The Importance of Supporting Multiple Payment Methods

With a global publisher base, it is extremely important for affiliate networks to support as many payment methods as possible. Affiliates demand payment in various forms, and certain territories also have systems that allow affiliates to receive payments only through specific combinations of methods. Unfortunately, this is not something that a mass payer has control over; rather, they are subject to the rules and regulations of an affiliate’s local government, keeping in mind the limitations of their central banking system, as well as tax regulations and requirements.

While one country may allow an affiliate to receive a wire transfer, another may only allow payment via check. Now, consider how many countries there are worldwide where affiliate networks may need to make payments. Needless to say, having the ability to offer any payment method to your clients can make all the difference in maintaining a smooth operation, ensuring affiliates are paid properly and on time, and thus ensuring a great relationship between the publisher and network.

It is extremely important that affiliate networks maintain healthy relationships with their affiliates, because without them, the network would lose value and even cease to exist. Therefore, it is in the affiliate networks’ best interest to offer as many payment methods as possible to their publishers.

Some of the most popular payment methods include:

– Wire Transfer: a method of electronic funds transfer from an individual or organization to another. Wire transfers are sent from one bank account to another, or via a cash transfer to a cash office.

– PayPal: an online payment service which gives a person and/or a business the ability to transfer funds electronically. It is currently the world’s leading online payment service.

– ACH: a network which facilitates the transfer of electronic funds between financial institutions. In the U.S., we operate on a single system that uses only initiation formats and standardized settlement times.

– International ACH: just like an ACH transfer; however, it’s important to note that all countries have their individual clearing system, similar to the U.S.’s ACH system. Within this, each clearing system has its own unique formats and settlement times.

– Check: a paper document that commands the payment of money from a bank account. Checks can be shared between an individual and an individual, a business and a business, an individual and a business, or vice versa.

– e-Check: a payment tool which combines the security, speed, and processing efficiencies of electronic transactions. It is the electronic form of the more traditional paper check, meaning it has a robust legal infrastructure and business processes. The U.S. Treasury Department has also chosen the e-check as the first and only electronic payment method for high-value payments over the internet.

– Western Union: Founded in 1851, Western Union is a very popular method of providing Electronic funds transfer from an individual or institution to another individual or institution, using Western Union’s own financial arrangements.

Most affiliates would ask for payment via one of the methods mentioned above, which is not unreasonable, but it can certainly be a task for an affiliate network to facilitate, as they should be focusing on their network and its expansion rather than functioning as a mass payer.

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Echecks: Efficient Global B2B Payment Methods 

Automated Invoice Processing Software: What is it and How Does it Work?

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ACH Payment Processing for Business