PRN: New Payments Association to Address High Cost of Paying Commissions and Affiliates
New Payments Association to Address High Cost of Paying Commissions and Affiliates
LONDON, February 9, 2012 /PRNewswire/ --
One website's visitor is another website's customer, and bringing customers and retailers together is now a billion dollar international industry. Whilst Internet traffic crosses international borders with ease, payment for supplying that traffic does not. Online publishers find their revenue affected by delays and high costs associated with international money transfers.
Although they are not the only industry to grappling with this issue, members of the online publishing industry have come up with a novel solution-they have setup their own member-only international payments system.
"Affiliate networks and publishers had the same problem- the cost and hassle of paying commissions or affiliates using international money transfers," explains Mike Rymanov, the President of the Electronic Payments Association. "We realised that if we worked together we could address this problem and created the Association for that purpose."
The association launched their payments network this week. "We are very proud of the result of our efforts. Our members can make instantaneous payments at a fraction of the cost that they were previously paying. "
Although there are affiliate sites that receive hundreds of thousands of visitors per day, the majority have a much lower footfall. The relatively low income that their sites generate and the high cost of international payments, mean that it is often uneconomic to collect their income on a frequent basis. The new network should improve the cash flow situation for many.
"We think this will be a real boon to the industry," says Rymanov. "The payments issue was a real inhibitor for sectors of our industry, we hope that our payments network will help the industry continue to flourish."