How Do You Get Paid - Lesson 3

Today we move on to your third lesson in list building for profit. In this lesson we are going to talk about how you will get paid for your efforts.

STEP 3 - How Do You Get Paid!

This is one of the most important things for you to learn about when it comes to list building for profit. In this lesson we are going to talk about processors.

Before we start I want you to ask yourself this question...

How fast do you want to get your money?

This is a very important question that you should think about before you begin promoting products to your list.

One thing you will need to do is decide if you are going to sell your own products or promote affiliate programs.

If you are sticking with promoting affiliate programs then you will not need a payment processor, but that doesn't mean that you can skip the rest of the lesson :-)

Keep reading...

Affiliate programs are great, however they do have a downside.

When you promote affiliate programs you will have to wait for your pay checks before you can start spending your hard earned cash.

And although some commissions are instant you should be prepared to wait anywhere from 30 to 90 days before you receive your commission pay outs through the affiliate program you've promoted.

Now, if you are planning on selling your own products or products with resale rights then you will need a payment processor and you will find a list of reliable ones to choose from below.

[Side Note]

I could spend a whole lesson on the benefits of creating your own products and promoting products that include resale rights. But this lesson is about payment processors, so I'll be quick.

When you promote your own products or products with resale rights the payout is usually immediate. And 100% of the profits are all yours.

This is like having an instant payday when ever you want it.

Another benefit of having your own product is that you can start an affiliate program or work a joint venture with it.

This way you can get other people to promote it for you. You can't do that when you promote affiliate programs, unless they are two tiered programs.

The moral of that side note is if you have your own product you will have more control over your income.

[End Side Note]

Now that I have had my say about having and creating your own products to sell let's move on to the list of payment processors that you can choose from:

PayPal.com
http://www.paypal.com

ClickBank.com
http://www.clickbank.com

PayDotCom.com
http://www.paydotcom.com

All of the payment processors above have pros and cons.

For instance PayPal will not allow you to run a two tier or split pay affiliate program, but they are great for single product sales and reoccurring payments because you'll have access to your money right away.

They have other benefits like free bank transfers and detailed reports. Plus you can get a debit card that will allow you to use your funds just as you would from your regular bank account.

ClickBank is great for accepting payments and by far the easiest way to set up an affiliate program for your digital products.

They pay your affiliates for you which makes it much easier for you, but you have to wait until they send you a check before you can start spending your money.

Another benefit is that your product (once accepted) will be added to the ClickBank Marketplace where it will be exposed to hundreds of visitors everyday.

PayDotCom has some of the benefits of both Clickbank and PayPal and they have many tools that make accepting payments quick and easy.

One nice thing about using PayDotCom is that like ClickBank your product will be displayed in their large database of products and will be seen by people who will be happy to promote it for you.

Here are some more payment processors you may want to research:

Authorize.net
http://www.authorize.net

Verisign.com
http://www.verisign.com

2checkout.com
http://www.2checkout.com

If you don't like any of these just do a search for payment processors and you will find many more.

The important thing to remember is to take the time to find a payment processor that fits your needs. They all have different pros and cons, so take your time to make the right decision for your business.

Ok that's it for today. In next week's lesson we will be going over how to set up a follow up system so that you are ready for your subscribers.

Enjoy

Kerrie Sheehan