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MyPoints Cashout - Printable Version

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MyPoints Cashout - kumar112 - 08-28-2014

I think someone should make a Plugin for NewPoints where points can be converted in real money periodically(as period will be set by admin as monthly, bimonthly or half yearly whichever) with a variable conversion rate.

As conversion rate could be set by admin or calculated by plugin itself by following some parameters like >>

**conversion rate= shared real money by admin for current period / total points of eligible members**

1. Here Conversion rate will vary time to time as here the above cov rate is for current period/month...for next it will be different as best on formula.
2. Here "shared money by admin for current period" will be set by admin for current period and
3. "total points of eligible members" is a total of points of all members who qualify a eligibility criteria defined by admin as minimum number of points.

After this conversion applied to all eligible members their Balance sheet of real money will be updated as>>

Earnings of current period/month = points * conversion rate.
Total Balance = Previous balance + earning of current period/month.

There should exists a inventory block for keep track of periodic earnings and withdrawals as members can make drawls as some specified type of events as Mobile Recharge.

If anyone want to withdraw their money he/she can make a request to admin regarding this. And admin manages these requests.

Now if any one make a request to admin to make a recharge of 500 for him then request will be sent to admin. As admin will make this done, system will return a recharge successful massage as entry in members inventory block. and amount of 500 will be deducted from members account. that's it.

In simple ... for example,

someone has 700 points now
current conversion rate = 1 (calculated by plugin)

Earnings of current month = points * conv rate = 700 * 1 =700 usd
Balance of last time = 100
Total Balance = Previous balance + earning of current period/month
= 100 + 700 = 800 usd

for recharge event:
Recharge Successful Amount: 500 usd On Date: dd-mm-yy
New balace : 300 usd

Here the recharge process will be performed by admin manually. so there is no requirement of API.

I have written here very much and there may exists some language errs.

I don't have any idea that i explained it correctly or not but If it looks worth then someone have to try to develop this type of good plugin under new points or independent.

Thank you.