MyLeadCompany Scam Warning Update – On The Money

Saturday, November 5th, 2011

Is MyLeadCompany A Scam?

The new business opportunity which is claiming to provide a solution for struggling mlmers is in the last few days of a week long “soft launch” and we can now see more clearly whether MyLeadCompany is a scam or not.

Well a major issue its members have had to contend with is actually paying the company! Its’ chosen payment processor is Alertpay which at the moment is not accepting credit cards and is proving almost impossible to fund. This means that although its distributors have until the evening of 8th November to buy subscriptions or be “leapfrogged” in the straight line plan by people who joined after them, most are not able to do this. If MyLeadCompany is a scam it is a pretty inept one.

Usually scams are expert at getting you to part with your money! Instead distributors are going to extraordinary lengths to try to fund their Alertpay accounts,  including sending money orders by DHL/UPS to Canada where Alertpay are based, or asking friends or even complete strangers to send money to their Alertpay accounts in return for Paypal payments.

What a way to go about doing business! If you go into a shop to buy something and offer them your credit card or cash you expect them to accept it, not send you off on soem wild errand to find a way to pay that suits them. You give service to your customers not make them jump through hoops. There are hundreds of payment processors that could be used to allow credit card payments to be accepted directly. OK Alertpay may be needed to be used to pay out commissions to distributors because it is MLM-friendly, but unless you can collect money in the first place there won’t be any commission to pay out anyway.

These issue may well be a massive blessing in disguise though for thousands of people who had got their hopes up on the basis of all the promo and hype that has been created.

MyLeadCompany Scam or Legit?

Well it may well be a legitimate and sincere effort to fulfill a need, but running an mlm business is very different from being a top mlm recruiter. If you can sell and are persuasive people will follow you, but being CEO is very different from being a top salesman. There is far more to consider. Creating a system is far different from using one and you have to have an eye for detail, be willing to listen to feedback and advice and make changes accordingly.

Clearly the founder and his team have really tried to move some mountains to get the business up and running but at the same time there are a number of questions about the compensation plan, the Lead Capture System (LCS) which comes free with an autoship subscription, and the where do the leads come from in the first place and how sustainable is it?

MyLeadCompany Scam Warning : The Compensation Plan

The “Straight Line” plan has been promoted as unique and great, does it actually bear scrutiny? The idea is that if you qualify with $500BV over a rolling 7 Day period you qualify to earn 5% of EVERYONE who joined after you down to the next qualifier. If you get to the 10% commission by doing $5,000 BV over 7 days you will get the difference as an overide, and so on up the scale.

Um, what if the next person in the straight line after you is a 5% qualifyier. That’s right, you next zip, nada , zilch. Oh Dear.

Also what does it take to qualify for $500bv. Well you could pretty much assume that most of your downline are going to subscribe for the minimum autoship at least initially because that is $25 A WEEK!! That means you will need at least 21 people that you have personally sponsored,  and that they have sponsored, each spending $24.95 a month to qualify for this – forget the straight line for calculating your group BV – that is the good old fashion “Personal Group” volume. Hmmm, its’ doable but it ain’t gonna apply to all that many!

Then there is the “Leapfrog”. This is the threat that if you do not have an active autoship, or have placed and order on that day, you will lose your place in the straight line and everyone below you will jump to be over you. Well I guess that means you’ll be autoshipping then won’t you!!

MyLeadCompany Scam Warning : Lead Capture System

The Lead Capture System (LCS) comes “free” with a minimum autoship, except that is you have to pay for the domain, registration and hosting which comes to a god $70-80 upfront plus regular hosting payments.

So lets have a look at what you get. Well first you get a landing page with an opt-in form and a video promising you 100 free leads just to watch the video and opt in. OK so far, except who provides the free leads? Oh, that would be you. Now if you have to fund 100 free leads for every opt-in then on the minimum autoship each batch of 100 leads costs you $12.50.  So you would be paying $12.50 for every lead captured this way. Is that a little exorbitant?

Here’s  a free way that leverages your efforts five times over – without any hosting cost – 5iphon Extreme. It works for me!

OK so you get the leads you subscribed for from MyLeadCompany and and what are you trained to do with them? You upload them into LCS back office which has a serial e-mailer functions, and you send those leads e-mails telling them about MyLeadCompany, or anyother opportunity you have. OK so it is actually a spamming machine!! Isn’t that what spamming is, buying lists and sending them e-mails?

That is if you can get it to work. Loads of posts on the forums say how they bought hundreds or even thousands of leads and none were delivered, or if they were there was little or no response because they ended up in spam files. OK there are a few smidgens of advice on the forums about how to get it to work better but there’s no way of raising a support ticket.

Finally I was enticed with 500 free leads to get the LCS. Apparently the link to claim them was in my confirmation e-mail, but I looked and looked and couldn’t find it. Needless to say my requests to show me the link were never answered.

MyLeadCompany Scam Warning : Sustaining Quality Leads

OK so lets do some math. As at the time of writing there are 18,000 people signed up with MyLeadCompany (We seem to have another “Gold Rush” going on here). Well lets say only just over half of them manage to fund their Alertpay accounts and subscribe for the minimum weekly amount of 200 leads @ $24.95.

So say that is 10,000 x 200 fresh unique leads. Err that is 2,000,000 A WEEK.

Now I know the internet is a big place, but that is based on current numbers. Say they grew to 50,000 on autoship (that does not include ad-hoc buyers who will buy a couple of thousand at a time). That is 50,000 x 200 = 10,000,000 leads a week!!

Strangely I never saw the LCS opt-in page before on my travels, yet the owners claim it is the system they’ve used for years to generate tens of thousands of leads. Well OK, but 2 Million a week! I’ll let you decide!

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MyLeadCompany Scam Warning : Conclusion

Well MyLeadCompany is definitely not a scam – otherwise as I said at the top, they would make it VERY easy for you to part with your money and frankly having not addressed the payment issue then fleecing you is not the intention. However as with the payment issues there are obviously some things that they simply had not thought through and , perhaps with so much going on with a soft launch, simply have not been able to adequately address. There are too many questions going unanswered.

Typically for American management there is the attitude that anyone who raises a concern, however legitimate that concern may be, is a “whiner not a winner” and is often ignored and dismissed. OK you have to be positive to win, but you also have to be sensible, listen to feedback, resolve and head off issues rather than blunder on regardless. If that means having to change plans, be flexible, and even put back launch date, then so be it. Otherwise the problems will damage the business in terms of revenue, goodwill and even basic credibility.

So many people are struggling with issues all we can conclude with this MyLeadCompany Scam warning is that the opportunity is going to really struggle to be sustainable.

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This entry was posted on Saturday, November 5th, 2011 at 6:38 am and is filed under MLM/Network Marketing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

Comments are closed.

Yay so myleadcompany.com steal from me yet again… still no refund.. and today took more money from me.. I sghall be contacting my card company for my refunds now as no joy from the shysters… if any of you were contemplating myleadcompany.com my advice is don’t – they steal from you – deliver crap and are absolutely a blatant scamming company with a nasty piece of work who has no idea what customer service is and is a sarcastic, horrible individual… anyone forget the forum for myleadcompany.com absolute waste of time…

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