of luck in your campaign for the Fanbox Presidency, Martin! Merry Christmas!

27 months ago
Nature And World

Thanks Brian for the early Cash Out updates.
It is working also for communities?
I would like also to know about the % contributed to the early cash out pool.

27 months ago
Brian C Woosley

Hello,

Yes this would work for all accounts - Communities and personal accounts.

27 months ago
Sarah

Thank you so much Brian for Early Cash Out Updates so exciting feature:)

27 months ago
Manjot Singh

Thanks Brian, It is a great idea and real reward for those who are doing work on Fanbox with great passion and keep there gauges Green. It also helps to those people , who need money. It also helps in the growth of our marketplace. It is not an announcement, it is a Christmis gift for us. Thanks again!

27 months ago
Asmaa Magdy

Very good idea!
Thanks Brian
You will still the best :)

27 months ago
Massimo Marras

Thanks for this news Brian, this was an idea that I suggested at my coach and now I saw that news.

27 months ago
Mari Juana (mj)

Thanks Brian. That should make everyone happy this Christmas :) This applies whether there are unpaid IPL as long as there are enough profits?

27 months ago
Brian C Woosley

Hi MJ,

I don't believe there would be a reason why someone would need to pay down their IPL to cash out early, but it is something to think about - thank you for bringing it up!

27 months ago
Mari Juana (mj)

I think it should be OK even without paying utilized IPL as long as they are current with their fees. Fees are sources of revenues too :D

27 months ago
Vijay Kumar Karumuri

It is very good idea to allow early cash outs for users who are active on the site, another way to expect users contributing more to the community -- I love this concept.. Thanks Brian.

27 months ago
Kristin Perry

Best of luck in your campaign for the Fanbox Presidency, Vijay! Happy Holidays!

27 months ago
Afzaal Baig

Thank you so much Brian, really its good to hear, it will uplift more the community, working hard here. You are genius, Thanks for all the team doing great efforts.

27 months ago
Silas Zakariah

This is interesting. Thanks for the update.

27 months ago
Faheem Badshah

Thanks Mr President.
Just to make my mind clear . If someone who can gave 3 to 4 hour per day and he is a big power user , Is it possible for him to be in the green and to cash out as the cash out now will depends on the green zone .?

27 months ago
Brian C Woosley

Faheem,

Only the early cash out will be dependent on being in the green zone - you can still cash out with your 90 day earnings regardless of if you are in the green zone or not.

In general, you shouldn't measure your success on the amount of time you spend - but on your results. If you only have 3-4 hours to work each day, then you should figure out the most efficient way to use your time so that you are getting the results you desire. There is no reason you can't get in the green if you are spending that much time.

27 months ago
Faheem Badshah

Thanks Mr. President for your reply it was helpful

27 months ago
A. Y. Z.

The early cash out pool would be a great idea and motivates members to be more active in the site. Thanks Brian!

27 months ago
Imad Nissan

Thank you Mr. Resident, and I believe it is fair enough for early cashout,
I have to questions if you don't mind:
-After how long of activating the account Optimization I will be eligible for early cashout? Because currently it is 30 days, will it stay the same like that or there is a plan to change it?
-And how long I should be in green zone for the steps 1,2 & 3 to be able to cashout?

Thanks again Brain for the brilliant upgrade to the most concern point in FabBox.

27 months ago
Nasa نصرالدين Jaafar

I am expecting the Cash Out should be made available immediately after activating the account Optimization. The waiting time should be cut especially for those who have 90-day earnings that exceed utilized IPL and are being current with their IPL fees. Thanks for bringing this up Imad.

27 months ago
Brian C Woosley

Imad,

At this time, the terms for the 90 day cash out are going to most likely remain the same.

For the early cash out, as soon as you are in the green on all 3 steps, you will be able to cash out if you wish. The same procedure for 90 day cash outs won't apply for early cash outs.

27 months ago
Imad Nissan

Thank you very much Brian, have great holidays.

