In affiliate marketing, the basic relationship between the merchant and the affiliate is made in terms of payments. The affiliate agrees to promote the products in your store, for that he expects to be paid. This revenue sharing model is the basis of affiliate marketing.
Since affiliate marketing is low risk, affiliates will only get paid, when they bring in customers who purchase products on your store. This is a much better way of affiliate marketing since you only pay commissions when you sell a product.
The important thing about payouts to affiliates is, payments done on time. Since promoting a product take a lot of time and effort, it is important that payments to affiliates be done on time.
Mode of Payment is an important part of the merchant-affiliate relationship, it is always better to provide multiple payment options to your affiliates to get paid. Since your affiliates can be of different countries or regions it is always better to have payment methods that work out for everyone.
It is also important to set a minimum payout threshold since money transactions also cost money, by setting a limit will encourage your affiliates to cross the threshold quicker. You need to consider, that your spending includes both running an affiliate program and paying out commissions to affiliates.
It is always better to keep a fixed term of payments for your affiliates, you have a choice of paying to your affiliate, weekly, bi-monthly and monthly. However, it is always better to have monthly payments since weekly payouts can have tracking issues and fees built up.
Good performance and loyalty of affiliates are an integral part of an affiliate marketing program, the easiest way of gaining more loyal affiliates is by having smooth and streamlined payments for affiliates.
According to a survey by Tipalti, 47.6% of people reported that they dropped from an affiliate program due to payment problems, for the rest of 52.4%, 46% of them said that they would drop out of an affiliate program if any problems arise in payments.
Top issues of payments that affiliates faced were:
This suggests that late payments were the leading problem faced by affiliates. Since affiliate networks grow by good reviews or word of mouth, it is very important to take into consideration the problems faced by affiliates and sort them out. Having seamless payments with your affiliates helps in growing your affiliate program.
GoAffPro does not provide automatic payment options, it lets you be at the front for payments to your affiliates. This also helps in avoiding multiple transaction fees that would then have to go from Merchant > GoAffPro > Affiliates.
We understand that some other apps might support automatic payments, done via the PayPal API with your credentials. However, handing out access keys to a third party is not safe.
You are placing trust in a third party to handle your money. This third party now has access to your entire PayPal account, including funds, transaction history, personal details etc.
Even if the app itself is not malicious, servers can get hacked and data get leaked. In such an event, the unauthorized third party can wreak havoc on your PayPal account.
We at GoAffPro, have decided to trade off better security over convenience.
And our app makes it simple to have PayPal Payouts.
You can download the list of affiliates eligible for payout from the Payouts Page in the admin dashboard. Then pay them using your preferred mode.
This section will show you the payments that are pending, the affiliates whose name you see in this section have successfully made referrals and are ready to get their commission paid to them.
For Example, Affiliate A has completed successful referrals, on the date of the 15th of July, the amount to be paid to him is 50$ and his chosen mode of payment is PayPal. You can proceed to pay him.
GoAffPro provides you with an option to view all previous payments that have been to affiliates. This includes the date of payment, affiliate name, amount paid to the affiliate, mode of payment used to pay the affiliate and relevant actions.
In the Payout section, you have options to view both the pending payments and the payment history for particular affiliate by name filtering and by viewing payments for a particular period.
GoAffPro's Payout tab helps you in viewing both upcoming and past payments. This is a helpful feature that helps you plan and manage your finances for your affiliate program. This helps you in reaching your financial goals and not overspending.
Store credit is a currency for your web store that the affiliate can choose to receive instead of money. Here the affiliate is provided with a discount coupon worth the commissions that they can then use to make purchases on your store. GoAffPro helps you set up store credit payments for your affiliates. The code is generated automatically on your behalf and given to the affiliate.
For Example, Affiliate A can choose instead of receiving $50 in money, $50 in discount coupons or store credits, where he can choose to use these credits to make a purchase on your store.
You can check out instructions on how to use coupons tab below: