Making Payments in Local Currency Helps Affiliates Run Their Business More Efficiently
As we’ve said plenty of times in our past blog posts, happy affiliates make for good business. This is true of not only day-to-day operations, but in terms of raising the general regard for your business practices within the affiliate community. A good reputation will almost always directly translate into more business, which means more money — and who doesn’t like more money, right?
So, today, we’d like to cover one element, albeit an important one, that can help an affiliate network continue to build upon their reputation among affiliates and, ultimately, their own business. Making payments to an affiliate in their own local currency is a single action that can make all the difference.
Well, because making payments in an affiliate’s local currency helps their business to run more efficiently, and more efficiency means better business for your affiliate, as well as yourself. The reason for this is simple. For paying in U.S. currency or any currency foreign to an affiliate’s local currency, when the affiliate goes to withdraw or convert the funds over to their local currency they will be subjected to a number of conversion fees. So, to make it simple, here are the main issues presented by not paying your affiliates in their local currency:
– Affiliates have to go through the trouble of converting the currency over.
– Affiliates will lose time and energy in the conversion of currencies.
– Converting currencies costs money for the affiliate.
The fees that that are associated with paying bank fees in order for an affiliate to receive their hard-earned cash can often become frustrating and costly to them. Many affiliates who receive payouts via affiliate payments (whether international ACH, wire transfer, etc.) have been known to claim that it can become more of a burden than it is worth, when they have to take on such fees.
It’s also been discovered that many affiliates do not have a say in which currency their payers send their payments. Without giving an affiliate an option, this can lead to an affiliate becoming disgruntled and, thus, potentially lay a seed for a negative reaction.
Giving your affiliates the option to receive payment in their local currency can do wonders for how their day-to-day operations go. It can save them time, energy, and money, which are important when they should be focused on maintaining their sites and businesses so that they may retain (and gain) value for the media buyers (advertisers). By providing your affiliates with the capability to receive payment in their local currency, the benefits will go beyond the tangible and come back to your organization in the form of good business.