Recruiting affiliates for your business can be one of the most difficult tasks to undertake. However, if you have a really great strategy to accomplish this goal you can build up your affiliate program and make all the difference in your website's traffic and revenue. Keeping your affiliates is another story. Below are 5 payment tips your business can benefit from in order to recruit and keep the best affiliates from around the world.
1. Offer Faster Payouts (Really, really fast)
For many businesses online, affiliates are a valuable way to helping them grow. Some businesses rely primarily on affiliates to drive traffic and sales to their business, and in return they earn their affiliate commissions. But a major inconvenience for businesses is the administrative functions necessary to pay this unique talent pool. It’s time consuming and using the standard ways often requires sending SWIFT bank wires which can take up to 3- 5 days, not to mention the costs involved.
Payment Rails makes sending affiliate payouts simple, quick and convenient. Our global banking network can process and deliver payments (domestic and worldwide) faster than the traditional methods, in most cases delivered the next day.
2. More Frequent Payouts
Businesses sometimes stipulate a minimum payout amount in order to reduce transaction costs. With Payment Rails, you no longer need to restrict how often your subscribers can get paid because the associated costs are pretty low. More frequent payouts mean happier affiliates and more growth for your business.
3. Be Global
Some businesses struggle to expand globally and source global talent due to the complications involved in paying internationally. Don’t let this be a pain point for your business.
With Payment Rails’ localized bank transfers in 65+ countries, and support for 150+ currencies, it’s easy and fast to send international payments. You can also automate when you want your payments to be sent, so you can get back to growing the business.
A lot of the time when paying international affiliates, companies will resort to using multiple payment systems to cover different parts of the globe. This creates extra administrative work and reduces the efficiency of your business and can become difficult to track. It’s a lose-lose situation for you and the affiliate.
4. Offer More Payout Options
Pay your affiliates the way they want to get paid. Whether it is via a bank transfer, cheque, PayPal, mobile money, or any other method desired, Payment Rails has you covered. When affiliates can get paid the way they want, they’ll think of you as an ally that is willing to meet their needs, and they’ll know they made the right choice to work with you.
5. Special Treatment
Affiliates enjoy special treatment. Make sure you offer it without them having to ask for it. Be it better incentives, higher commission rates or anything else you can offer. Keeping a healthy business relationship with these marketing mavens is important.