27 months ago
M()()b Yan Smile

Excellent post! Awesome update, I love this idea :)

27 months ago
What A Wonderful World

I find the % percentage acceptable and reasonable for the demand to cash out early as a price we can afford
But
Being always in the green area of all sectors,,, this could be so hard

27 months ago
Brian C Woosley

It's really not that hard to get in the green - you just need to work efficiently. Be sure to follow the guidance that is given from your Success Coach and the gauges on your homepage, and I am sure you will be able to achieve anything you set your mind to.

27 months ago
Mary Licayo

Thanks for the good news update, but i've never hit that green. maybe I need more time.

27 months ago
Gombu Tsiring Sherpa

Dear Brain Thanks for the updates!
___ _ _ _
In my opinion I think "active or passive" better to make the difference between earning!.. Active users can earn more and passive users will earn less! BUT for the cash-out (money) - it is not good IDEA.
___ _ _ _
I think still all users are not giving full-time contributions to the community! and There are so many users around the world who can not use daily because it internet facilities.
But for the physical products sellers when the buyers marked the items/products received [ Is there need to protect against fraud or bugs if the buyer marked as item received ? ] - It will be great if seller can CASHOUT earlier so that everybody can sell like ebay or amazon !

27 months ago
Brian C Woosley

Being able to cash out early is a privilege - for that reason, only active members should be able to do it as they are the ones that are helping build the community the most. Everyone else that is passive can still cash out at 90 day maturity like they already are now.

In regards to sellers, there is no difference from the earnings they receive from a sale, and any other earnings on the site.

To better explain why that is the case, here is an example of why maturity is so important to keeping our community secure from fraud and bugs:

Joe buys something from Sally….
…who can then IMMEDIATELY buy something from Jane…
…who can IMMEDIATELY pay her IPL fees with that money…
…or buy a Bronze Power User subscription, thus exploding her daily earnings….
…and use those earnings IMMEDIATELY to again, buy anything in the marketplace…
…from sellers that can use that money IMMEDIATELY to do all the same things…
…and so on and so forth…
…enabling funds to roar through the community and economy…
…changing hands over 100 times in one single day.

If there is a single bug or fraudulent action that occurs - it has the potential to effect thousands of transactions. That is why we need to keep security and stability as a #1 priority at all times.

27 months ago
Brian C Woosley

No worries - there are no 30 day requirements being considered for the early cash out process.

27 months ago
Shahab R

This sounds a very good idea. But, in my opinion the same idea would be better applied to paying down utilized IPL.
In other words, if someone asked me would you prefer to be able to CASH OUT your 0-day earnings, or PAY YOUR UTILIZED IPL with your 0-day earnings, I would choose the second!

27 months ago
Brian C Woosley

Shahab,

Good point - thank you for bringing that up! We will definitely keep that in mind and see what we can do for that while building this feature for everyone.

27 months ago
Tjakra Djaya

I agree with you , Shahab. I will choose to pay down utilized IPL.

27 months ago
Le Thanh Kong

Thanks Brian. It´s great idea.

27 months ago
Le Thanh Kong

Hi Brian,
Is this correct? - If I want to cash out $100, then I must contribute $100 to the early cash out pool. But does it mean that I have to pay $100 for getting $100 early? or I can cash out $100 that I contribute to the pool later?

Thanks a lot and Merry Christmas.

27 months ago
Umair Siddique

Le Thanh, only a percentage of that cash out must be contributed to the early cash out pool. Lets assume it to be 20% for instance, then if you want to cash out $100 then $20 will have to be contributed in the early cash out pool.
This percentage to be contributed is not announced or final yet.

27 months ago
Le Thanh Kong

Thank you so much, Umair.

27 months ago
Istvánné Szőllősi

Thanks for preliminary informations!

27 months ago
Miskolczi Erika

Very good idea :) Now every user can choose if he wants to make Cash Out early in exchange for a percentage in favor of the community or expect the 90 days maturity :) Thank you Brian :)

27 months ago