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Those who are into affiliate marketing know-how cool this way of making money from online marketing is. There is no barrier to entry, and it doesn’t matter if you are a master’s graduate or a college dropout, you have the opportunity to make money through affiliate marketing.
Moving on, today you will learn how to get paid in affiliate marketing. Unlike other traditional transactions, affiliate marketing payments are automatic. When you sign up for an affiliate program such as Amazon Affiliate Program, you provide your payment details and you automatically receive monthly payments without interference. This is one of the coolest parts of affiliate marketing.
Let’s look at some of the most popular ways we get paid in affiliate marketing.
If you’re a beginner, simply sign up for this payment system to make sure you’re ready to get paid. If you’re someone who’s already getting paid, read on to find advanced hacks that will help you save a lot of money in the long run. This is an important resource for anyone who runs affiliate marketing or plans to start an affiliate marketing business.
One thing you do not pay attention to:
The fees of receive affiliate payment are something you should pay attention to. The payment method that you select should be based on lower fees and conversion charges (For international payments).
For example, here are transaction fees that we typically pay based on different payment methods:
5 Different Ways to Get paid in Affiliate Marketing:
PayPal is one of the world’s largest online payment processors and is widely used by affiliate companies to make payments to their partners, and its widespread usage is one of the reason it is so popular despite its higher fees.
Regardless of which affiliate network you use, there is a high probability that they will pay their affiliates through PayPal. Creating a PayPal account is free and there are no maintenance costs. This is one of the first things you should do when you start your journey as an affiliate marketer or blogger.
PingPong is another popular service for receiving crossborder payments. It is widely used by Amazon affiliates and Amazon sellers to receive payments from overseas. Best of all, PingPong is:
It charges only 1% as transaction fees
Provides automated FIRC
Creating an account on PingPong is free and there are no maintenance charges. The service activation could take up to 2-3 days, so you should apply for account activation as soon as possible. The service seems to be integrating with other popular networks for including more affiliate payment.
Payoneer is another reliable cross border payment solution for bloggers, affiliates, Amazon sellers and freelancers. With Payoneer, you can receive an affiliate payments from any country as long as the company is listed on their whitelist. For example, I have used Payoneer to receive Commission Junction payments in the past.
Before Pingpong, Payoneer was my preferred service for receiving affiliate payments from abroad. However, their transaction fees are almost twice as high as Pingpong’s. Many advertising networks have direct integration with Payoneer, which still makes them one of the most popular solutions for getting paid online.
This is another method that many of you could use to receive large affiliate payments. Many companies offer direct withdrawal options that could be used for affiliate withdrawals. However, there are a few things you should know from the Indian context:
The bank usually charges a lot of money on inward remittance
The conversion rate is high and unfavourable
Sometimes you end up paying up to 4% per transaction
However, there are a few solutions to these issues:
You can open a current account and negotiate a better deal with your banker. For example, after negotiating a better deal with my banker (ICICI Bank), I’m saving almost 1 INR for every dollar.
There are a few more advanced hacks to save money here, which I would share in some other post.
Another thing you should know is:
Some companies do not advertise wire transfers as a payment solution. However, if you earn more than $2k or so each month with this affiliate program, you can reach the affiliate manager and ask him to make you pay using an alternative method such as wire transfer or Payoneer / PingPong.
At the same time, most of the affiliate networks support payment via wire transfer.
Note: If you receive a transfer in foreign currency in India, make sure that you pick up the FIRC document. This serves as proof of payment and also helps you obtain export benefits if any.
Stripe is world’s favorite payment processor, and popular among entrepreneurs to collect payment.
This is the newest trend that is developing, where companies are integrating with Stripe for affiliate payouts. This is done to lower down the fees, and also Stripe is a popular service, which is available in multiple countries.
One of the networks (Partnerstack) started supporting Stripe recently, and suggest that for payment of more than $130, one should receive Stripe over PayPal.
I’m sure you might have discovered some of your own ways of receiving affiliate payments in your country. Do let me know your preferred method, and any hacks if you have discovered to receive the payment for cheap.
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